1. Why should businesses build Chatbots?

If you are having a hard time engaging with your customers then you cannot ignore Chatbots! You need a Chatbot if your customers are:
1. Hanging out inside messaging and chat applications.
2. Not willing to download your application.
3. Not willing to login to your website to use your services.
4. Using Live Chat on your website and 50% of queries can be answered by Bot.

2. What is the potential for Chatbots?

Chatbots are another channel of communication with the end-users for enterprises, small businesses, and professionals.Chatbot applications enable user engagement inside messaging and chat applications where the end-users hangout today.
Chatbot applications enable user engagement inside messaging and chat applications where the end-users hangout today.
Chatbots can be fully conversational like Alexa and Siri.
Chatbots can be Utility Bots, which solve very specific problems for the end-user or the business.
Chatbots will simply be an extension of all the applications we are using on a daily basis.

We believe the potential for Utility Bots far exceeds the fully conversational bot because users can adopt a bot that can help them solve an issue in 30–60 seconds saving them tons of time and aggravation without downloading an app or trying to remember another website login id and password.
We truly believe that Utility Bots inside messaging and chat applications will see very quick adoption in the new future.

3. What problems will Chatbots solve in the next few years?

We see huge potential for Utility Bots in every area such as HR, Accounting, Supply Chain, Shopping, Retail, and others. Basically, all the monolithic software applications such as CRM, ERP, and others will have Utility Bot extensions that will be available for end users inside their messaging and chat applications.

Chatbots will soon be another channel to access specific utility features of every application. In addition, Chatbots will enable small to medium businesses in engaging with their customers in real-time via messaging applications. This will be a large market to address using Chatbots.

4. Will Chatbots take off?

Chatbots are the next wave of application services for users who are spending 70% of their time inside messaging applications.
Chatbots enables businesses to engage with their users in real-time, therefore, chatbot applications are the future!

5. Will the market spending on chatbot-related technology and services be significant? Why?

Yes, the market spending on chatbot-related technology and services is expected to be significant because of the following reasons:

Market Forecasts:

  1. Gartner predicts that by 2020, customers will manage 85% of their relationship with the enterprise without interacting with a human.
  2. Deloitte has forecast that by 2020, 90% of the top 100 enterprise software companies will have incorporated one or more cognitive technologies.
  3. Goldman Sachs thinks that by 2020, millennials will account for 40% of all consumers in the US with $700 billion in annual buying power by 2017.

Market Research:

  1. 38% of millennials prefer to use instant messaging to communicate with brands, compared to 19% of generation X.
  2. 69% of millennials say they feel good about the company when they solve a problem without talking to customer service.
  3. Millennials want brands to be aware of them as individuals rather than a name of number on a list.

Investments by Technology Giants & Brands:

  1. Apple’s Siri, Amazon’s Echo, Facebook’s M, Microsoft’s Cortana, and now Google’s intelligent messaging app.
  2. In 2010, Facebook introduced facial recognition technology that could identify people in posted photos, and in 2013 Mark Zuckerberg dedicated a lab to AI research.
  3. Apple acquired UK-based AI company Vocal IQ.
  4. Elon Musk has committed to invest $10 million into safe AI research.n 2014 Google bought artificial intelligence startup DeepMind for a huge $400 million. Microsoft’s project Oxford aims to understand its users with
  5. In 2014 Google bought artificial intelligence startup DeepMind for a huge $400 million.Microsoft’s project Oxford aims to understand its users with
  6. Microsoft’s project Oxford aims to understand its users with face, emotion and speech application program interfaces.IBM has been investing in Watson for quite a long time. Salesforce has acquired Artificial-Intelligence startup MetaMind
  7. IBM has been investing in Watson for quite a long time.Salesforce has acquired Artificial-Intelligence startup MetaMind
  8. Salesforce has acquired Artificial-Intelligence startup MetaMind.
  9. Brands such as Delta, KLM, Uber, Barbie have already invested in bots.There are 1193 bots from 45 countries listed at Chatbots.org – Virtual assistants, virtual agents, chat bots, conversational agents, chatterbots, chatbots: examples, companies,
  10. There are 1193 Bots from 45 countries listed at Chatbots.org – Virtual assistants, virtual agents, chat bots, conversational agents, chatterbots, chatbots: examples, companies, news, directory, a bot directory.

VC & Angel Investments:

  1. AI startups raised $300+ million in 2016, up from $45 million in 2010, according to data from CB Insights, a VC database.
  2. There are 1000+ AI companies with a combined funding amount of $4.8 billion, according to Venture Scanner.
  3. There are 2000+ investors who have invested in AI, according to Angelist.

6. Are Chatbots the new apps?

Yes very much so but Chatbots are app extensions because they are new channel to engage with your customers.

7. Is it good to build a chatbot instead of an app?

Chatbot and Apps are 2 distinct methods of using your application service… 2 different user interfaces. Depending on your target user, you may need both. With a Chatbot you have the option to make it conversational too, but in our experience that should not be the first choice because training the bot is a time-consuming process.

We build Bot Applications inside the chatbot which are similar to Apps but run inside messaging application platforms. Our chatbot strategy is to first solve the business problem with a simple click-click or tap-tap user interface and get user adoption. Once you understand your user behavior then evaluate the need to build a conversational interface.

8. Do Live Chat applications allow switching between a Chatbot and a real person?

Switching between a Chatbot and real person should come standard with most chat systems soon. We have it too in our Avatarbots solution. In fact, you can check out  on this website, which is a Live Chat with a Bot.

If someone is online then you will be able to chat Live otherwise you will be connected to the Bot. You can ask questions regarding our company by clicking on “Chat” button or you can setup an appointment with us by clicking on “Appointment” button. The 3 key features include:
1. Live Chat
2. Conversational Chat with Bot
3. Appointment Bot Application

Try it out!

9. What would be good ideas for building Chatbots?

Find out user problems to solve.
Find out what can make life easier for your users.
Find out what will the user pay to solve his / her problem OR how much will you save by deflecting user from talking to your Live agent OR how much will your user acquisition cost reduce?
Find out what businesses will pay if you increase their user engagement.
These are basic questions for which if you have good answers then you have your ideas to include your Bot Roadmap a.k.a BotMap.

10. How to increase retention in Chatbots?

Are you solving a specific problem for the user? If not then find the top 3 problems that you solve for the user and implement them in the bot to increase retention.