"Not many years ago, people could go hours, days, weeks, and even longer without access to a computer. Fast forward a few decades, and we are in 2017. Phones, laptops, tablets and a host of other electronic devices have found a way to become integrated into everything we do. We have access to more information today than humanity ever imagined was possible, and we have only begun to harness the power that comes with technology. Advancements in technology drive business, and this holds true in the case of chatbots.
According to oxforddictionaries.com, a chatbot can be defined as the following:
"A computer program designed to simulate conversation with human users, especially over the Internet."
Though the concept of a chatbot sounds simple, it has the potential to significantly impact how consumers interact with companies, employers, and the people around them. As e-commerce continues to grow, chatbots used in a retail capacity become more and more relevant. For example, let's say you are scrolling through a website looking for a new holiday sweater. If scrolling is all you are doing, you may leave the page if you don't find something you like. This is how e-commerce has functioned in the past, and it led to a low conversion rate of viewers to buyers.
Now, enter chatbots. Say you are scrolling through the same website, seeing the same results, but you notice a chatbot box pop up on your screen. If this chatbot can help you solve a problem you couldn't solve on your own, like choosing the right sweater for your interests, you might be more likely to complete the purchase. By using natural language processing, machine learning, and various other artificial intelligence tools, a chatbot can effectively tell you what sweater is best. It can learn what you like, what others like, and make a recommendation based on the data of your fellow consumers.
The retail implications of chatbots are significant, but they have the potential to expand far beyond just e-commerce. Chatbots have the potential to transform the businesses of service, retail and research focused companies in the near future. Applying the same artificial intelligence principles to other industries is not hard. So if you are trying to find the right sweater or the best option for student loans, chatbots will soon be there to assist you in your decision. As these changes continue to happen, ChatGrid will be staying on the forefront of chatbot and customer conversation, with the hopes of helping business utilize technology to its full potential.