Tech

Chatbots are Predicted to Reduce Business Costs by 2022

Published

4 years ago

November 7, 2019

Artificial Intelligence is taking businesses to another level. And chatbots is one kind of Artificial Intelligence that increases productivity and reduces costs. It was Oracle which predicted that 80% of businesses plan will be using chatbots by 2020. And it also predicted that chatbots are expected to reduce business costs by $8 billion by 2022.

Avi Benezra, who is the CTO of SnatchBot, said that chatbots really helped them cut the costs and it bumped up the conversion rates. That is why others are now adopting chatbots more rapidly.

AI technology is indeed changing every aspect of our lives. Now chatbots aren’t just about gadgets but there are also Chatbot lawyers, Chatbot therapists and more. Chatbots are also changing the business-to-consumer (B2C), business-to business (B2B) and business-to-employee (B2E).

For a single task a single bot is enough. The task takes place through a fixed set of scenarios in the single use bot. But when there are multiple tasks then multi-tasking bots come to play.

The Chatbot platform must provide the ability to track and streamline multiple functions simultaneously within a single task Chatbot. And it is important to have the ability to create and deploy a multi-purpose chatbot for communication.

For multiple tasks to be performed the chosen platform must offer pre-built bots. And these bots must be ready to deploy in order to address specific tasks. These tasks could consist of customer support, lead generation, and many more. Also the bots must be customizable. This feature makes it easy to further interactions according to the type of business you are dealing with.

The platform for the Chatbot development program must have customized user interfaces.There is a preferred channel for every Chatbot. And it could be various channels like websites, mobile apps, social media, email and SMS. Bots can also interact with Skype, Slack and Telegram, but it’s mostly for corporate purposes.

NLP and Speech Support are the most used tools of best chatbots platform in field of language and speech. These tools help them to train and to maintain the accurate interactions, and conversations through both text and speech. By the NLP and Speech Support chatbots understand the user and give relevant response.

Bots can perfect their natural language processing capabilities with the help of Machine learning. Therefore the chatbots must be smart and intelligent so that they will gauge and remember the data and learn from it. The interactions with customers will improve over time and they collect the information from the conversations. This way they can serve the customer’s request once they hone their machine learning and language.

An internal bridging map is vital for the Chatbot platform. It helps with the sharing of messages between users. Moreover, chatbots and the cross-functional systems should also have the bridging. A bridge records the success and the failures. It categorizes messages, so that the bot manager can have a comprehensive understanding of the chatbots function.

Chatbots are indeed the future of business, as they will help cut the costs. But proper research is necessary to build a right bot platform. The features must match the functionality of the chatbot used in a particular business.

Tech

Mobile Commerce Trends: Do You Need a M-Commerce App in 2023?

Published

1 week ago

November 18, 2023

Jonathan Grilli

Twenty years ago, our parents could only dream of convenient shopping from any place they were with the help of a small device in their pocket. Today, dreams come true, and there is no surprise in getting clothes, groceries, or booking tickets via mobile phone. M-commerce is emerging as the friendliest shopping method through safer mobile payments, technological advancements, and the rise of specialized m-commerce apps. Let’s dive deep.

What is M-Commerce?

Mobile commerce (m-commerce) refers to purchasing and selling goods and services via a mobile device, such as a smartphone or tablet. M-commerce has been increasing in recent years and is expected to grow in the coming years.

According to Statista, mobile e-commerce sales reached $2.2 trillion in 2023, accounting for 60% of all e-commerce sales worldwide. This share has steadily increased, from 56% in 2018 to an expected 62% in 2027.

Key m-commerce trends to watch in 2023 and beyond:

Increased mobile shopping: More and more people are shopping on their mobile devices. M-commerce will account for over half of all e-commerce sales by 2025.
Social commerce: Using social media platforms to buy and sell products and services. Social commerce is becoming increasingly popular, especially among younger consumers.
Voice shopping: Utilizing voice assistants like Siri and Alexa to buy and sell products and services. Voice shopping is still in its early stages of development. Still, it is expected to snowball in the coming years.
Shopping with Augmented reality (AR) and virtual reality (VR): these experiences allow consumers to try on clothes, furniture, and other products before buying them. AR and VR shopping are still in their early stages of development. Still, they have the potential to revolutionize the way people shop.
Contactless payments: Apple Pay and Google Pay allow consumers to receive goods and services without swiping or inserting their credit or debit cards. Contactless payments are becoming increasingly popular.

These are just a few vital m-commerce trends to watch in 2023 and beyond. As e-commerce grows, we expect even more innovative and exciting shopping experiences to emerge.

How to prepare for the future of m-commerce

If you are a business owner, there are some things you can do to prepare for the future of m-commerce and keep up with the trends:

1. Make sure your website is mobile-friendly: Your website should be easy to navigate and use on mobile devices.

2. Provide mobile payment options: Make it easy for customers to pay for their purchases on their mobile devices.

3. Invest in social commerce: Use social media platforms to promote your products and services. Connect with customers and receive feedback.

4. Accept contactless payments: Offer contactless payment options to your customers to make paying for their purchases easier.

By taking these steps, you can ensure that your company is well-positioned to succeed in the future of e-commerce.

Mobile app development in the era of m-commerce

There is no way of talking about m-commerce, not mentioning mobile app development. You use your smartphone to buy something online.

Mobile app development services are an array of services that help businesses to develop and launch mobile apps. The implementation areas may vary: healthcare, financial, agricultural, or construction mobile apps provide the best performance and encapsulate all the peculiarities of the domain.

Different types of mobile app development services are available, and the specific services that a business needs are determined by the size and complexity of the app, the target group, and the business’s budget. However, some standard mobile app development services include:

Ideation and design: working with the customer to understand their business needs and goals and to develop a concept and design for the app.

Development: writing the code for the app and implementing the desired features and functionality.

Testing: examining the app to ensure it is bug-free and works as expected.

Deployment: Publish the app to the appropriate app stores. Apple App Store and Google Play are among the widely known.

Many mobile app development companies offer additional services such as maintenance & support, app marketing and promotion.

M-commerce pros and cons

There are a set of benefits and disadvantages to using mobile app development services. Let’s take a look them.

Pros

Accessibility. M-commerce is democratizing online shopping by extending its reach to even remote areas. It makes online shopping more accessible and inclusive for everyone, regardless of location, and fosters economic growth in rural and underserved communities.
Reduced response rate. Mobile apps have a significant advantage over web browsers regarding response time. Mobile apps are created for specific devices and can use the device’s hardware and software resources. As a result, mobile apps can perform tasks more quickly and efficiently than web browsers.
Social media integration. M-commerce also integrates with social media platforms like Instagram, TikTok, and Pinterest. It allows brands to foster deeper community ties and loyalty among consumers.

Cons

The culture of instant gratification. With features like one-click transactions and same-day or next-day delivery, consumers have come to expect immediate gratification. This can diminish the joy of anticipation traditionally associated with shopping and affect broader perspectives on patience in life.
Impulse purchasing. With our smartphones in our pockets, we can now browse and purchase products from anywhere, anytime. This convenience has led to a surge in impulsive buying decisions, as customers are constantly bombarded with targeted marketing messages and have access to a vast selection of products with just a few taps.
Challenge for local businesses. Online platforms like Amazon and Walmart offer many products and services at attractive pricing, making it difficult for small, locally-owned businesses to compete. M-commerce can also lead to customers sidelining neighborhood brick-and-mortar establishments in favor of the convenience and wide selection of online products.

Wrapping up

M-commerce is a steadily growing industry that has already reshaped online shopping. Such technologies as voice shopping, augmented reality, social commerce, and contactless payments will form the e-shopping future.

Mobile app development services can be valuable for businesses that want to develop and launch mobile apps. If you own an e-commerce business, ensuring your website and mobile app are upgraded for mobile shoppers is crucial. Using social commerce platforms to reach your target audience on their mobile devices would be best.