Wednesday , October 4 2023

Chatbots for subscription management: finally it is here

Among all the business models, recurring revenue, backed by first-class subscription management is the most desirable for companies seeking a high-revenue strategy. Now, with chatbots for subscription management, we’re seeing a game-changer once more. From a technology providers’ perspective, it is great that we’re helping other companies reach their revenue goals.

Chatbots: a revolutionary influence

By the end of 2020, approximately 85% of all consumer brand interactions will be accomplished without making use of human resources. One of the greatest revolutionary forces of this last couple of years is therefore certainly chatbots. These artificial intelligence entities have completely changed the way in which most people look at customer service. However, they have also transformed many other industries. Only a mere five years ago most people will remember the subscription box which was provided for most types of available products. This includes things such as beer, wine, coffee, tampons, make-up, and razors. All of these things had been neatly packaged and delivered to your doorstep in order to ensure complete consumer convenience. In fact, until two years ago those subscription boxes were still very much in use. Although those subscription boxes were very effective, chatbots can be even better. Just about anything can be accomplished with chatbots. There are already many examples of fully functioning chatbots which is very efficiently doing a wide range of things which was formerly done by humans. There is every indication that chatbots are slowly but certainly permeating everything which humans are involved with at this point in time.

Highly efficient systems

Just like it was with subscription boxes, chatbots are effectively getting rid of all the barriers between the consumer and the business. The founder of Facebook was quoted as saying that people should be able to message a business just as they are messaging their friends. Another Facebook official has said that commerce is conversational. This is, in fact, a critical truth because the change resulting from conversational interfaces is also the beginning of a whole new area of commercialization. This is a strategy which can also assist startups. In particular, those who seek better functioning relationships with their demanding consumers. With chatbots, we have a new and exciting customer interaction model. For those who are industrious and innovative, there could be extremely lucrative opportunities. This can enable businesses to provide their valued consumers with significantly more value. Chatbots provide businesses with many benefits. Every notable brand has to deal with customer complaints at one point or another. This can be more effectively accomplished by making use of chatbots. Most of these things will be dealt with on messaging platforms where chatbots are already used with great success. According to statistics, most interactions between friends and family happens on messaging platforms and businesses have to adapt if they are serious about effective interaction with the consumer.

The tremendous value of messaging apps

On Facebook messenger alone there are more than 1.2 billion users. The abundance of messaging flows provides businesses with the perfect way to engage with loyal consumers. This can be done without the danger of driving them to a brand owned destination. This is why every possible obstacle to effective engagement is removed. One of the things many consumers found frustrating was to constantly download apps. With chatbot implementation, this is no longer necessary. What this means in practice is that every consumer is only one click away from interaction with a popular brand. Many large businesses have already made the shift from apps to chatbots. Many of them already have Facebook messenger alternatives which are significantly more effective than social media platforms. This allows these businesses to attract many new consumers who are completely fed up with those constant app downloads. Some of the businesses making use of chatbots are Just East, Uber, and Lyft.

Startup businesses and chatbots

It’s interesting how many startup businesses implement chatbots right from the start. Many of them can tell many stories about how this engagement method has benefitted that startup business. Many people already make extensive use of text-based messages when communicating with family and friends. This is why the messaging model is already so familiar with many people. Brands can use this to increase their conversion rates. Bots can be implemented as a kind of personal finance butlers. They can be used to access your bank account and in most cases, they can save users money. These sophisticated chatbots make use of the latest artificial intelligence technologies. This enables them to make a decision on how much you can spend based on your recent purchase history and general spending habits. There have already been many reports in the media relating to the effectiveness of chatbots. Something else which can be entrusted to chatbots is data capture. With every single interaction with consumers, there is always an excellent chance for a business or brand to collect valuable information about the consumer. It will be important to carefully analyze that information and to use it to develop the brand even more. Chatbots are already well-established as one of the most efficient business models available. They are very easy to implement and in most cases, they are immediately liked by consumers resulting in very effective interaction and data collection.

The future of chatbots

There are already indications that chatbots can be expected to become natural extensions of businesses. A large number of startup businesses are already experimenting with chatbots. This is because of the many benefits which chatbots are able to provide. They will only grow in prominence as time goes by. There are already many Bot building platforms which can be used by businesses to create their own chatbots. Creators of chatbots are already working with many startups who have chosen Facebook messenger as their preferred route of interaction with the consumer. All of these people are in agreement that the conversational experience is the most effective way when it comes to consumer engagement. The same excitement was also seen with the subscription box model but the statistics show that chatbots are vastly superior to that system. Chatbots have become the preferred way to engage busy consumers through conversation and to get them to the point where they are willing to part with valuable information. This will provide businesses and corporations with all of the data which they may need to provide better services and products.

About Avi Ben Ezra

As the Chief Technology Officer (CTO) and co-founder of SnatchBot and SnatchApp (Snatch Group Limited), Avi Ben Ezra leads the Group’s long-term technology vision and is responsible for running all facets of the tech business which includes being the architect of the platforms and UI interfaces. Avi has proven tech track record and 15+ years of demonstrated career success developing tech initiatives of organizations of varying size and scope. Avi possesses in-depth experience in developing digital market places within Fintech and AI.

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