Imagine that you are an eCommerce business and are just heading to the start of the week on Monday. Your customer support team is busy taking calls to solve customer queries.
The calls and emails are flooded with customers waiting to get a response as early as possible. Luckily, salary day is near, and your finance team is busy planning the massive cost that goes every month to the customer support team.
But what if we tell you that this complete picture can be different, offering your eCommerce business a massive cost reduction in the long run and top-notch process automation? Yes, the answer is AI-based chatbot development. The global chatbot market is projected to reach $18.7 billion.
That’s huge, right? So, if you have not explored the dual impacts of chatbots on cost reduction and process automation, this blog is right for you.
So, let’s first talk about the process's cost reduction part before moving to process automation. Like every business, you, too, want to save on costs as much as possible so your profits go up.
Here, developing a chatbot can help you to a great degree. Here is how.
Source: Beyond Chats
What is the cost of your customer support team?
Do not forget that you have to hire two shifts for day and night in case your business has some critical and instant customer query demand.
A chatbot can intelligently answer all your customers' queries instantly. It is also available 24/7 365 days. On average, you can increase customer satisfaction rates by 10-15% when you employ chatbots.
As your business grows, there will be a requirement for more and more manpower to handle customer queries. However, if you integrate the power of AI into your chatbot system, it can adapt according to your business's size. As the queries in your business grow, it will also expand its vocabulary, offering you a flexible option of scalability.
Source: Statista
Chatbots can still offer reduced labor costs if your business has a vital query handle and you cannot rely completely on the chatbot systems. Every eCommerce business has some routine inquiries and tasks.
You can replace those labor costs with chatbots so your essential workforce can focus on more challenging things. On average, businesses can save up to 30% of customer support costs by implementing chatbots.
Humans are prone to errors, no matter how many checks of levels you apply in your ecosystem. There is a possibility that your workforce might make some errors.
However, chatbots are trained machines, and if they are trained right, there are minimal chances of errors until any kind of technical fault takes place.
Now that you are clear about the cost reduction part with the help of a chatbot, let’s see how chatbots automate processes in your business.
Source: Smatbot
Customers regularly want to know the delivery status of their orders. It is sometimes not convenient for them to ask and call your customer executive every time.
However, a chatbot can automate this for you. It can regularly send the order location to the customers, enhancing transparency, reducing customer queries, and improving customer satisfaction rates.
Not only for customers, chatbots can help your business with a lot of things.
One of them is managing inventory. Chatbots simplify the process of monitoring stock levels in real-time and sending automated alerts when inventory starts running low.
However, you have to integrate Internet of Things (IoT) devices with your software solution. These advanced services are offered by top chatbot development agencies, so make sure to shortlist the right one.
From answering all the frequently asked questions to troubleshooting customer issues, a chatbot can utilize the natural language processing technique to act like a human.
Not only act but also somewhat match the mental level of customer support manpower. In real-time, your chatbot can handle a massive number of queries instantly and simultaneously for hundreds of customers.
Source: Startupbonsai
Managing returns and refunds is one of the most time-consuming processes for every eCommerce business. However, with the integration of chatbots, you can streamline these processes.
Chatbots can efficiently guide your customers through the process, verify eligibility, and initiate refunds automatically. Automating this complete department can eliminate manual interventions and minimize processing time.
As customer expectations are reaching new heights, there is a dire need to automate your eCommerce business's departments. And developing a chatbot can be highly rewarding in the long run.
Although you might consider the chatbot development cost, when you compare the development cost with the cost of remuneration you give to your staff, you will be satisfied.
So, what are you waiting for? Build and integrate an AI chatbot into your eCommerce business right away if you have yet to do that.
Ishan Gupta is the CEO and Co-founder of RipenApps, a leading web and mobile app development company specializing in Android and iOS app development. Deploying feature-loaded mobile & web app solutions to SMBs globally transforms business all around.