Supreeth Chinta

The Effectiveness of Chatbots in the Business Sector

Started Apr. 15, 2022

Abstract or project description

The use of chatbots in the business sectors has been growing in the past few years. These chatbots bring in many positive benefits to the companies using them. Some of these benefits include saving money and time as a physical person required for customer support can be replaced by these bots. The chatbot industry is expected to grow from 2.9 billion dollars in 2019 to 9.4 billion dollars by 2024 with ~$0.70 being saved for every interaction between a customer and chatbot [1]. 5 billion hours are projected to be saved by 2023 with the use of chatbots [1]. These bots are made by companies like Openxcell, BotsCrew, Peerbits, Kevit Technologies, Manychat, Chatfuel, and Botsify and are sold to bigger companies that run online websites. But how good are these bots and are they worth it? To answer this question, research will be conducted where many large sites are grouped into categories such as retail, education, food delivery, marketing, etc., and a set of questions will be created for these bots. The questions will vary based on what category of website it is and the bots will be tested on if they can give an accurate and specific answer that addresses the question. These bots are nowhere near their potential and still have a long way to be developed. From personal experience, bots are traditionally less helpful than an actual person as they have difficulty answering specific questions properly and can end up wasting time rather than saving time. This experiment will provide a survey of how effective and useful chatbots are for a customer.

[1] 75 Chatbot Statistics, Trends & Analysis (chatbotbusinessframework.com) [2] Chatbots And Their Increasing Role In Business - TRO (techresearchonline.com)