A chatbot is a text-based program empowered by Artificial Intelligence (AI) and Natural Learning Processes (NLP). A user generally interacts with the chatbot over a platform through a communication channel connected to a network. In other words, chatbots are bots that live in chat platforms. There are numerous kinds of bots present globally, and they all can perform various tasks. The most common type of bot is the one offering customer services. So, according to a survey by Gartner, it is predicted that by 2020, an average person will converse with chatbots more than their spouse. Various new methods of customer engagement and development of enterprises have been created by conversational artificial intelligence. The AI enabled conversational bots have the potential of working 24/7, unlike human beings. With the of help this feature, enterprises have significantly reduced their response time and streamlined tasks in order to achieve the targets, which ultimately helped them retain their customers.
Bots also help businesses perform the same set of tasks multiple times in a cost-effective manner. The above mentioned are the primary reasons why chatbots are actively harnessed in different industry fields like banking sectors and on e-commerce sites. Undoubtedly, chatbots provide a lot of advantages like bots are available 24/7 and act as a dedicated resource that offer customers the services they actually need. Chatbots are known for enhancing brand value by providing instant customer service.