7 Industries Utilizing Chatbot Applications To Grow Their Business
Chatbots for the industry have been the talk in the city. In the last couple of years, consumers and companies alike have joined the trend.
Chatbots for customers means quicker responses and better customer service. more efficient sales flow, and an increased personal connection with the businesses they purchase from.
In the case of industries that utilize chatbots, it assists in reducing support costs, boosting the conversion rate, increasing the loyalty of customers, speeding up sales cycles, and creating more leads.
1. Chatbots as E-commerce Applications
Understanding how chatbots in the business world are utilized in the field of e-commerce. It is helpful to be aware of the issues that the industry is facing.
The eCommerce business worldwide has seen rapid growth. In 2017, eCommerce sales across the globe totaled $2.3 trillion dollars. The e-retail revenue is expected to increase by a factor of 7.39 trillion dollars by 2025.
In the wake of this rapid increase, the traditional methods of customer assistance and sales tools such as telephone calls, emails as well as social networks have dissolved due to the massive size of the issue. If you’ve only been using three of them for your e-commerce platform, you’ve struggled with the same issues.
There are simply not enough sales representatives or support personnel to be found. For instance, India. In India, the number of Internet users is projected to rise by 481 million in November 2017 to 1.134 billion in 2025. The market for eCommerce in India is expected to increase from $21.9 billion at the end of 2018, to $200 billion by 2027.
Support and sales that are completely human systems aren’t feasible for companies that want to be successful, whether at the scale of other companies or not. Everyone has experienced a range of advantages of using chatbots for their websites.
Chatbots that are part of conversational commerce can assist e-commerce businesses to increase profits, reduce time, cut down sales cycles, increase conversion, and assisting in the performance of cross-platform platforms. Chatbots are also language neutral and are able to serve an entire international audience.
2. Medicine Industry
Doctors are in a tough position in the present. Attention and focus on detail that the medical professionals’ job takes a toll on doctors, nurses, and other employees in medical professionals and the medical business in general.
Research has proven that administrative tasks consume about one-sixth of a physician’s work hours. This means that time and energy are wasted focusing on more important tasks while decreasing overall satisfaction with your career.
Consider, for instance, the easy job to schedule appointments. This typically involves forms, errors, and the manual entry of information to computers by staff members is easily automated with Chatbots.
Applications of Chatbots can assist in improving front-office healthcare Patients can also prior to their visit, provide information to the chatbot. The information they provide to their physicians or nurses at their bedside can utilize to prevent unnecessary readmissions, or arrange post-discharge follow-ups. Bots are able to streamline admissions, discharges, transfers, plan consultations with patients and even get referrals and send them to the appropriate person.
While it might appear impossible to connect the data from different sources, chatbots can make one system that contains records. Transferring data from old systems to databases that are new helps the systems save time and also money.
Alerts are an integral part of chatbots. chatbot for the medical industry as well. They are able to alert hospital personnel when patients require assistance. They can also inform the care team of any urgent changes to the condition of a patient or an emergency by using their hands.
There are a variety of functions available to Chatbots in the Medical field:
a. Facilitate collaboration between peer systems.
B. Update the records to reflect the medical history of the patient.
C. Send out alerts and notifications to refill prescriptions.
d. Give accurate information regarding the condition and/or accessibility of facilities at the hospital.
It is possible to save thousands of hours of work a year for doctors and hospitals by reducing the workload of doctors off and making hospitals more convenient for patients.
3. Chatbot Applications for the Travel Industries
As the world becomes shrinking and becoming smaller, more and more people all over the world are taking to travel. Nowadays, travel and tourism companies are likely to have more customers from abroad wanting to work with them than they ever have before.
It’s a great thing for the first eight hours.
One of the issues in running a business catering to clients across the world is that you operate within local hours of business. However, your clients are people from all over the world who browse your site anytime they want. If you’re only talking to your customers for 1/3 of your time during the day, you’re losing 2/3rds of leads.
You can circumvent this by lining your site with forms but, even then you’ll be losing anywhere from 70% to 90 percent of the prospective revenue. Using forms as your primary source of leads has negatives. For instance, a “contact us” submission form is like a survey you’re requiring your customers to fill out for a service they’ve never heard of. This is a sign of how consumers feel about forms since the typical percentage of filling out contact forms is just one percent.
But, a chatbot designed for the travel industry will allow you to answer inquiries and create leads around all hours of the day. In addition, chatbots don’t take breaks, don’t suffer from bad days, or affect customer service. Therefore, you’ll wake up each day to hot sales even while you sleep.
Another issue arises from an efficient transfer of vital travel information between the company and the customer.
Information, including but not limited to choosing an itinerary, traveling in groups, room types such as food drinks and dietary restrictions and trip notes and traveling insurance information, travel visa details as well as safety and details on health, backpacking lists accommodation, transportation and money issues weather, and other seasonal details.
Travel chatbots are able to collect the information of your customers and then sync it to your CRM at any time. So, you won’t miss out on information and you can make use of it to personalize your every time the customer comes in.
4. Chatbot Apps for real estate
Real Estate Industry — the globe is expanding.
In the cities from downtown L.A. and the suburban areas of South India, we’re witnessing the real estate market expanding in size and shape. This optimism has been fuelled by low-interest rates across the globe as well as improving employment markets across the world increasing consumer confidence, and growing demand from foreign buyers.
The cost of not having the customer for real estate transactions is significantly greater than the cost of e-commerce, which means every lead you don’t follow up on is a significant portion of revenue loss.
A few hundred, perhaps thousands of prospective leads browse your site and sort through your offers each week. They’re bombarded with details about why you’re the top in your field and the number of customers you’ve got.
Is that really the reason they’re actually there?
These people are here for you to inquire and receive answers. They’d like to learn more about the home, what the neighborhood is like, and where the closest school is. However, since they’re on a computer that’s miles away, two things could take place.
1. They’ll then be spending the next half hour looking through your website to find the answer. (unlikely)
2. They’ll never get the answer and will leave. (likely)
If customers from your targeted market remain uninformed then they’ll eventually head to a competitor. Most often, it’s the company that has answered their questions faster.
With a chatbot, real estate businesses can interact with their customers, address their questions, plan visits to their websites, and share and gather documents, check the documents and remind the customer of EMIs or other upcoming dates.
This enhances the customer experience and increases customer satisfaction and more customers.
5. Banking Industry
The increasing technological sophistication and complexity allow customers to participate in financial transactions that were impossible 10 years prior. With the touch of their hands, users can transfer funds, transfer information, authenticate, and carry out transactions while enjoying an espresso to the side. It’s that the only reason goes to the bank in the present is to speak with your bank’s account teller. In the age of chatbots and bots, even more, establishments are gaining the conversational edge.
Financial institutions are able to be present with a banking chatbot any time their clients require their assistance, no matter what time or place. Chatbots are accessible 24/7 and have 100% uptime, there’s no reason to limit bankers’ hours any longer.
Chatbot training can serve every need envisioned by a customer. Customers have access to a 24/7 personal banker wealth manager, a loan service agent, or an ATM locator within their reach. Chatbots can make banking as simple as sending a text message, and immediately responding to questions from simple requests to complex tasks — whether via the mobile application, website, or Facebook site.
6. Foodtech Industries
Food Tech is one of the most challenging sectors worldwide. Being one of the most fast-moving SKUs, with extremely limited shelf life and high stakes support, the sector requires technology that will aid in its growth.
It is clear that the Food Tech ecosystem has seen an explosive increase in the number of online users. Together with the lockdown, we’ve seen an enormous rise in the demand for food delivery this year.
In the wake of this, it has led to investors having put millions in the Indian Food Tech ecosystem. $10.8 billion to be precise. This trust has increased over time.
Delivery-focused startups like BigBasket, Faasos, Zomato, Milkbasket, Swiggy, and Freshmenu, and many others. These are the major investors’ funders that have received over 97% of their investment over the past four years.
What are the problems the industry is facing? There are two main blocking factors:
1. Surge and dips in volume
2. Unequal distribution of tickets
7. Edtech Industries
Education Technology proved to be a lucrative business prior to the outbreak making it necessary for everyone in education to go online. HolonIQ anticipates an increase of 404 billion dollars in value for this business across the globe.
In India it’s not any different. This year alone we saw more than $2.2 billion of investments for Edtech firms. In reality, the number of new companies in this field has surpassed 4500 and is expected to be on the rise in the near future.
Artificial Intelligence (AI) in Education helps by personalizing and customizing, in accordance with the requirements. This is especially important because we are seeing the shift to digital education, which is also happening at reputable institutions.
This presents a chance and a major opportunity for the market players to meet the needs of everyone in the best way. Because everyone is unfamiliar with online education there will be plenty of support issues, from parents, teachers as well as students.
The questions could be related to various topics, such as how to use the software in the best way or questions related to education.
Another example could be replacing notice boards. The sharing of updates about forthcoming events and their results will also be accessible online.
Chatbots are an ideal solution in the event that one wants to add an element of automation into their operations and services.
Chatbots in Edtech can be used in a variety of ways, for example, helping with
1. The sharing and submission process
2. Assisting students and teachers by responding to FAQs
3. Sharing of school information and exam timetables
4. Sharing announcements and sharing information with parents
5. Informing students about extracurricular activities and clubs activities
6. The process of signing up, registrations, and cancellations
7. Gathering feedback
8. Sharing educational materials with students, parents, and teachers
9. Communities that are built
