With the changing business model, chatbots have transformed into an important part of the business strategy. Influencing both small and large size enterprises, chatbots have evolved to fulfil the essential business needs efficiently and help earn better revenue. As the business is hoping for new and better ways of connecting and engaging customers, a voice chatbot can be a very proficient option.
According to CNBC, chatbots can save $0.70 per customer interaction.
Suggested Reading: Why Voice-Based Customer Support is the Future
A chatbot allows the customer to communicate with a computer and resolve the query quickly. And so, using chatbot with voice recognition technology makes the conversation smooth by enabling the customer to get the most appropriate answer based on the query.
Additionally, the AI voice is cost-effective as it employs technology to reduce the training requirement and burden of repetitive operations.
Below, let us briefly look at how a voice chatbot saves cost.
7 intelligent ways a voice chatbot can cut your costs
A report suggests that chatbots can save $20 million globally, and we can expect this number to reach $8 billion by 2022. Based on the increasing demand for better services, the voice AI chatbot helps save the cost in the following manner:
1. Reduction in the operational costs by a great deal
Voice chatbots are self-service portals that operate on their own and offer the resolution to customer queries quickly. Consequently, this results in a reduction of the call to the customer service centre, which improves efficiency and leads to better management of operational costs.
2. Significant reduction in labour costs
As per BusinessInsider, chatbots can save approximately $23 billion from annual salaries. In other words, using a chatbot voice assistant, you can shift labour intensive and repetitive tasks to automation.
Developing and using a quality chatbot demands lesser investment than that of the salary and training of an employee. With the ability to handle unlimited interactions at a single point in time, we can reduce the need for the employee’s involvement to a great extent.
3. Staying available, resourceful and reachable 24×7
In one of their researches, VentureBeat reported that 50% of customers expect a business to be available 24*7. For example, voice-activated chatbot are available round-the-clock helping businesses connect with the customers seamlessly without any hassle.
By making the service available to the customers 24*7 to resolve their queries, businesses can lower the number of dissatisfied customers while reducing the need for workers and multiple shifts.
4. Strategically allocate resources to key areas
With the implementation of voice chatbots, one can shift the resources to more productive and vital areas. Chiefly because chatbots can handle repetitive and general queries on their own, helping businesses divert the investment to areas of research and development that improve effectiveness.
5. More fulfilled orders, fewer abandoned carts
Customers tend to stay with the business when their queries are solved quickly and the waiting period is reduced. Improvement in customer satisfaction with adopting an AI voice chatbot can lead to better lead conversion and a reduced rate of cart abandonment.
6. More agent productivity, boosted morale
Adopting the chatbot with voice recognition, businesses can reduce the time invested in repetitive activities to a great extent. Reducing the unproductive time invested in repetitive activities can enable agents to invest it in productive areas. Moreover, the chatbots lessen the waiting time of the customers, which means more tickets resolved in lesser time.
7. Boosted revenue, stable P&L sheet
We can all agree – businesses’ top motive is to earn more revenue. Adopting voice-activated chatbot can support silent marketing, query solving and customer support. With relevant, and direct recommendations, voice AI can improve conversions. This will improve the overall revenue generation of the business.
Suggested Reading: If You Have a Customer Support Team, You Need Voice Chat
Better way to serve customers is a better way to generate higher ROI
The main aim of implementing the voice chatbot is to improve service and customer satisfaction. Additionally, it helps decrease the overall costs as well. Offering a better ROI, voice chatbots are expected to increase sales by 67% on average, suggests Forbes.
Moreover, Accenture Digital indicates that 57% of the businesses have experienced more considerable ROI on minimal investment in chatbots. You can even measure the success of AI Voicebot and see what’s best for your business.
Verloop.io offers conversational AI with voice chatbots based that enables companies to provide delightful experiences to their customers. If you’d like to see a demo of how it works, talk to our team today.