We are constantly in competition to be the best and close the huge CX expectation gap that exists in 2021.
With expectations growing rapidly it is important to stay ahead and how we do that is by adopting new and improved technology advancements. Convenience is the key to bridging the gap of CX expectations. We found that Chatbots are at the fore front of these technologies, and while they seem like nice to haves currently, in just a short time they will be essential to your day to day operations.
Meeting the modern consumer’s expectations for speed, personalization, and ease requires far more than doubling down on existing CX practices. A huge shift in consumer behaviour demands a corresponding shift on the side of brands and companies.
Over a five-year span, brands that were leaders in customer experience grew revenues 14% more than brands that held below average CX scores. After adopting a chatbot, 88% of brands saw a reduction in call volume and 75% saw an improvement in cost savings.
A chatbot is a software application used to conduct an online chat conversation via text or text-to-speech, in lieu of providing direct contact with a live human agent. Designed to convincingly simulate the way a human would behave as a conversational partner.
Of course, there is always ways to improve the newest technologies and staying in the forefront comes with its downfalls. The creation and implementation of chatbots is still a developing area, heavily related to artificial intelligence and machine learning, so the provided solutions, while possessing obvious advantages, have some important limitations in terms of functionalities and use cases. However, this is changing over time.
The most common limitations are:As the database, used for output generation, is fixed and limited, chatbots can fail while dealing with an unsaved query.
- A chatbot's efficiency highly depends on language processing and is limited because of irregularities, such as accents and mistakes.
- Chatbots are unable to deal with multiple questions at the same time and so conversation opportunities are limited.
- Chatbots require a large amount of conversational data to train.
- Chatbots have difficulty managing non-linear conversations that must go back and forth on a topic with a user.
It’s clear as day: modern brands are facing a major CX crisis, and chatbots are a technology that will be a critical part of the solution.