4 Ways AI and Chatbots Can Transform and Update Online Marketplaces

Artificial intelligence is rapidly becoming popular among the masses. While AI contains the potential of transforming an entire business into something more and update the business approaches, there are businesses that still do not consider AI implementation seriously. Earning 7.41 billion dollars of financing in the second quarter of 2019, AI has established its mark and popularity over the global businesses.

Chatbots: Most Popular AI Approach Among Businesses

Businesses of today have always been welcoming for the latest technological changes that promise to enhance user experience and are best at providing results. And since AI has introduced automation in many business operations, businesses are implementing many approaches of AI in their operations that define and implement automation and generate the best outputs. Chatbots are one such popular approach of AI that almost every business can implement and earn benefits from it.

The market for chatbots is booming. According to a report by comm100, 59% of total chats are already conducted by chatbots only. Also, 70% of millennials have reported a positive experience of chatbots when they interacted with the businesses. This is great progress. And this data is enough to interest businesses in implementing chatbots in business approaches to enhance the user experience provided. And the businesses benefitting the most from it are online businesses.

Online Marketplaces: How Chatbots Enhance User Experience

The on-demand business model has benefitted marketplaces the most. Ranging from ride-hailing to handyman services, these marketplace businesses are excellent at providing the best experience to users while also making most of their tasks easier and efficiently completing the business operations. As most of these businesses execute their operations through mobile applications, the implementation of chatbots in their mobile apps becomes necessary and it helps in providing extended services also.

Redefine Customer Services

One of the most important aspects of running the online marketplace business is customer services. How you treat your customers and their queries decide your stand in the industry and also defines success for you. Therefore, online marketplace businesses put much emphasis on excellent customer services which chatbots can provide according to their conditions and requirements.

Less Human Force to Onboard

While chatbots can handle the interactions with customers efficiently, it enhances the experience and also reduces the requirement for hiring customer support executives. First, chatbots are machines who do not get tired of answering the same questions again and again. Next, they only answer what has been fed into their system and it reduces the chances of false answers or wrong responses provided. Also, a chatbot integration in today's market does not cost more and the investment is worth the results as it actually works great to enhance the customer experience provided.

For marketplace businesses following the tech giants and other leading businesses, chatbot integration is, even easier as they can easily purchase the complete code and get it integrated into their app solutions that are either white label solutions named uber for handyman, marketplace services or any. It becomes easier to get it integrated and later start using it to enhance the user experience and provide excellent services while also implementing the latest technological changes.

Tailor Personalized Experience

Once chatbots get integrated into your system well, the collected data can be efficiently used to understand the customer behavior and plan out the next moves accordingly. Also, this opens up a way to understand each of your customers, their demands and choices and you can plan out the entire customer experience accordingly.

While chatbots can monitor their data and provide you with useful insights, they can also work on improving their responses and concludes the answers faster than before if they are trained to answer accordingly. The personalized experience offered is the most essential outcome of the processes here. The background processing remains completely hidden from users while they can enjoy the benefits your chatbot intends to provide.

App Security: Artificial Intelligence at Its Best

AI actively participates in many business activities than just customer services. App security has become one of the most important concerns as the insecure app can become a gate for viruses and trojans to enter the user devices and which lends your app solution in trouble as user downloads decrease very fast. Instead of letting your business reputation ripped off by hackers and possible malicious activities, you can plan on investing in app security where AI plays an active role.

The solutions offered by AI are excellent at preventing many malicious attacks from happening and keeping the attackers at bay. And this is exactly what your marketplace business needs to save yourself and your customers from potential threats.

Conclusion

The latest technological approaches are serving customers with excellent services that support them in delivering the best of their services to customers. However, implementing them in the right manner affects business performance and increases productivity too. Artificial intelligence and chatbots assure you to deliver the best results for every business it gets implemented on.