What are the Benefits Of Chatbot For Business: Cost & Comparison

Nowadays, the communication way to connect businesses is dependent on chatbot robots. Many businesses are assuming the benefits of chatbot for Business now. They are using different types of computer-powered bots to provide excellent customer service and enhance customer engagement. 

Businesses are integrating chatbots for their continuous restless performance and superiority to provide excellent customer service. If you have ever had contact with a business, you might have spoken over a chatbot or conversational AI. It is very tough to detect whether it's human or chatbot interaction.

They have possessed an essential part of the business. Not only do they assist only the customers, but they also help businesses. Chatbots help businesses to gain customer engagement, reviews, and profits. To boost a business or take the business to a higher position, the benefits of chatbot are extremely admirable.

Now, let's discover the benefits of chatbot for business to know their primary purposes and importance.

Top 9 Benefits Of Chatbot For Business

Chatbots are now completely changing the business way of acting like a partner. Chatbots interact with customers like virtual assistants of a business. They assist customers with purchasing, registration, or delivering other information. 

However, chatbot's advantages are essential for any business. chatbot benefits for business boost your business to grow and expand.

So let's dive into the benefits of chatbot for eCommerce.

1. Provide Proactive Customer Service

Chatbots are providing better service to customers using AI. Their primary purpose is to help businesses offer fast and accurate customer service. They first receive customers' input, collect and research, and then deliver the brighter output faster. 

The responsiveness of chatbots is great. In a microsecond, they respond with greetings to make customers happy. They can handle thousands of customers at a time simultaneously without taking a break or wasting time. 

Nowadays, customers prefer quick replies from a business instead of waiting or wasting time.

•  43% of customers claimed that waiting for replies is the most frustrating part of customer service in business.
•  68% of customers prefer to get proactive customer services from the business.

For example, the famous platform Amazon.com uses the Amazon Lex Chatbot to serve its customers instantly. Customers can query through this free chatbot and also solve their problems without speaking with the customer agent. They can change their password, check their balances, book an appointment, etc, with the help of this chatbot.

2. Support 24/7 customer service

When a chatbot is a part of the communication strategy, the business can guarantee to provide 24/7 customer service. Giving 24/7 support is the most challenging for a business with men's power. Because men need to rest and sleep, they can not support themselves without working hours. But a chatbot doesn't need those. 

Chatbots are always active basis on the clock and responsible for working out hours, too. They answer anytime to customers without them waiting or killing their valuable time. They ensure the continued conversation stream between the seller and the customers. 

For example, a fast food chain, White Castle, recently launched an AI chatbot in their communication system called Julia. After integrating AI, the speed and the accuracy of the orders are improved. In addition, they have eliminated human errors and made their service more consistent and predictable.

3. Improve Lead Generation Automatically

Conversational chatbots are very proactive and effective in engaging customers with service in the business. They provide personalized real-time conversations to potential customers. AI chatbots can easily continue natural conversations using AI to sell successfully. 

Businesses can make money with chatbots because they help to increase lead generation. Questionnaires for customers on a chatbot guide customers to improve business lead generation. Consequently, conversion sales increase. Plus, customers also get their desired answers and can make quick decisions to purchase.

For example, the most popular brand, Zara, uses Spixii chatbot technology to guide customers in purchasing. This chatbot is designed to help customers generate a conversational and smooth shopping journey. 

4. Increase Sales

Chatbot increases sales for your business. It creates a good relationship with customers, which is the basis of a successful business. Chatbots can turn website visitors into actual customers. 

Now, how do they do it? Let's see,

• Chatbots can build strong relationships by engaging users on the website by offering attractive products with discounts.
• They support the visitors to find their desired products.
• Additionally, they send notifications to the visitors about the ongoing offers and news of the company to boost sales.
• Moreover, they help visitors to make a quick decision to purchase.
• Also, they provide personalized service and recommendations to customers so that they can make purchases easily.
• Furthermore, they can continue natural conversations with customers. This real-time conversational marketing helps to more conversion sales.
• Also, they help to decrease the bounce rate of a website. When visitors come, they pop up instantly and engage them by asking how they can help them.
• Chatbots boost sales by reducing abandonment carts through instant response and guidance.

For example, the beauty Brand Sephora.com published a report about their sales. They published that after deploying the chatbot into their business 11% of sales have increased.

5. Provide Personalized Support to Each Customer

Chatbots are now virtual representatives to provide personalized service to each customer by analyzing the data. First of all, they analyze the data before giving answers. 

Secondly, they give equal priority to all the customers and value them. When the customers get extra care and nurture, they tend to shop repeatedly from the same shop. 44% of customers repeatedly shop where they get personalized shopping experiences.

Finally, the most significant advantage of chatbots is they can make recommendations and suggest related products to customers. They analyze customers,

• Previous browse history on their website
• Previous chat history
• Analyzing the customer's feedback
• Previous purchase history
• Collect and leverage customer data

6. Enhance Customer Experience and Engagements

You can use chatbots in your business to enhance customer experiences. They help customers to get a good experience with your products and business. Moreover, Chatbots lead customers from the very first time and ensure omnichannel customer engagement for business. 

Chatbots instantly respond to visitors and can answer all their queries. They can engage customers using interactive elements on your website. 

AI chatbots can continue NLP with consumers. Customers get happy when they get a prompt reply. They can make quick decisions to purchase. They can save their time and energy, too. 

On the other hand, chatbots can deliver personalized observations and recommendations to customers. 

• 70% of customers agree that they spend more time on businesses that offer fluid, seamless, and personalized shop experiences. (source: Zendesk report)

7. Automation with Human Touch

Chatbots never get tired of serving repeated answers. But humans get tired of doing the same things repeatedly. As a result, the productivity and efficiency of a business can decrease. 

This is why the benefits of using chatbots are important. Businesses use chatbots to do repeated work all day long. Moreover, AI chatbots can continue the natural conversation process with customers. Also, they can answer thousands of questions at a time without being bored. 

Chatbots can reply to pre-set-up FAQ questions by businesses for customers. In addition, AI chatbots can analyze each word of customers and analyze them in depth to understand customers' feelings. 

Chatbots interact with the customers as if they are human beings. Moreover, they try to solve the customer's problems with the best solution.

Therefore, if customers are not satisfied yet, they can request to talk with an operator through the chatbot. Chatbots can connect customers with a business operator automatically. 

8. Reduce cart Abandoned Rate

Cart abandonment is a significant problem of eCommerce. The abandoned rate occurs when customers keep the products in the cart before purchase and leave without buying. 

It increases if the customer needs a clear idea about products. Another reason is the customers wait for the customer agents to know the details but don’t get information immediately. However, the customers leave and tend to go to another website to browse the products.

Chatbot is a wonderful tool for reducing the cart abandonment rate of a website. When visitors come to the website, the chatbot pops up on the screen and asks what they need instantly. Immediate response and simultaneous natural conversations help to reduce the cart abandonment rate without any doubt.

9. Can connect with any tool

You can integrate chatbots with any social tool. You can add a chatbot to your business site with just a single click. Then, you can connect with visitors on your website. They are very friendly software to add to any tool. 

Customers always want to get an easy way to connect with businesses. They want to connect through multiple channels to the business.

However, the benefit of a chatbot is that customers can connect from multiple social tools to businesses through it. For example, customers from various messenger platforms like Facebook and Instagram can connect with your e-commerce site. Making a smooth process to communicate helps to achieve your goal. 

For example, the online shopping platform eBay.com offers a great chatbot named eBay ShopBot. Through this personalized chatbot, customers can purchase products from different social platforms. 

Finally, chatbots play a vital role in starting a business, for small businesses and for successful businesses. However, from this discussion, we get to learn broadly the benefits of chatbot for business.

Difference Between Chatbot vs Conversational AI 

The difference between chatbot and conversational AI is a widespread topic now. Chatbot vs conversational bot AI is typically a confusing topic, and many still need to understand it. Because the definition of chatbot and conversation AI both mean the same idea. Also, they have some similarities and are often used interchangeably. Due to this, you might also think that both are the same. But actually, they aren’t. 

There are many types of chatbots, but they are different in servicing. Their capability and user interface are different from each other. Before determining the best technology for your business, you should learn the distinctions between them.

So, let's explore the chatbot vs conversational AI chatbot online to find what makes them unique in their way.

1. Capabilities of Language Understanding

Conversational AI: Conversational AI is a more advanced level chatbot rather than a basic chatbot. The benefits of AI chatbot is they are capable of understanding user language and also can be replied to FAQs. They think the users input and analyze it and then answer to them.

Chatbot: Unlike conversational AI, chatbot only depends on the pre-setup questionnaire. They are only able to answer the FAQ. For example, when they do not understand any question, they reply with “Sorry, I don't understand.”

2. Ability to use Natural Language Processing

Conversational AI: Conversational AI uses Natural Language Processing (NLP), Machine Learning (ML), and Artificial Intelligence (AI) to interact with the users. Using NLP, these chatbots can continue natural conversations with users and give users smooth customer service.

Chatbot: On the other hand, chatbot only uses AI to interact with users. They answer users based on their pre-written guidelines.

3. Omnichannel Support

Conversational AI: Conversational AI can be integrated into any channel, like websites, voice assistants, call centers, etc, as they have omnichannel support. Users can contact businesses from different platforms through conversational AI.

Chatbot: As this primary type of chatbot has no omnichannel support, it can be deployed on websites only for chat interface.

4. Personalization

Conversational AI: This online chatting bot has a significant advantage as it can provide personalized shopping experiences to users. If they can’t find exact products or information, they provide product recommendations or information based on users’ queries. They use NLP AI to understand users' words, find the intention behind these words, and give the best output.

Chatbot: The chatbot can only perform common questions and simple FAQs based on pre-scripted. They don’t provide personalized user experiences.

5. Self Improving

Conversational AI: Conversational AI can improve itself by analyzing users’ previous conversations. In addition, it can also learn from previous chatting and responses over it. When the user interacts first, it responds and checks the previous history to provide more accurate and best replies. It doesn’t need any updates or fixes. 

Chatbot: In opposition to this, chatbot depends on its programmed and scripted rules. For any improvement or change update, the chatbot needs manual maintenance to manage data and revisions. As a result, chatbot updates or improvements may be costly and time-consuming.

6. Scalability Support

Conversational AI: Conversational AI brings consistency and seamless performance in customer service. With conversational AI, customers can contact businesses through various platforms without any interruption. On any occasion, businesses have extra pressure from multiple customers at the same time. They support businesses to handle multiple customers with a strong presence and service experience.

Chatbot: In contrast, chatbot has limited scalability support rather than conversational AI. The advantages of a chatbot, is they are cheaper at integrating, and they need more consistency and efficiency.

7. Multilingual Support

Conversational AI: conversational AI has multilingual support. Any different language speakers can contact businesses with their language through this bot.

Chatbot: On the contrary, chatbots have minimal multilingual support.

8. Integration process

Conversational AI: Conversational AI has easy deployment and integration with existing databases.

Chatbot: Although chatbot has quite a complicated integrated process, it is a time-consuming process.

9. Privacy and Security Management

Conversational AI: Conversational AI has vast security protection. They are very crucial for businesses to protect their business data and information.

Chatbot: Chatbot has limited privacy protection.

10. Future

Conversational AI: Compared to chatbots, conversational AI offers a higher level of accuracy and engagement in understanding human interaction. Their superiority in understanding intention and user language using NLP makes them more potent than chatbots.

Chatbot: Chatbot has revolutionized customer service by supporting the brand by providing timely response and fast replies. Businesses can provide better customer service and experiences through chatbots.

11. Examples

Conversational AI: Here are some Conversational AI Chatbot examples:

1. Innue: It is the best ai as a service example for business. This one is advanced-level AI live chat software that helps you to provide personalized customer experiences.
2. ChatBot: An excellent Live chat for business that provides excellent customer service and increase sales.
3. Jasper Chat: It is a best assistant writing software tool.
4. LivePerson: Best for business. It can handle complex interactions and deliver natural conversation.
5. You.com: It is best for surfing the web.
6. Ada: it is best for business service automation as an IT helpdesk chatbot example. It can provide management solutions, booking software etc.

Chatbot: Here are some Chatbot examples:

1. Slush: This chatbot delivers real-time and high-quality support to customers. It is also best for holding entrepreneurial events across the world
2. Dominos: Best for business. Through this people can order pizza from different platforms like Facebook, messenger, amazon, Alexa etc.
3. Vainu: It is a data analytics chatbot. Further, it is absolutely amazing at lead generation for business.
4. Tay: Twitter uses this chatbot to connect people together. It is made by Microsoft.
5. Woebot: This is a nice conversational ai health chatbot that provides information about mental health made by an app. 

So, these technologies provide fantastic customer service and smooth shopping experiences. They both ensure that they are equally important, and helpful and can be used for complex tasks. However, we are clear now about the difference between chatbots and conversational AI. They are entirely different technologies and offer different customer experiences journey. 

How much does a chatbot cost?

So, you have come here. Certainly, you have already decided to implement a chatbot with your business. 

Am I right? You are in the right place to get a chatbot pricing list.

The price range of chatbots varies on options, models and plans.  Now, let’s take a look at how much does a chatbot costs.

How much cost a chatbot?

The price range of the chatbot differs on the chatbot software options. If you go to build a chatbot in-house or monthly subscription fee, the price will vary. A chatbot price range normally from $0 to $10000/mo. Here is a glimpse of the chatbot pricing comparison:

• Standard Software Pricing: Between $0 to $500/mo
• Enterprise Software Pricing: Between $600 to $5000/mo
• In-house Chatbot Development: About $10000/mo
• Hire an Agency for Chatbot Development: Between $1000 to $5000/mo for development and Maintenance
• Consumption-based Fee: Between $.006 to $1 per text or Audio Request

Source: Chatbot.com

How much does it cost to develop a Chatbot?

However, chatbot pricing also depends on how can you implement the chatbot on your website. There are three implementation models for chatbot set-up, you can choose from:

1. Buy a Subscription from the chatbot provider   

• Free Chatbot
• Pro-level Chatbot
• Enterprise Chatbot

2. In-house customized chatbot development

• Graphic Designer Salary: From $38000 to $91,000/year with a median salary of $58,792/year. 
• Chatbot developer’s salary: From $45,000 to $1,12,000/year with a median salary of $70,554/year.
• Data Scientist’s Salary: From $78000 to $205000/year with a median salary of $126040/year.

3. Get a pay-as-you-go type chatbot 

• Developer cost: Between $30-$50/hr
• Text: $70 for 1000 messages/mo
• Audio: $60 for 1000 minutes per audio input or output

What factors influence the chatbot cost?

A chatbot's cost depends on different factors. These factors highly influence the price of chatbots.

• Business Goals: This is an important factor that affects the price of chatbots. According to the uses and goals, like messenger bots, and lead generation bots, the prices of chatbots vary. Also add any features such as marketing, information collecting, customer support etc, price will increase. 
• Custom Development: Any customization in your chatbot will affect the price. Customizing it by yourself is cheaper but hiring a third-party company affects the chatbot pricing.
• Internal Technology: The chatbot cost depends on the internal process. If the business wants a rule-based basic chatbot, the price range will differ from a conversational AI chatbot. 
• Complexity of Data Analysis: Using NLP, ML AI chatbots are capable of answering queries like humans. Whether simple FAQ and rule-based bot requires different cost. However, placing a complex chatbot affects the price and time consumption too.
• Integration Process: If you integrate a chatbot for your website, email, facebook etc, the prices will vary for each of them.

Who Are The Top Chatbot Providers?

Looking for who are the best Chatbot providers? 

There are hundreds of chatbot providers present in the chatbot market. They are providing thousands of online chatting bots. Meanwhile, these are not equal at all. They are different from each other based on their capabilities, usability, strengths etc.  

However, some top chatbot providers are:

List of Top 10 Chatbot Providers

1. Innue Chatbot

Innue is developed by Bdtask software company. They have been developing chatbots since 2013 and dealt with over 10k+ clients worldwide. In addition, they work on custom chatbot development, AI chatbot development, software development, web applications, mobile app development and eCommerce.

Price: Fixed price with lifetime support.

2. Intercom

Intercom is the popular chatbot provider for marketing. It provides a customer service team of more than 25000 global organizations. Amazon, Meta, Amplitude, Microsoft, and Atlassian are its customers.

Price: Based on user reach per month

3. Cedex Technologies

Cedex Technologies provides web, mobile, voice and chatbot development to various eCommerce. It is a highly virtual customer care professional chatbot provider that also works for chatbot development.

Price: About $25/hr

4. Tidio

Tidio is one of the top chat development companies. They offer live chatbots to help you improve customer support. It also provides conversational AI and NLP to enhance customer experiences.

Price: Free, chatbot $49/mo

5. Dialogflow

Dialogflow is a Google AI chatbot platform that offers conversational interfaces for websites, Apps, messaging platforms and IoT devices.

Price: Free, Text Request $0.007/req, Audio Input $0.06/min

6. ChatFuel

ChatFuel offers an easy-to-use bot to Facebook Messenger and Instagram customer support. This conversational bot helps your business by providing seamless third-party integration with Shopify, Zapier etc.

Price: Free, Pro plan $15/mo

7. MobileMonkey

MobileMonkey provides omnichannel support to integrate SMS Messaging, Facebook, Instagram and webchat for customer services.

Price: Free, Platinum $19/mo, Startup Edition $119/mo

8. Reve Chat

Reve Chat Provider provides advanced chatbots, Live chat, video chat, Ticketing Systems, Co-browsing etc to businesses. It helps businesses to provide personalized customer support to increase sales.

Price: Advanced$22.5/mo, Enterprise $45/mo

9. ManyChat

ManyChat helps you create a chatbot through your Facebook business page to boost your customer engagement. It helps to sell products, collect info and increase leads without a customer agent.

Price: Free, Pro plan $15/mo

10. Drift

Drift provides Live chat, automated emails, and automated messages for conversational marketing and sales technology. It helps more than 50,000 companies engage with their customers.

Price: $2500/annually or up

Final Chat

To conclude, the Benefits of Chatbot for Business is an educative topic to learn for expanding your business at high. As we know, chatbots are changing the business form continuously from the beginning of their invention. Lastly, they are tremendously beneficial, interactive and great tools for business growth. 

From customer support to engagement, leads, sales, profits, and agility, you can improve everything related to the business with chatbots.

However, if you are looking for a custom chatbot to make your businesses top-notch, you can contact chatbot providers.