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More than 70% of chatbots handle business conversations from start to finish. Disruptive technology has made this possible by shifting transactions online and making them accessible to consumers 24/7. As a result, clients worldwide get their answers right away and on time instead of waiting for a customer representative. The past decade has been nothing short of a blessing for chatbots. This software has become a significant component of many large industries eager to lock down their consumers and keep the cash flow consistent. Therefore, it is no surprise that by 2024, chatbots may be worth more than $1.4 billion, making them a highly lucrative investment.
As machine learning, AI, and predictive learning become more accurate and highly sensitive to data, chatbots will react similarly. So, if you’re curious or want to get your hands on this intelligent technology, there are options for you to explore. There are numerous kinds of chatbots in the market, and depending on how much money you can put down, each one has various advantages. Therefore, to get you started. Here’s what you need to know:
What Are Chatbots?
Chatbots are simple computer programs that simulate conversations between clients and business representatives. They aim to assist the consumer, whether it’s a question about the company, discussing a product, or if the customer wants recommendations before making a purchase. These programs use artificial intelligence and data collection to formulate responses to the questions. Depending on how you program yours, the chatbots are programmed to give mono-syllable answers or provide comprehensive guidelines which feel very human-like.
Types Of Chatbots
The chatbot you design has to align with your purpose. This detail will determine everything from the total costs of the software you need to install to the business logic this program has to follow. You can spend anywhere from $1,000 to $30,000, depending on how elaborate your tool’s functionality is. To give you a picture, here are some types you can work with:
1. Artificial Intelligence Chatbots
Artificial intelligence chatbots have the potential to self-learn. This program is created with the help of machine learning and through the processing of natural languages, making it both tech-savvy and a highly advanced tool. For example, H&M, the famous Swedish clothing brand, uses an AI chatbot to recommend new items to customers based on their likes. Since this type of AI is highly complex, it may cost you roughly $30,000 from start to finish before the chatbot is operational.
So, if you wish to create an AI-powered tool, you need to have a customer messaging or service platform integrated into the program. You may program the chatbot to have predefined options, such as answering the consumer by recognizing specific keywords, redirecting them to the page, or showcasing the product. You will also need to analyze the chatbot’s response time and program it to record and mimic responses by feeding it frequently asked questions (FAQ). In certain instances, you can use the AI chatbot as a bridge to connect the client to a human representative, such as the receptionist at the hospital.
2. Rule-Based Chatbots
Rule-based chatbots are also known as DIY chatbots. These chatbots can self-learn and function based on the commands you provide. While you don’t need to know any coding skills required to develop a rule-based chatbot depending on your intended use, you may need to work on some of the features.
Generally, these chatbots are free and can be as simple as a Facebook messenger, but if you purchase a PRO tool kit to feed it more options, you may be paying up to $30 a month. The bot operates on an if and then basis, so it is easy to train. You also don’t need an elaborate script to feed into it. So, this bot only holds the information you want to provide your consumers.
3. Chatbots With Third Party Integrations
Third-party integrations are any services you implement into your chatbot to access unique features. These include payment systems such as PayPal, sales and marketing tools like Hubspot, a lead collection service like mail chimp, or an e-commerce platform like Shopify. These third-party apps will share data about user interaction and provide receipts or showcase how the consumer interacted with the feature.
Since the chatbot and the platform have to communicate, you need to install API software to allow the connection. APIs are technical and require a certain level of programming to be understood. This process requirement makes this chatbot one of the most expensive investments, costing almost $50,000. Suppose consumers want to store money in their digital wallets or transfer cash from one application to another. The API makes it possible. These chatbots are also hybrid, with AI features integrated into them.
Final Thoughts
Developing and working on chatbots is the cornerstone of a successful business enterprise. As the world has become increasingly tech-friendly, you must follow suit. By facilitating the types of conversations, your clients can have with your company. You ensure both profit and a high ROI. However, depending on how large your company is, you need to choose to establish a chatbot that works with your model.
An AI chatbot is a self-learning tool that can direct your consumer responses to the relevant webpage or answer accordingly. If you’re a smaller business, a DIY bot may be in your interest since it answers specific questions with the information you provide. If you’re in the mood for a hybrid model, go for ones that can integrate with a third-party application. Not only are you accessing more resources, but you’re also making the process of e-commerce much easier for you. However, this is the most pricey option of the three. So decide your business feature and implement the most appropriate choice.
