Did you CHAT with a BOT today? Think again!

Chatbots are programs that employ Artificial Intelligence to manage communication with the people. With the huge amount of data regarding the consumer preferences and spending habits available, the chatbots are all set to empower the businesses to scale up further in the online market. Chatbots can be easily deployed on websites, customer care centres, as well as social media platforms using a variety of inputs including Text, Audio, Video, and Rich Media.

Since past couple of years, chatbots have been adopted in almost every way possible in various digital platforms and web technologies. There are so many different types of chatbots already implemented worldwide and adopted as chatbot for Facebook messenger, chatbot for the website, chatbot for WhatsApp, chatbot for customer service, chatbot for eCommerce, and chatbot for WordPress.

Also, the growing number of mobile internet users naturally strengthens this phenomenon. However, there is a little apprehension about its effectiveness in retaining the visitor. Still, the overall efficiency of handling conversations with so many users at the same time using chatbots remains too attractive.

The global perspective

From Recruitment to purchasing Barbie Doll, from finding the right product to finding love; virtual assistants on instant messaging platforms have been accepted and appreciated by the users so far. The global bot services market is worth more than USD 356.8 Million. And according to a report by Markets-And-Markets, the global bot services market is slated to grow at staggering 31.2% during 2017 to 2022. China, Australia, New Zealand, and India are the frontrunners in adopting bot services.

The chatbot services market in India

Though most of the major vendors in the bot services market are from the US, India is on par with the world when it comes to the chatbot development. India retains an important role in the chatbot market and a few chatbots created by some of the leading Indian IT companies such as SearchNative have already earned lots of praise globally. The most lucrative market for chatbots in India is in the BFSI industry, Hospitality & Tourism industry, Healthcare & Wellness industry, Entertainment industry, and eCommerce Industry.

Here are some latest updates

• Truebilis amongst the list of ‘Five technology startups to watch out for in 2018 in India’ and the reason behind its popularity is believed to be the ‘Truebil Support’ chatbot deployed on their website.

• NearGroup is a virally growing chatbot considered to be the direct rival of Tinder. It allows users to read stories and interests of people nearby them. NearGroup has raised $1.6 million in seed funding.

• HDFC Bank’s chatbot ‘Eva’ is in voice integration with ‘Google Assistant’ to give a conversational banking experience to its customers, using voice as the primary mode of communication.

• Same is the story for State Bank of India, Axis Bank, and Bajaj Finserv in the Finance industry; Bajaj Allianz, PNB Metlife, and Birla Sun Life in Insurance industry; Lenskart, Yatra, and Housejoy in eCommerce Industry; and many other leading corporates.

Conclusion

Indians love using WhatsApp and the new ‘WhatsApp Business’ platform is all set to allow the businesses to directly communicate to the customers. Taking inspirations from the ‘WeChat’ platform in China, all the global Instant Messaging Apps have been moving ahead to create a favourable ecosystem for chatbots in India. Local superstar startups like Hike, PayTM, Flipkart, etc. will be looking at this juncture as a paradigm shift in online communication and business in India for sure. Also, the language barrier is the key problem to be solved as most of the new smartphone users in India struggle with English. This is the time for Indian chatbot developers to put the pedal to the floor, and show their excellence to the world!

Tell us more about your thoughts on chatbot in the comment section below…

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