“Should you make your own chatbot for eCommerce?”
Yes, we say!
Chatbots are touted as one of the trending eCommerce trends for 2018 and beyond. It is obvious why retailers are pouring time and money into building a chatbot that will reimagine the quality of their customer service.
The 3Cinteractive Chatbot Progress Report has found that about “77% of consumers surveyed said positive interactions with chatbots make them purchase more often.”
Whether it is for increasing revenue or to render a better customer service or even to automate internal operations, chatbots for eCommerce have plenty of applications.
Why Retailers Should build an ecommerce chatbot?
They personalize the customer experience
From first visit to checkout, an eCommerce chatbot can be a virtual personal assistant with a human logic and machine memory. To quantify the possibilities, an intelligent chatbot will be able to drive conversions as high as 30% through chatbot powered visitor engagement (Source: VentureHarbour).
Machine learning and NLP capabilities would help build the best chatbot for ecommerce that can enable to chatbot to analyze the customer’s past preferences and predict their next purchase intent and also offer tailor-made product recommendations. Advanced data crunching technologies like Big Data would further empower chatbots to deliver a targeted customer experience that can heighten brand engagement.
Chatbots will help overcome one of the biggest challenges of traditional marketing tactics like email marketing. These tactics often greeted the customer with out-of-context information or overly promotional content. A chatbot can supply the customer with content that is more relevant to the customer’s preferences. In fact, studies have proven that customers are ready to spend as much as $314 on products suggested by chatbots.
Unlike human personnel, chatbots can assist multiple visitors simultaneously. They can provide canned responses to recurring queries or even provide dynamic responses tailor-made to individual customers based on their transaction history.
Chatbot development services This delivers a two-fold advantage for eCommerce retailers. Consistent interaction with customers will help keep bounce rate to a bare minimum. Secondly, visitors who have their queries attended to in a personalized manner have a higher probability of converting into paying customers. Global Think Tank Gartner has predicted that by 2019, 20 Percent of User Interactions With Smartphones Will Take Place via VPAs (Virtual Personal Assistants).
Data mining for customer sentiment analysis
Is the customer’s query filled with angst or is it a common query that most users tend to ask? An intelligent chatbot would be able to do an accurate sentiment analysis by deducing the text pattern to rate the query as positive, negative or neutral.
Data mining customer interaction and the text inputs exchanged between the customer and the chatbot would help in predicting customer sentiment. It would aid in rendering a predictive customer service that will cement brand loyalty.
Quick resolutions for customer queries
Chatbots can be trained Entity Extraction from text. Entity extraction from text means identifying information like person’s name, location, store name, device name, unique identification number, etc. This would help the chatbot answer the customer queries proactively without asking more questions.
For instance, a customer who cites the unique identification number of his device can be served by the chatbot in his native language. More information like whether past service history of the product, warranty period, nearest authorized service centre can be provided by the chatbot without pestering the customer for too much of the information.
Retailers are plagued with the risk of fraudulent transactions schemed by miscreants who leverage loopholes in the system. For example, a flawed return policy which allows the customer to return a purchased item even after its warranty period. Or a faulty delivery process that leads to more returns or failed delivery attempts.
Using anomaly detection, a chatbot would be able to single out such instances for further investigation. This would enable the retailer to perfect the selling process that is free of revenue leaks. The benefit that chatbots provide above manual analysis is that, unlike a human data scientist, they have the capability to predict such scenarios before they happen.
With Machine Learning and Artificial Learning maturing as affordable technologies, the cost of building a chatbot has also reduced considerably. Retailers can bank on chatbots to take their business volumes to new heights. Chatbots are the most easily relatable manifestation in which retailers can use these technologies.
From cementing solid customer relationships to taking the heavy burden of customer service away from personnel, chabots can deliver high on several areas where constant challenges plague retailers. Partnering with a reliable chatbots development company who can provide the know-how and the technical assistance is a must-have.
From gaining insights to delivering instant value, a chabot can be an everlasting source of value for eCommerce retailers.