Customers today are not only picky when buying products, but they are also demanding when it comes to how companies interact with them. The new generation of customers, particularly millennials and Gen-Zers, expect instant results for the information they are seeking. If the response to a request is not swift, frustration grows, resulting in businesses losing potential customers, sales, and brand reputation.
While a Facebook survey shows that over 50 percent of customers prefer dealing with an organization that has a conversational interface, a study by Oracle reveals that more than half of online customers expect businesses to be available 24/7. Taking into account the results of such surveys, an increasing number of companies are investing in AI chatbots to mitigate customer frustrations, enhance user experiences, and improve their ability to communicate. The increase in adoption by businesses of all sizes is making chatbots mainstream, rapidly expanding its ecosystem in diverse domains, including mobile apps, websites, and messaging applications. Business Insider estimates that by 2024 the global chatbot market will be worth $9.4 billion, growing at a compound annual growth rate (CAGR) of 29.7 percent.
A research report includes responses from chief strategy officers, chief marketing officers, and key decision-makers, states that 80 percent of the respondents expressed interest in deploying chatbots by 2020. The figures indicate that chatbots are here to stay, and soon, AI-powered chatbot solutions will stretch its horizons to dramatically transform the way organizations communicate with customers. In this AI Chatbots guide, we explore chatbots, their applications in a real-world scenario, and everything you need to know to build a career in the emerging field.