How Chatbots can Boost Conversions on E-Commerce Websites
In the previous edition of the Brick Technology blog, we revealed that chatbots are one of the key emerging trends in e-commerce web development. For this article, we are going to look at chatbots in more detail, sharing just three of the many ways in which they can help online retailers to increase conversion rates.
The internet is undoubtedly a marketplace but it is also akin to a battleground, with retailers fighting to get the highest search-engine rankings and to get the attention of ever-more discerning potential customers online. With so many competitors, e-commerce retailers need to be entirely focused on user experience (UX), creating personalised connections.
Data from Invesp shows that more than 50% of online consumers around the world interacted with a chatbot before making purchases from e-commerce websites. The study also revealed that no less than 80% of all online retailers plan to offer a chatbot service by the end of this year. Another study by Global NewsWire showed that the chatbot market is set to hit a market value of around £8.2bn by 2024: this represents a CAGR of a massive 29%.
Further studies by Comm100 reveal that the average response rate of website visitors using a chatbot is up to 40% in the first interaction, with the average satisfaction rate of using a chatbot standing at 87%. According to Thrive My Way, chatbots have resulted in sales increases of 67% since the onset of COVID-19.
So, how do chatbots help to increase conversions? Ultimately, it's all about improving UX.
Chatbots allow for the provision of continuous customer service. Unlike brick-and-mortar stores, e-commerce websites are available to use 24 hours a day. Operators of such websites and their sales teams are not or, if they, are, it comes a considerable and often prohibitive cost. A chatbot is the ideal solution to this problem, able to offer assistance to potential leads at any time of day or night, regardless of which timezone they happen to be in. A study by EngageBay showed that 71% of consumers want to be able to find solutions to e-commerce problems alone, without any human intervention.
By streamlining the entire conversion process, chatbots help to dramatically reduce the all-too-common problem of losing a lead during the purchasing journey. A chatbot immediately becomes a crucial component of the sales funnel, offering guidance and advice that personalises the UX. The bot function is thus a model of convenience for the customer: convenience is ranked by more than half of consumers as a 'key benefit', according to the results of a MyClever survey.
Brick Technology, Lancashire's premier e-commerce development company, design and implement the very best web development for e-commerce websites, including world-class chatbots. Find out more about our services and solutions on our website and get in touch with our cherry-picked team to start your journey to success...