When browsing through online shopping sites like Myntra & H&M, you will notice being assisted by a chatbot. This intelligent chatbot facilitates human-like interactions. It not only helps you find the right product but also remembers your past purchases and style preferences and accordingly assists you every time you browse. This isn’t just a convenient shopping experience; it’s a glimpse into the future of customer service.
Today most of the online businesses offer more personalized, tailored recommendations and real-time assistance through chatbots. It feels almost like chatting with a knowledgeable store associate. In fact, it’s predicted that in future, chatbots will handle 85% of customer service interactions, transforming how businesses engage with their customers.
In fact, as per Market data Research, the global conversational AI market is anticipated to be worth USD 11.10 billion by 2029 from USD 4.21 billion in 2024, growing at a CAGR of 21.4% from 2024 to 2029.
In 2024, the world of AI chatbots will undergo exciting changes and businesses must stay updated with the latest chatbot trends to enhance customer satisfaction and remain competitive in the market. In this blog, let’s look at the 8 key trends for AI chatbots in 2024 & beyond.
Also Read:- Personalized Banking with AI Chatbots: A New Era of Customer Service.
Latest Chatbot Statistics
Here are some research-based statistics of the chatbot industry-
- The market size of Conversational AI is expected to reach USD$1.3 billion by 2025, growing at a CAGR of 24% (Cognizant)
- The projected value of chatbot eCommerce transactions by 2024 is $112 billion. (Juniper Research)
- More than 50% of enterprises will spend more per annum on bots and chatbot creation than traditional mobile app development. (Gartner)
- 75-90% of queries are projected to be handled by bots by 2024. (CNBC)
- The top industries profiting from chatbots are real estate, travel, education, healthcare, and finance. (Service Bell)
- Chatbots can save up to 50% in customer support costs. (Invespcro.com)
Top 8 Chatbot Trends of 2024 & Beyond
Chatbots will be more human alike
Natural language processing (NLP) chatbots use sentiment analysis and predictive analytics to intelligently understand the conversations and the intent of the queries. Considering the chatbot stats about how businesses are adopting AI technology, there are still some challenges to implementing chatbot best practices successfully. Some key challenges faced by businesses using intelligent chatbots:
- Not understanding customer’s requests correctly
- Often fails in getting technical commands made by the customers.
- Difficulty in understanding accents or cultural dialects.
To eliminate these challenges, businesses are leveraging technologies like machine learning (ML), artificial intelligence (AI), and natural language processing (NLP) to build chatbots that are indistinguishable from humans.
Chatbots with a more conversational AI can:
- Deliver personalized and tailored customer experience.
- Improve the user experience with your brand and boost customer loyalty.
- Positively affects the customer’s perception to receive positive feedback and build a satisfied customer base.
Multilingual Capabilities Will Expand
Modern Chatbots are all set to support a wide range of languages, and accents, enabling businesses to cater to a global audience seamlessly.
Businesses operating in diverse markets will be using AI-powered platforms to communicate effectively with customers in their native languages.
Advanced translation models and cross-lingual transfer learning techniques will allow the development of multilingual virtual assistants that can understand and respond to user queries in multiple languages.
Multimodality in Chatbots
Soon, chatbots will be able to do much more than just understand text. They will be able to extract information from various sources, such as videos, sounds, images and even spoken words, what we call multimodality. This opens the door to a wide range of possibilities where chatbots will be even more useful. For example, they will help solve problems with physical products simply by looking at photos and providing suggestions or solutions based on them.
Rise of Custom AI Models for Businesses
Businesses will increasingly use custom AI models that are specifically tailored to their own needs. According to a report by Grand View Research, the global AI market is expected to grow annually by 37.7% between 2023 and 2030. This means that AI is becoming increasingly important in various industries. This approach will not only improve the quality of chatbot conversations but also increase the relevance and effectiveness of AI applications for businesses.
Chatbots will Automate Payments
Chatbots are drastically changing the way businesses interact with customers, manage campaigns for lead generation, and automate payments. Infact, as per a survey, 67% of US millennials said they are likely to purchase products and services from brands using a chatbot.
The future of chatbots is that businesses will automate simple payments and allow users to pay directly over live chat or Facebook Messenger apps.
MasterCard has also launched a chatbot, especially for customer payments. These capabilities of the bots to answer queries related to account balance, assist customers to set payment alerts and collect final payments from customers.
Though data security and information protection are important aspects, it is in a nascent state. It will take a bit of time to catch up on making chatbot use cases.
Similarly, a chatbot template for pricing can help customers get a quick idea about the cost of products or services without involving the human agent.
Here are some main benefits to accepting Facebook Messenger payments:
- Customers can buy directly from Messenger without leaving the app.
- Offers secure credit or debit card transactions.
- It is easily scalable – it means you can sell products directly inside your automated Messenger sequences by a 24×7 bot.
- Most cost-effective compared to traditional channels like live chat and call centers
Social media will dominate the adoption of AI
Social media is no longer for just making friends. In future it will be used for voicing opinions, ordering products and services, offering reviews, and even getting in touch with businesses.
With over 100,000 Facebook bots active on Facebook Messenger platform, businesses in various sectors have started employing chatbots to better understand the customer needs. It will help track multiple aspects of customer behavior like-
- How much time do your customers spend online?
- Which social media platform do they prefer?
- What is the actual purpose of using social media?
Bots for internal use for enterprises
Apart from handling customer requests seamlessly, chatbots deliver incredible business value by streamlining internal workflows from small businesses to enterprises.
There are many use cases for AI chatbots with each variant application striving towards one common goal – to improve the experience and efficiency of the user.
Here is how chatbot trends can be used across enterprise functions:
- Human Resource (HR): Chatbots can be used to keep the pulse of your employees, answer basic HR-related questions, and complete transactional HR services.
- Employee onboarding: Onboarding is considered to be a tedious and time-consuming task. Chatbots can initiate the interview process by fielding screening questions and capturing the answers. It also helps in guiding new hires through company policies.
- Internal help desk: Chatbot can handle the common queries and allow IT service desk agents to work on complex queries. The bot learns the answers to repetitive queries and improves the response time.
Chatbots will become an integral part of daily lives
As Chatbots are becoming increasingly popular, we are integrating it in our daily lives, doing day-to-day activities such as fitness, parenting, kids, e-learning, etc.
With this, businesses are predicted to build more chatbot applications in the future.
Healthcare:
- Bots are being used by patients scheduling appointments, providing medical information, and offering reminders for medication or check-ups.
Finance:
- Financial institutions like banks use chatbots for handling customer inquiries, managing accounts, and providing information about financial products.
- Bots help users track spending, set budgets, and provide financial advice or alerts for unusual activity.
E-commerce:
- Chatbots assist customers in finding products, recommending items based on browsing history, and managing orders or returns, process transactions etc.
Education and E-learning:
- Chatbots gives unique learning experiences to students & also assist staff with administrative tasks such as enrollment, scheduling, and giving insights about courses or resources.
Travel and Hospitality:
- Chatbots help with booking flights, hotels, and transportation etc.
- They provide real-time assistance with travel queries, changes, or cancellations, and offer local tips and advice.
Real Estate:
- Chatbots assist potential buyers or renters by providing property listings, answering questions, and scheduling viewings.
- They capture and qualify leads, helping real estate agents focus on serious inquiries.
Also Read:- AI Chatbot Development – A Comprehensive Guide .
Final Thoughts
In conclusion, 2024 promises to be an exciting year for AI chatbots. The future of AI chatbots is full of possibilities, so stay alert and be prepared to innovate in this rapidly changing world.
If you are also looking to give your business a competitive edge and improve customer experience, it’s the right moment to invest in conversational AI.
At QSS Technosoft, we take pride in having innovation as our core value. Our team of professionals combines cutting-edge technology with deep industry knowledge to deliver bespoke solutions tailored to your business needs.
Whether you want a custom AI chatbot or leverage technologies like OpenAI’s ChatGPT, we can help you with all of it.
So if you are looking to unlock the full potential of conversational AI for your business, we can help! Contact us now to explore how our advanced AI solutions can elevate your customer experience and drive business success. We are proud to mention that our work has been recognized by leading B2B reviews and research platforms like GoodFirms, Clutch, MirrorView, and many more.
