Chatbots are the AI software to stimulate the conversation of users with the agents. They simplify the interaction between humans and computers. It is a tool to change the question answering system. We all have heard about it in brief in our day-to-day lives. Today, we will provide an in-depth explanation of what is a chatbot.
What is a ChatBot :
A chatbot is a software application that holds conversations via the medium of text or voice. It is often used to replicate the conversations that actual humans have with each other. Chatbot utilizes artificial intelligence and natural language to understand user’s needs. It helps in resolving the queries of the users and thus simplifies their work. They are currently in use by customer service assistants and information acquisition specialists.
How do the chatbots function?
Usually, chatbots are of two types. The types are as follows: –
1. Fixed chatbots :
These types of chatbots have minimal functionality. They only respond to the text and voices to which they have been programmed. They will not respond to any other foreign text or voices. Thus it can be said that these types of chatbots are only as efficient as their underlying list of commands.
2. Artificial Intelligence Chatbot Using Machine Learning:
These types of chatbots tend to have brains or artificial intelligence. They work according to the input language. Thus, the user does not have to be exactly right. He or she can give the chatbot a vague idea as per their needs, and the chatbot will provide the required results. These types of chatbots evolve with time. As they interact more and more with different kinds of users and queries, they get smarter. Thus, they become more adaptable at handling such types of users or queries in the future.
A chatbot that is well designed and has future proof will have the following properties:
- Chatbot analyzes existing data that usually gather after an interaction with the user and understands the type of questions that a user can ask.
- It can then find out the correct answers to those queries by undergoing a period of training.
- A chatbot can use machine learning to learn and understand the context. It will enable a better resolution of queries in the future.
Chatbots are created with a definite purpose in mind. An e-commerce store usually has a chatbot that acts as an assistant to help and boost a user’s purchases. A service organization can place a chatbot that answers new customer queries.
Providing your users the right experience is more challenging than building a chatbot. A chatbot can only be successful if it fulfills requirements on a consistent basis.
Benefits of chatbots
Currently, Many people use messenger apps more than they use social media. It is a highly prudent strategy to build chatbots as people now prefer interaction on chats than on calls. Chatbots have thus, become a catchy business opportunity.
The current marketing scenario requires marketing teams to enhance the customer experience. The added burden is the increasing expectations of the consumers in today’s digital age. People now expect instant and accurate answers. Human beings can never match up to these never-ending requirements. Only computers and technology can provide such instantaneous answers. That’s why chatbots have taken such a prominent position in the digital world.
Facebook was one of many adopters of chatbots in 2016. It displays the endless possibilities, that chatbots can provide through its Messenger app. Following that, Google has also introduced its Google Assistant along with an upsurge of chatbot applications that follow. They are present on websites, on social media, and in various apps.
The impact of chatbots can be listed as under:
1. Increase Website Conversion Rate.
Marketers invest a lot of financial resources to drive traffic to their businesses. Chatbots can quickly and accurately answer user queries. It, in turn, enhances conversions.
2. Recognize High Probability Leads
The main purpose of an organization is to fetch as many leads and then turn them into customers. But, it is impossible to study each lead. Chatbots can provide you qualified leads by using advanced qualification logic. This can speed up your sales.
3. Reduce User Churn
Many organizations provide knowledge bases for the user to solve their queries. But, usually, such a lengthy knowledgebase frustrates the typical user. Chatbots can handle a high volume of traffic and still provide reliable support. They ensure a good user experience and satisfaction. It significantly helps in reducing user churn.
4. Chatbot sequences
You can program a chatbot to run a sequence of events. You can trigger such a sequence through the use of specific keywords by the user. It can also be started after the users opt for it, themselves.
Limitations of Chatbots
Since chatbots are a relatively new development of the digital era, but still they have some issues. The limitations can be related to the use of cases and functionalities of the chatbots. Technologies like chatbots and artificial intelligence are still in their nascent stages. They have a long way to go before they can provide a complete solution.
Characteristic limitations of chatbots are as follows:-
- The database of a chatbot is preprogrammed and fixed. If the chatbot encounters a query that is not present in its database, it may fail to provide the right output to the user.
- Chatbots are highly dependent on the language used for the interaction. It cannot take into account, all the accents and dialects of a language around the world.
- Chatbots can only handle one query at a time. It cannot process many questions together. It severely limits the types of conversations, a user can have with a chatbot.
- Many older consumers are still not comfortable with new technologies. They prefer talking to an actual person. Chatbots have still not gained conversational abilities on par as compared to humans.
Thus it becomes clear to the older customers that they are not interacting with an actual person. This leads to their disengagement.
You cannot deny the importance, impact, and hype about chatbots over the past few years. It was earlier thought that chatbots were just a fad. But it is slowly revolutionizing the online interactions of people with businesses. As technology develops, chatbots will have a significant impact on the future.