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Adequate customer support is essential for successful businesses worldwide, especially in healthcare, insurance, banking, and retail. Nowadays, AI-powered virtual assistants are revamping customer support, enabling brands to serve the customers 24×7.

According to a study, more than 69% of users will often or always use a chatbot if they are confident that the bot could resolve their issues more quickly. Around 55% of respondents will prefer to use a chatbot immediately instead of waiting for a live service agent.

Willingness to Utilize Chatbots

Businesses across various industries are positioning themselves to take advantage of voice-based assistants and chatbots. The use of chatbots is expected to grow by 116% in the financial services industry, 241% in the hospitality and tourism industry, and 167% in the healthcare industry.


Today, customers have a reasonably positive perception of AI-based technology. According to a survey, nearly 80% of the consumers see chatbots as providing a higher level of customer support.

The study also revealed that the user’s willingness to use chatbots is based on the ability to interact with chatbots 24×7 (48%), not having to wait to speak to a live agent via telephone (46%), and having the queries answered faster (37%).

Impact of Conversational Chatbot

Conversational chatbots allow enterprises and brands to serve customers effectively and efficiently. The ability to provide critical information instantly and handle specific customer requests in a short period are some of the benefits of utilizing chatbots.

AI-powered chatbots can improve the overall efficiency of the 24×7 support team while reducing operational costs. Around 90% of customer interactions can be automated using chatbots in the banking industry.

Since these conversational AI solutions can automate several daily tasks, a business can focus its resources on solving more complex or value-added tasks. Moreover, companies can provide around-the-clock customer support without hiring more service agents and reducing operational costs.

In the retail and eCommerce industry, AI-powered virtual agents can enhance marketing and sales channels by assisting customers throughout their customer journey with personalized interactions.

A recent study predicts that eCommerce transactions via chatbots will reach $112 billion by 2023. Chatbots can drive sales by leveraging ‘push’ factors like upselling, marketing, cart recovery notification.

Deciding to utilize chatbots in your CX strategy depends entirely on your business needs. Chatbots are one of the best tools to personalize a user experience, tailoring the conversations to match the customer’s exact needs. They are cost-effective, easy to integrate and assist customers throughout their journey.

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