Businesses spend nearly 1 trillion in customer service costs each year. Customer support executives spend most of their time in a day attending to repetitive queries. This not only drains cost-efficiency of an organization but also leads to slow responses in cross-channel communications. Delayed responses impact the customer experience significantly causing higher customer churn rate. Per a study by Deloitte on the future of customer service, 56% of companies are already investing in Conversational AI to enhance their cross-channel interactions with customers.
AI and NLP-powered virtual assistants will help companies to slash their contact center costs significantly while improving customer experiences by sending instant, automated responses. Moreover, it is not only about automation or speeding up the process, but what holds more importance here is providing customers with natural, human-like, personalized responses. AI chatbots shoot intelligent responses to customers based on historical data, and intent and contextual analysis to derive real business value by winning customer trust and loyalty. Let’s take a look at the infographic to understand how AI chatbots are reducing customer support costs by minimizing wait time, cutting down dependency on human agents, and promoting self-service: