We are entering into a new era where technology is constantly evolving and while some technology trends can be fleeting and easily forgotten, some take hold and are destined to dominate the industry for years to come. And one such technology on the rise that we can talk about is the Chat bot. This new technology has come up and grown considerably over the last few years in the tech world.
However, if you are wondering what are Chat bots? Well, to put in simple terms and give you an example, at times when you visit a website you would have seen a window pop up in those websites which answer your queries. Well, that is nothing but a Chat bot.
As for the comprehensive description, Chat bots are basically software programs where a user can interact with the bot through normal text messaging like carrying out a conversation with another person on the other end.
Chat bots are applied practically in customer service or information acquisition processes. Besides some of the benefits include ease of usage, reliability, reach ability of services at anywhere and at any time. All social sites, website, and blogs which can be accessed from a mobile phone could also feature Chabot services.
With all that being said, many companies have started to offer solutions in this realm today. Besides, we had a chance to interact with Pratik Jain, the co-founder of Morph.ai and he helped us understand the trend and how his company is providing solutions for the same.
"From Social messaging to Chat Bots, the industry has forgone revolutionary phase. These are pervasive trends. It is widely believed that overall, people now spend more time in social messaging than in social media. That is especially true for the younger millennial generation, with their all-important disposable income. In another sense, then, the increased interest in chat bots also reflects a cultural shift toward social messaging. Just as users have migrated towards SMS and messaging apps as their communications medium of choice, so they have embraced that same familiar interface for chat bots," Jain said in a statement.
"Chat bots are bringing a cultural shift in technology, sweeping all before them in an increasingly connected and online world. And as e-commerce consumers become more comfortable interacting with machines online, chat bots will inevitably continue to dominate the online landscape," he added.
Talking about the company, Morph.ai, it is a brainchild of Pratik Jain, Vipul Garg, Niyati Agarwal and Abhishek Gupta, wherein the company is set out to revolutionize messaging as the most active channel of engagement between businesses and customers for marketing and selling their products and services.
Jain explained that Morph.ai is basically an AI powered B2B platform where businesses can build their own conversational services and deploy them over channels like Facebook, Twitter, Slack, SMS, live-chat, in-app chat and other mediums as well.
Morph.ai has further built a platform that caters to all the needs of bot makers. They have pre-trained models for common use cases, reusable templates, intelligent learning from previous mistakes, storyboard to create conversation flows, integrations with multiple channels, integrations with various CRMs, a dashboard for human agents to chat when AI fails.
Further, the company has introduced the concept of 'ChatBot as a landing page' which helps industry players to use chatbots as a landing destination for their ads to drive instant engagement and collect high quality leads. Morph.ai also offers strategic consultation to share their expertise in chatbot creation with the clients.
"Using Morph.ai, businesses can have one-on-one conversations with their audience to increase awareness, improve lead quality and drive more sales. We strongly believe that chat is the perfect channel of interaction between businesses and customers and it would soon emerge as the strongest medium for marketing and selling products and services," Jain stated.
As Morph.ai empowers the businesses to provide their services in conversational form to their existing customer base with a strong focus on marketing and sales, this stands as a key differentiator for the organization from its competitors.
Apart from Morph.ai, another company Boxx.ai, an Indian startup that was set up in July 2016 is working on the same path. The company is basically a software provider that uses Artificial Analytics to democratize analytics.
The company has also launched its first product AIDA which uses Artificial Intelligence to personalize every customer touch-base across channels through Real-time recommendations, Targeted emails/SMS and Context-led app notifications. The platform further uses proprietary algorithms to predict what each customer is likely to buy in the future. Then it delivers personalized customer experiences across all marketing channels (emails, app notifications, browser notifications, Facebook, and on the website or app) based on these predictions.
As per a company statement, AIDA enables Internet companies to provide personalized products (for e-commerce companies), personalized content (for news portals and blogs), improved matchmaking (for matrimonial/dating, job portals) and targeted ads (for publishers with substantial inventory).
"AIDA is built on the principles of "Individual identities" philosophy and uses the power and scalability of AI to build separate models for each and every customer, leading to an unprecedented level of personalization," the company said.
Boxx.ai is currently working with clients in the online space, including the likes of NearBuy, Shine, Aditya Birla Online Fashion, Clovia, CollegeDekho, NotInQ, and more. Further, the organization has already raised $100K as seed fund in an angel round.