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.
According to CNBC, chatbots can save $0.70 per customer interaction.
As the business is hoping for new and better ways of connecting and engaging customers, voice chatbots have emerged to be a very proficient option.
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. Using the 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 ways voice chatbots reduce cost
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
Voice chatbots are self-service portals that operate on their own and offer the resolution to customer queries quickly. 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. Reduction in the labour costs
As per BusinessInsider, chatbots can save approximately $23 billion from annual salaries. Using the chatbot voice assistant, the repetitive tasks that are labour intensive can be shifted 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. Round the clock availability
In one of their researches, VentureBeat reported that 50% of customers expect a business to be available 24*7. With the application of the voice-activated chatbot, the business can 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. Better allocation of human and other resources
With the implementation of voice chatbots, one can shift the resources to more productive and vital areas. Allowing chatbots to handle repetitive and general queries, the business can divert the investment to areas of research and development that improve effectiveness.
5. Reduced cart abandonment
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. Reduced unproductive time
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. Revenue generation
The primary motivation with which the business operates is to generate revenue. Adopting the voice-activated chatbot that can support silent marketing, query solving and customer support, the chatbots can improve customer conversion. This will improve the overall revenue generation of the business.
Suggested Reading: If You Have a Customer Support Team, You Need Voice Chat
Voice chatbots: Earn 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.
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.