How Chatbots are reshaping several industries?

Chatbots have become the most preferred choice for businesses across several sectors when it comes to the first line of communication with a customer. A report by US-based Opus Group in 2018 reveals that chatbots would register an investment of US$ 4.5 billion by 2021. With technology penetrating human lives like never before due to the pandemic, the number is expected to surpass the expectation. A significant reason for the surge in the acceptance of chatbots is that businesses have understood that the tools can do more than just establishing the first line of communication.

Chatbots are revolutionising many industries, offering personalization and driving engagement that can be monetized. Companies using chatbots are adding value to their customers' lives and simultaneously unlocking commercial opportunities that remain unidentified by their competitors.

Here are the top industries that are availing benefits of chatbots:

Healthcare

Chatbots in healthcare is growing at a CAGR of 20.5%, and studies suggest that the industry has the potential to save up to USD 150 billion by integrating chatbots. The last thing one wants to do is spending hours waiting to see the doctor in an OPD when not well. With chatbots in place, the appointment system can be further streamlined, and patients can communicate with the same in case of last-minute hiccups to rearrange the appointments one over another, so neither the patient nor the doctor should spend extra hours.

As chatbots do not have limitations concerning number, they can handle hundreds of enquiries at the same time, therefore scaling the customer service several notch. If implemented right, chatbots can be used to provide timely medical advice. This would save the patients the trouble of dialling a helpline and waiting endlessly for response. The bots can also be used as daily medication reminders.

Retail

With conversational artificial intelligence chatbots predicting online shop visitors' current needs based on their past behaviour analysis and purchase history, it is no wonder that 71% of millennials expect to interact with their favourite brands via a chatbot.

Today's eCommerce customers expect personalised shopping experience and an AI-powered chatbot can fulfil their needs by providing personal sales assistant. It can help a customer find exactly what the individual is looking for and cross sell or upsell based on recommendation simultaneously.

Banking

Chatbots are disrupting the banking sector for better and are also creating the much needed customer service overhaul. Banks are early adopters of customer service chatbots, and assisting their online customers with basic services such as locating the nearest ATM, supplying account balance details, and facilitating quick money transfers between friends. Moreover, chatbots also make it easier for customers to get in touch with their banks and leverage services and policies without having to wait in long lines anymore.

Real Estate

Chatbots have revolutionised the real estate sector by making buying, selling and renting of properties more interactive than mundane. When people look at buying or selling properties, they expect quick response. Basic questions like the purpose of buying, selling or renting, kind of property, price range, time in hand and location can be asked by chatbots to ascertain the exact need of any customer. A chatbot ensures that a customer doesn't miss out on any leads even outside office hours with round-the-clock availability.

Chatbots can be further used to schedule meetings and property tours to make the most of the different social media platforms of real estate players. A quick virtual tour is also possible with the bot to ensure that the potential customers can have all prima facie details to decide whether to go ahead or back out.