Chatbot market size is likely to grow 2.3 billion by 2020 from 700 million in 2016, the report noted
As many as 80 per cent of companies are planning to introduce their own chatbot by 2020 in order to enhance customer journey, according to a latest report by Hansa Cequity, a leading data driven marketing company in India.
However, organisations will have to integrate the chatbots with back-end inventory operations, loyalty and transactional systems and customer support for harnessing the benefits of conversational chatbots.
This will provide customers with a relevant, personal and improved customer experience, the report said.
The emergence of conversational chatbots has been a game-changer in marketing as chatbots can understand human languages and emotions and serve as a digital companion to customers.
Chatbot market size is likely to grow 2.3 billion by 2020 from 700 million in 2016.
APIs to drive brands revenue
As per the report, application programming interfaces (API) will play a major role in driving revenue for the brands. Riding on API economy will need a radical transformation in the thinking of organisations where they will have to focus on generating superior experiences and not applications and operations.
Companies will need to have a smooth integration of APIs with business goals thereby creating ultimate customer value.
The report also highlighted that India will see the rise of APIs to transform consumer experiences.
Technology to enhance customer experience
Commenting on the findings, S Swaminathan, Co-founder and CEO, Hansa Cequity, said, “We observed that customer experience (CX) has become a boardroom agenda and organisations are leaving no stone unturned to up their CX quotient through innovative use of technology.”
“However, it is critical that organisation departments from front end sales to back end developers must align with a common CX goal. Companies need to focus on having a synergy between data, analytics, technology, digital, product, marketing, sales and customer service teams and provide a unified customer experience,” he added.
Hybrid ecosystems will witness the growth wherein marketers required to look at online and offline commerce as a single channel and offer smooth experiences to consumers regardless of platforms.
The value propositions to be defined clearly for increasing loyalty of customers and to make sure that customers become brand advocates and loyalists, the report said.