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Deloitte’s signals and strategies field researched gravely into Conversational AI and suggests that the global conversational AI market is expanding at a rapid rate and AI-powered chatbots and smart virtual assistants, is expected to grow at a CAGR of 22% during the year 2020–25, reaching approx. a US$14 billion by 2025.
This simply forecasts how Advanced Conversational AI is helping businesses grow and multilingual chatbots are a great additional feature that needs due credits. Due to the rapid paradigm shift in the market, businesses are exposed to opportunities to expand on a global level. The only challenge that small or medium-sized businesses face in terms of communication is the language barriers that bind them to a certain dialectal audience.
Multilingual Chatbots is a possible solution that is meant for businesses to cross geographical restraints and serve to connect with many diverse cultures and audiences. But how does a Multi-lingual conversational chatbot help businesses in more than one term? Let’s find out
1. Reach a Wider Audience
We know English is a language spoken mostly all over the globe. However, that is not a universal language of communication. If you wish to expand your reach to a wider audience, your business must have equipped to connect to not just a global audience but even local. Think about India as a country and even though we consider English and Hindi as our official languages, your business is missing out on customers who speak other local languages. Multilingual Chatbots allows businesses to bridge the gaps and enter the space independently.
2. Provide Customer Satisfaction
In the world of Hyper-personalization, language plays a vital role to improve customer experience. As a business, you are just not attending to the requirements of your customer but you are also adding in to communicate in their preferred language. It empowers the customer by allowing them to choose the medium of communication and also increases the chance of a business gaining a loyal customer. Choosing advanced Conversational AI Multi-lingual chatbots are a great to emphasize Customer Satisfaction.
3. Cost-Efficient
Managing volumes of customer requests can be challenging, especially if your business serves a global audience. Imagine hiring a translator for better communication in all the languages of your target audience. It will be expensive and not viable to the volume of chat requests you receive in a day. Multi-lingual chatbots are budget-friendly and suffice the eliminate the need for waiting in the queue for 1-on-1 conversations with agents.
4. Fetches better Customer Information
Conversational AI is exceptionally developed to learn and improve with situations. Every business constantly makes effort to provide the best to its customers and multilingual chatbots are exceptional to fetch accurate and reliable information from the customers. Multilingual Chatbots have great efficiency to understand the expectation of the customers. This data is then stored and analyzed to improve the products and services relying on the pain-point of consumers. Conversational AI is helping businesses make smart conversations and engage with their customers. Multi-lingual chatbots ability to connect and interact in a natural, free-flowing way in any language depends on the expansive knowledge base it's been fed with and also how it picks up and learns with the help of Machine Learning Technology.
Surely, Multi-lingual chatbots are paving way for conversational AI to be an absolute customer support and engagement solution for businesses, organizations and enterprises. Conversational Chatbots are the most feasible way to decode machine-human conversation and businesses around the world are identifying its potential for both localization and globalization of their business.
ORAI is a Customer Engagement Platform that utilizes Conversational AI to help businesses listen and understand its customer a little better. Our multi-lingual chatbots are meant to solve the challenges of Sales, Marketing and Customer Support across industries. Click Here to Know More.
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Swapnil Jain
CEO-ORAI Robotics
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