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Chatbot ROI calculator measures your return on investment when incorporating an AI chatbot for customer service into your business.
Of Support Operations Cost Saved
Queries Automated
Increase in CSAT Score
Chatbots offer multiple types of ROI to our customers. Some of the benefits that we’ve noticed are:
Most customer service queries you receive are repetitive and can be solved through FAQs and documentation.
Chatbots train on your:
These chatbots use this training to automate these repetitive queries for your customer service teams.
Depending on the number of incoming customer messages you receive monthly, you can save up to 50% of cost every month by automating customer service operations. Chatbots also function 24/7, allowing you to cover a larger market without increasing the headcount of your existing customer support team.
According to a recent study, AI chatbots can increase conversion rates by 23% when they guide consumers.
AI chatbots can:
62% of customers prefer to use an AI chatbot instead of waiting for a human being to respond. So, if you’re not using an AI chatbot in your business, you’re missing out on customers.
Here is a list of the innovative use-cases we’ve seen across different industries and roles.
Our customers from healthcare use their AI chatbots to:
Established players and new banking industry startups can benefit from AI chatbots.
Educational institutes regularly use chatbots to:
Most global players in eCommerce already use AI chatbots. They get AI chatbot ROI by using them to:
1. Instantaneous First-Response Time (FRT) - A chatbot is available 24/7 and can answer customer requests immediately. This brings down the FRT for customer support queries to near-zero numbers.
2. Prioritized Complex Issues - Since the ROI for AI chatbots mainly comes from the simpler queries they automate, more complex queries are the only ones that reach human agents. This gives human agents more time to solve problems.
3. Increased Revenue per Employee - Since a large volume of customer support can be handled by a fairly small group of agents, the average revenue one employee can influence increases.
4. Increased CSAT Scores - Since chatbots can answer and resolve queries faster, many customers are satisfied with your service. This boosts the CSAT scores overall.
Product Managers who deal with customers directly have a lot to gain from AI chatbots. They get:
1. Increased Retention Rates - Customers who get timely support and faster resolutions are likely to stay in business with the concerned company.
2. Insight into Customer Behavior - Understanding the questions asked to the AI chatbot and the general grievances can help PMs. These insights help PMs build a product roadmap that is more aligned with user needs.
Most importantly, AI chatbots help business owners save money and improve efficiency. This happens with:
1. Increased Cost Savings - AI chatbots drastically reduce an organization's future human resource requirements as they scale.
2. Increased market size - With 24/7 online chatbots, businesses can serve a wider market and drive more profits through expansion.
3. Increased Revenue - Since chatbots increase conversion rates, they also increase your business's revenue.
4. Accelerated Relationship Building - Your customer service agents can build stronger and long-term relationships with your customers because AI de-prioritizes simpler queries.
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The AI chatbot ROI (Return on Investment) Calculator is designed to help businesses estimate the savings from a chatbot. It considers cost savings, increased customer satisfaction, efficiency improvements, and revenue growth.
The calculator will provide you with:
- Estimated annual cost savings from reduced human agent hours
- The expected payback period for your AI chatbot investment.
The estimates are based on your inputs and industry-standard assumptions about chatbot performance. While the calculator provides a useful forecast, actual results may vary depending on how effectively the chatbot is implemented and other business conditions.
No, you can’t adjust the assumptions on this ROI calculator. However, we’re happy to provide you an estimate on the basis of your business use-case. Talk to Us!
AI chatbots can:
- Handle routine inquiries 24/7, reducing the workload on human agents
- Provide faster responses, improving customer satisfaction
- Free up agents for more complex tasks, improving service quality overall
- Help with upselling and cross-selling, leading to potential revenue growth.
