Top 10 Chatbot Trends That You Cannot Ignore In 2020

January 7, 2019
Deepinder Rana

Chatbot app development is already playing a significant role in the consumer industry, and thus is proliferating.

According to a recent study, 67% of the consumers in the world make use of Chatbots for customer support. However, estimations are that 85% of the customer interaction by the year 2020 will be handled without any human assistance.

According to Gartner’s top forecast for 2018, more than 50% of the organizations will spend more on chatbot app development and customized bots development rather than the traditional development of mobile applications by the year 2021.

The top Chatbot development company designs a bot with prime functionality to offer instant information on a very quick note.

Overall, they are programmed to deal with predictable inquiries, FAQs, and tasks. Through continued interaction, algorithms are developed for them to learn from past results. Thus, making the entire customer service process easier and faster.

Some of the best chatbot development services are also working on the virtual working environment such as Slack. In this ecosystem more and more chatbots are being created to function as virtual personal assistants.

All in all, in Slack, there are bots that can do almost everything. These bots can monitor your team’s conversations and also provide relevant statistics, recommendations, and also handle the nitty-gritty of adding tasks to your scheduler or to-do lists.

Considering all these into account, it is no real shocker that the global chatbot market has experienced a 24% annual growth rate and is expected to reach $1.25 billion by the year 2025. 

Acceptance of Artificial Intelligence Chatbots by Customers in Different Industry

Chatbots in different industry stats

Artificial Intelligence companies can help you with chatbot app development with thousands of real-time algorithms. Thus, it will help you to create a customized marketing strategy to convert every prospect personally.

Top Ways Consumers are using Chatbots

  • 37% Getting a quick answer
  • 36.5% in resolving a complaint
  • 35% Finding human Customer Service
  • 29% Getting Ideas for purchase
  • 33% in Paying Bill
  • 34% in making Reservation

Consumers using chatbots stats

Since organizations are exploring new chatbot app development companies, they may find chatbot’s use cases that we did not expect. However, the most probable trends for the development of chatbots in the year 2020 might include –

1. Better Humanized Experience

Consider personalized customer experience and services offered by humans, and AI chatbot is not far behind. With the Evolving AI/Machine Learning consulting, AI chatbots are becoming more humanized and impeccable in their services.
Also, chatbot saves up to 30% of customer support costs. Moreover, other benefits of chatbot app development in customer support include

  • 37% increase in quick response.
  • 35% increase in complaint resolution
  • 55% increase in answers to simple questions

Chatbot Stat

User: Till what time is your store opened today in New York
AI Chatbot: Hey, we are open till 8:00 P.M. It is snowing in New York – So, dress warm.

2. Evolving Consumer Tech

Consumer Tech is another field where the development of AI consulting services will be required the most.

For example, Google Duplex is a platform that has already started the working of chatbots in the consumer tech area, helping in building the foundation of a new strategy.

The platform carries out various verbal tasks, such as making reservations or appointments, over a phone call. with Google Duplex you will never waste time on simple transactional phone calls with companies ever again.

3. Virtual Assistants

Most of the smartphone users are downloading virtual assistants on their phones to make the functionality of the phones much easier.

With business automation consulting, being part of consumer service, chatbot development companies can now combine various applications into a single task to accelerate the growth of the business. These bots live on individual websites and function with the ecosystem of the business that created them.

In addition to conversing with the customers through online tools and phone lines, chatbots can even utilize additional common channels, such as messaging platforms – Facebook Messenger, Telegram, Skype, and others.

4. NLO Technology for Automated Calling

NLO is a serverless technology that serves as a boon for automated call centers. The best functionality of Customer care bots is the absence of downtime.

Call Centres leveraging bots can help a vast number of customers throughout the day without any issues. They are available for 24/7 assistance thus, boosting overall productivity.

5. Consumer Analytics and Insights

To get an in-depth consumer insight, consumer tech requires a system that can perform an accurate analysis of a large amount of data without any scope of errors. Therefore, customer care bot development services, powered by AI are now being integrated to offer accurate customer data, automatized data analysis, and collection.

Chatbots gives answers to the questions of the consumers. Also, it requires a proper analyzing marketing team, focusing where improvement is required and optimizing it for minimizing the errors and overall improving the success rate.

AI chatbots are so intelligent that they improve themselves by learning and give more precise answers to the questions.

6. Chatbot App Development with Quick Problem Solving Abilities

For immediate clarification for your queries, you can get solutions through your handheld devices like wearables, tablets, and smartwatches.

Besides these devices, smart TV integrated with virtual assistants can provide solutions in real-time. Nowadays, consumers do not need to wait in a queue or stay on calls as they can easily solve their issues through chatbots and virtual assistants.

7. Natural Language Programming  

Natural Language Programming (NLP) helps in providing a human experience and makes chatbots interactive. E-commerce chatbot can offer great help to e-commerce websites by filtering a majority of customers’ issues and send them to different customers to clarify their queries.

In an effort to get one step further, organizations have started working on Natural Language Understanding. Unlike NLO, NLP has a number of systems that work together to handle end-to-end interactions between humans and machines.

Thus, this technology will allow users to interact more naturally. And this is the reason, organizations are investing money in the development of technologies like AI chatbot negotiation capabilities and reinforced learning. These help machines get a much better understanding of human language and their requests.

8. Integrating into CRMs

Microsoft has a built-in chatbot into its popular CRM, enabling organizations to push chatbots into their existing customer service workflow.

According to Mindshare Media, 63% of the people are willing to make use of workflow chatbot development services to talk to their organizations and brands. And likewise, at least 27% of the world’s population is expected to use chatbots by the year 2020.

Moreover, integrating a chatbot in your CRM system can address a lot of issues. One of the biggest advantages is the single message window, likewise present in a messenger.

Additionally, a chatbot can go through important workflows on a continuous basis and record answers in the system seamlessly. CRM chatbots can organize critical tasks as well as follow up on scheduled activities to help sales reps manage their time in a more efficient manner.

9. Communication Transforming via Chatbot app Development

In the upcoming five years, more than 80% of the communication will be carried out with the help of bots. Similarly, Chatbots or Robotic Messengers are responsible for facilitating business to consumer in a flawless manner.

For this reason, online retailers, online stores, are promoting the installation of voice-enabled bots and chat-based bots for checking orders, facilitating the purchase, and delivery of orders.

10. Speech-Enabled Chatbots

With the increased popularity of virtual assistants like Amazon Alexa, speech-enabled chatbots have become a helpful component for enhancing the user experience.

Speech recognition technology is also evolving, and it will continue to increase in the coming years. And correspondingly, the speech-enabled technology is predicted to modify itself to provide a more personalized and tailored user experience.

Financial institutions can engage with their customers and members in the right way, through speech-enabled chatbots.

Good integration of chatbots as part of the engagement process can provide consumers with quick as well as personalized interaction, using AI and ML. Although only 19% of the consumers are using chatbots, 95% think they are going to use chatbots in the coming years.

AI Chatbots is a kind of technology that is going to revolutionize and power the way we live and operate our businesses.

As a result, more and more retailers and businesses will be leveraging conversational chatbots and virtual assistants to solve all the customer queries without coming in contact with a real-life staff.

Currently, chatbots app development is not widespread as it should be as the technology is still in its evolving phase.

According to the present scenario, 20% of internet users have also incorporated the use of chatbots in their day-to-day lives estimating to increase the future to 93% by the year 2021. However, it is evident that the increase in the usage of chatbots is an inevitable phenomenon. And by the next five years, most of the businesses are predicted to increase the use of chatbots.

Create your own Chatbot!

In view of the above points, you may be looking for a chatbot development company to reap the benefits that come with chatbot app development. If that is the case, let me assure you, you have nowhere else to go.

Join hands with Signity Solutions to create your own chatbot for your company. Because we understand the needs of every company, big or small, and offer the best chatbot development services. Also, we specialize in a variety of niche. Customer care bots, e-commerce bots, sales and service bots, workflow bots, job bots, and custom ERP CRM bots are some famous examples.

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