E-commerce is one of the most prominent sectors. This industry ensures the smooth functioning of all the other sectors, playing a crucial role in its modernization. It is one of the first sectors to have adopted the digitalization of services.
Today, with the introduction of AI Chatbots and their valuable assistance, E-commerce institutions are inclined to adopt them.
The reason is the combination of benefits that chatbots provide in enhancing customer experience and reducing dissatisfaction due to delay or other human limitations. Chatbots are more than just the means of providing service- it is also a channel of communication.
The effectuation of the value of chatbots in the E-commerce industry can be observed factually and accurately from the results obtained through research and surveys conducted by various institutes. For example, a study conducted by Cornerstone at the beginning of 2021 showed that:
- 15% of institutions & companies had already deployed chatbots
- 19% were planning to invest or implement in 2022
- 32% had already discussed with the board and executives
But another survey conducted by Cornerstone at the end of 2021 (Q4) revealed that the numbers had changed significantly:
- The percentage of institutions & companies that had already deployed chatbots increased to 22%
- 28% were planning to invest or implement in 2022
- 36% had already discussed with the board and executives, leaving a small percentage out of the radar (15%)
By looking at the figures, it would not be too idealistic to assume that by the end of 2022, more than half of the E-commerce sector will be using chatbots.
The reason is the combination of benefits that chatbots provide in enhancing customer experience and reducing dissatisfaction due to delay or other human limitations.
Here are five suitable use-cases showcasing the capability of chatbots in making the E-commerce experience better:
1. Answering FAQs:
Frequently Asked Questions (FAQs) include some simple and complex queries from customers that are common in nature. However, sometimes, the customer does not get a specific solution they are looking for from the plethora of data while manually searching for them.
In such situations, a chatbot proves to be very handy. It presents limited information to the customer- related to the specific problem without overwhelming them. And it also provides the option to ask further queries.
2. Onboarding customers:
Opening an account for E-commerce or other financial matters can be a perplexing concern for some- as there are many intricate formalities involved.
A chatbot can act as a perfect guide to walk them through the process step by step. It can prompt them about the next step like activating the card, pin generation, etc. And take all the information required to complete and run a serviceable account.
3. Instant trading support and performing transactions:
AI configured chatbots have access to all the trading and transactional data. Therefore, it helps in showcasing a real-time view to the customer. Using this, they can make more informed decisions and ask the chatbot to perform transactions for them.
4. Personalized expert advice and data security:
People belonging to various backgrounds avail E-commerce facilities for different purposes. It leads to various unique queries which might not be available in the FAQs.
In such cases, expert assistance from a chatbot has to be activated to access personalized query resolution. All this information is stored safely in the database.
5. 24×7 availability and support:
It is one of the most valuable features of a chatbot. Unlike the human support team, chatbots are instantaneous and available anytime & anywhere.
The 24×7 availability and instant response assure the customers in their time of need- as financial emergencies can arise at any unprecedented time. Furthermore, a chatbot assists the customer through all their queries to its best capabilities.
And if human intervention is required, it also schedules a call to the customer with a support representative. In addition to this, the support also includes timely reminders regarding due dates of payments, faulty account detail, expiration reminders, etc. Along with a step-by-step procedure for approval of a loan.
A chatbot does not just transform the customer experience; it revolutionizes the whole BFSI industry in the following ways:
- Reduces labor- A chatbot reduces employee workload and helps delegate small tasks that do not necessarily require human intervention.
- Increases work efficiency- A chatbot increases work efficiency by getting required tasks done in a limited time.
- Increases total productivity- Due to the omission of minor roles and responsibilities, the employees can devote themselves to other important tasks that require their attention.
- Cost-Effective – Chatbots are cost-efficient. They provide an exceptional return on investment (ROI) by getting so much work done without unnecessarily spending time and money on human resources.
Moeen is currently a Sr. Content Marketer at Ameyo. Moeen is a copywriter, content developer, and content strategist with an ability to relate stories, a flair for detail, and a hint of humor. Moeen loves working with Technology-based companies (He is obsessed with Artificial Intelligence!), Tech, SaaS, Web Development, Mobile App Development, and Agencies. Moeen’s favorite brands are unique, full of character, and have that ostentatious vibe.
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