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NLP Chatbot: Top 5 Reasons Why Retail Businesses Need NLP Chatbots – AskSid

Why You Need to Invest in an NLP Chatbot

Recent reports indicate that the chatbot industry is booming more than ever before. The chatbot market size is predicted to reach a massive $1.25 billion by 2025. Although this may be the case, recent surveys have something more to add to the conversational AI scene as well. 

Of the 3000 odd customers who participated in an independent survey that was conducted in the United Kingdom and the United States, it was found that 53% of them felt that chatbots were effective only to a certain degree. That’s nearly half of the respondents who had such a view of chatbots. Moreover, 22% of the respondents felt that chatbots weren’t “intelligent enough,” and that’s why they didn’t like using them. 

How Do NLP Chatbots Level the Playing Field?

From the aforementioned surveys and reports, what stands out is the fact that many customers aren’t comfortable enough using chatbots because they don’t think they can do the job of an efficient customer support executive. 

This is where an NLP (Natural Language Processing) chatbot comes in to save the day. 

NLP is a type of applied artificial intelligence program that aids chatbots in analyzing and comprehending the natural human language that customers use to communicate with chatbots. It essentially allows computers to make sense of text inputs. 

Unlike regular chatbots, NLP chatbots can:

  1. Easily integrate conversations that are more customized in nature
  2. Provide specific responses
  3. Efficiently interpret and answer questions
  4. Respond to commands and 
  5. Better the overall customer experience of users. 

5 Reasons Why Businesses Need NLP Chatbots

Now that we have a basic understanding of NLP chatbots and why it’s better than generic chatbots, let’s go through the top 5 reasons businesses should include it as part of their customer service and experience.

#1: Gauging Customer Intent is Easy 

Unlike a generic chatbot, NLP chatbots are efficient enough to spot specific customer intent and recognize a buyer’s needs in a variety of contexts. NLP conversational assistants are capable of being trained to regularly make accurate conjectures while also ensuring that the responses they give to customers are both appropriate and relevant. 

Given that 59% of customers feel that personalization has a strong impact on their purchasing decisions, it’s safe to say that NLP chatbots are the answer to such needs. 

During its conversations with customers, NLP chatbots can pinpoint the most crucial bits of information provided by customers. This way, NLP digital shopping assistants can accurately match the intent of customers and provide potential buyers with product catalogs as well as other content pieces in real-time. 

#2: Customer Experience is at its Height

NLP chatbots can easily tell apart various customer requests, thereby enriching the customer experience to a great degree. Let’s look at the different ways in which NLP conversational assistants achieve this:

  • Being able to perceive language semantics, the structures of different texts sent by customers, and comprehending speech phrases are all where an NLP chatbot’s strengths lie. As a result, AI shopping assistants can review large chunks of unstructured data and make sense of it.
  • NLP chatbots can effortlessly grasp and even decipher internet slang, pick up on abbreviations just as a customer service executive would do. With the aid of NLP, conversational assistants can also understand a multitude of emotions by utilizing sentiment analysis.

#3: Get Rid of Repetitive/Manual Tasks

Bringing in conversational assistants simplifies and fulfills several business requirements. Without NLP digital shopping assistants, companies would have to fill up a whole queue of roles and deploy resources to keep business operations running.  Often this scenario leads to companies carrying out multiple, repetitive, and manual tasks that take up a huge chunk of time and energy from employees.  

Human resources, customer services, invoice processing, catalog management are all tasks that require individual attention. But with the aid of NLP chatbots, human effort in the aforementioned tasks can be scaled down drastically. 

As a result, employees can focus on tasks that are critical to the success of a business and bring about a work environment that thrives on creativity and individuality. Not to mention the fact that NLP chatbots can be used for internal communication purposes as well which makes investing in such AI technology all the more worthwhile.

#4: Cut Down on Costs

Instead of investing in generic chatbots, training customer service executives on a variety of tasks, and employing multiple customer service representatives (since it’s all about 24/7 customer service these days), businesses can use NLP chatbots. 

Moreover, an NLP conversation assistant can reduce costs by streamlining workflows, cost-effectively retaining customers. Not to mention the fact that the AI-backed can improve the efficiency of tasks, thereby cutting costs here as well. 

#5: Make Use of Data Collected

As a result of the AI-backed technology and machine learning capabilities, NLP chatbots can draw out useful information from users. Businesses can use this data collected and understand customer behavior better. Consequently, companies can provide improved services to customers in the future. 

Wrapping Up

At the end of the day, there are tons of reasons as to why a business could invest in NLP chatbots. Although we’ve covered the most important ones, as a company that is looking into investing in conversational AI solutions, it would be ideal to put your resources into platforms that could provide services that are specific to your company and your business goals. 

AskSid is a conversational customer service platform that uses cutting-edge AI technology to answer every kind of question your CPG or D2C e-commerce consumers are asking about your products – anytime, anywhere! Also, gain deep consumer insights from every interaction that leads to all new business opportunities and helps you understand the pulse of what your consumers want.

Read our success stories: https://asksid.ai/success-stories/ 

Read our e-books: https://asksid.ai/ebooks/ 

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