In the fast-paced world of online business, a live chatbot has evolved from a nice-to-have marketing tactic to an absolute must-have for your small business. With increasing numbers of customers now expecting to encounter a live chat feature when browsing a website, the capabilities of chatbots go far beyond mere engagement. Chatbots today can automatically address customer queries, guide website navigation, conduct surveys, upsell and cross-sell, generate leads, and much more. In fact, the global chatbot market is poised to exceed $994 million by the close of 2024, reflecting the widespread recognition of its transformative impact.
Many small business owners are ready to take the plunge into the latest technological advances and AI technology, while others prefer the “if it’s not broke, don’t fix it” mentality. Regardless of which camp you reside in, here are some compelling stats to see the impact chatbots are having on small businesses and their customers. Now is the opportune moment to consider this transformative technology, ensuring you stay ahead in the competitive digital realm.
The Effectiveness of Chatbots for Your Business
1. Businesses that use chatbots see a 67% increase in sales.
Chatbots are prepared to proactively upsell or cross-sell potential customers and can catch cart abandoners before they leave your website.
2. Adding live chat to a business’s website can increase total conversions by 12%.
For your small business to succeed, it’s important to not only increase traffic to your website but to convert visitors into customers and increase your overall conversion rates. Chatbots are an ideal way to do this.
3. It 36% of businesses use chatbots to improve their lead generation strategies.
Chatbots not only improve your conversion rates but are also successful at generating more leads for your small business.
4. Businesses handled 75-90% of customer queries using chatbots in 2023.
Do you have a lot of customers asking a lot of questions? That’s great! A chatbot can answer most of those questions, allowing you to keep your phone lines and email inboxes clear.
5. Chatbots saved businesses approximately 2.5 billion hours of work in 2023.
Chatbots, utilizing their AI capabilities, can replace the manual hours of labor your customer service employees might work while also improving your business processes and productivity.
6. Businesses that use chatbots save an average of $300,000 per year.
Chatbots not only maximize your budget by saving you money on staffing but can improve the overall customer experience, leading potential customers to purchase more from your business.
7. About 3 in 4 companies were satisfied with the results of implementing chatbots.
There are many chatbot options available to you. Research and consider several different choices to find the chatbot that best fits the needs of your small business.
The Effectiveness of Chatbots for Your Customers
What do potential customers think about chatbots? Check out these key statistics to gain insight into the minds of your target market.
8. 96% of consumers have heard about chatbots and know what they are.
It’s safe to say almost every potential customer has had experience with a chatbot.
9. 40% of consumers have no preference when it comes to engaging with a chatbot or a human for help, as long as they receive the support they need.
It may seem surprising that almost half of all consumers don’t care if they interact with a human or a chatbot if the result is the same and their needs are met.
10. Only 1% of customers rated their last interaction with a chatbot as negative.
Almost all chatbot users found them helpful enough to give them a positive review.
11. Once the customer service line wait time exceeds 15 minutes, over two-thirds of customers would rather talk to a chatbot over a human agent.
Most customers draw the line at waiting more than 15 minutes to speak to a customer service agent and opt to engage with a chatbot instead. This is important to consider if your business exceeds this amount of time to help customers.
12. 68% of people enjoy the speedy replies chatbots provide.
Chatbots are appreciated for their speedy responses, but also for availability after hours and the ability to be connected to a live representative.
13. More than 90% of consumers think that businesses should use chatbots.
Customers are clearly getting used to the idea of using chatbots and consider it a good idea for a business to implement them on their website.
Your Partner in Business and Chatbot Success
Ultimately, you know what’s best for your small business. The above statistics are a small snapshot into the world of chatbots and AI technology, yet they plead a strong case that the benefits of implementing them on your website outweigh the costs. If you’re ready to learn more about chatbots and making the most out of live chat for your business, DZ & Associates is here to help you get in the game. Contact us today to speak with a member of our team.
Source: For even more Chatbot statistics, check out the whole story here: LocaliQ
