In today’s digital age, businesses are constantly in search of numerous ways to improve their customer experience and streamline their operations. One technology that is gaining a lot of attention and is very popular is Chatbots, and specifically, AI-based chatbots.
AI-based chatbots are changing the customer service industry by opening up a new channel of communication. As per the research done by Gartner, implementing chatbot technology has helped many companies to reduce inquiries through other channels by 70%.
One such chatbot is ChatGPT, a powerful language model developed by OpenAI. ChatGPT is a generative text AI model trained by OpenAI that can generate high-quality, contextual text in seconds. And therefore, it has the potential to revolutionize the content-writing industry.
But are there any other developments and enhancements that we can expect to see in the future of ChatGPT? Let’s explore more about ChatGPT in this blog.
What is ChatGPT & How It works?
ChatGPT in short is called a chart-based generative pre-trained transformer. It was introduced by Open AI at the end of November 2022. ChatGPT is based on the architectural model of GPT-3, which was introduced in May 2020 as the third-generation language prediction model in the GPT-n series.
ChatGPT, as mentioned above, is an AI-based chatbot that is capable of actively participating in discussions and generating related answers to inquiries just as humans do. Thanks to supervised learning, the chatbot can analyze large amounts of data and go as far as you suggest predictions.
The fact is that ChatGPT can replace human intelligence, because not only does it give automated answers to questions but also responses considering previous conversations.
In addition to this, it also can even compose stories and poems, do research and analysis, share tips on the most proficient method to drive traffic, make meta descriptions and ad copies, and programming codes.
ChatGPT is a mind-blowing AI chatbot that publishers and content creators can use to write appealing content or can come up with marketing strategies.
ChatGPT Statistics & Facts
This AI-powered chatbot has gained huge popularity as it has surpassed all the limitations that AI-based technologies have had ever since. According to the sources, ChatGPT has gained 1 million users within a couple of days of its launch. Tech giant Microsoft is also planning to invest a budget of $10 billion in ChatGPT.
Few more interesting statistics about ChatGPT include the following:
- ChatGPT is developed by Open AI
- ChatGPT was launched on 30 November 2022
- ChatGPT has an approximate of 1 million + users
- ChatGPT supports multiple languages
- ChatGPT has a Neural Net Size of 175 billion ML Parameters
- ChatGPT gets support from Microsoft’s Azure AI supercomputing technologies
In ChatGPT, GPT stands for Generative Pre-trained Transformer.
ChatGPT is implicit expansion to the Open artificial intelligence’s GPT 3.5, an overhauled form of GPT 3. It is an autoregressive language model that utilizes deep learning to create human-like text.
Open AI’s ChatGPT has today become an internet sensation. According to research, ChatGPT is expected to generate $ 200 million in revenue in 2023, leading the company’s way to a higher mark of $ 1 billion in revenue by 2024.
ChatGPT’s new and improved embedding model was launched on 15th December 2022.
As ChatGPT’s training has been stopped in the year 2021, it can only fetch data prior to the year 2021.
Open AI has announced that the ChatGPT will be free to users for a limited time during its research preview, however, there’s also a paid plan of ChatGPT .
In the paid plan of ChatGPT, one must pay $42 per month, and it includes ChatGPT features.
According to Tom Goldstein, an AI ML Professor at Maryland University, the daily cost of ChatGPT is estimated to be $100,00 approximately and the monthly cost is estimated to be $3,000,000.
He further estimated that the ChatGPT model has 175 billion parameters and receives 10 million queries per day.
ChatGPT is currently not available in some notable countries and territories due to security concerns. Following are those countries that do not have access to ChatGPT and GPT-3 technology.
Advantages of ChatGPT
One of the main benefits of ChatGPT is that it can understand and respond to customer queries in a human-like manner. It enables businesses to provide quick and accurate responses to customer inquiries, which can greatly improve customer satisfaction.
In addition to this, ChatGPT can be integrated into various communication channels like chatbots, messaging apps, and virtual assistants, making it easier for businesses to reach customers where they prefer to communicate.
Another advantage of ChatGPT is that it can learn from customer interactions. As it processes an ever-increasing amount of information, it gets better at understanding customer intent and providing more accurate responses.
This helps businesses improve their overall customer experience, as well as inform marketing, product development, and other business strategies.
ChatGPT also allows businesses to handle a higher volume of customer interactions, which can lead to increased efficiency and productivity.
With ChatGPT, businesses would be able to answer customer queries 24/7, without the support of a human customer service agent to be available all the time. This can save a lot on labor costs and increase customer satisfaction by providing quick and accurate responses.
How ChatGPT Works?
ChatGPT first analyzes the input text to understand the context and intent of the conversation. It then uses this information to generate a response that is very relevant and sounds natural.
Let’s say for example, if a customer asks a query related to a project or service, ChatGPT then generates a response that provides detailed information and even answers the follow up questions that customer might have.
It can even handle more complex tasks, such as booking an appointment or providing personalized recommendations based on the customer’s preferences.
One of the topmost advantages of ChatGPT is its ability to generate responses in a variety of styles and tones. This allows companies to personalize their chatbot to match their brand voice and provide a more personalized experience for their customers.
How AI-Powered Chatbots like ChatGPT Can Improve Customer Experience?
Before going in detail about how AI-Powered chatbots like ChatGPT improve customer experience, let’s understand how AI-Powered chatbots are different from normal chatbots.
Simple chatbots work by delivering answers that are pre-programmed into them. They, in general, scan keywords in the questions to identify the answers the customer needs.
But AI-powered chatbots use natural language processing, which allows them to deliver more complex responses. Such type of chatbots can deliver accurate responses even when they get messages that weren’t programmed to receive.
These chatbots can also gain instant access to your CRM and use customer information to personalize conversations. This significantly takes away the robotic element in chatbot interactions, which leads to a better customer experience.
AI-powered Chatbots Improving Customer Experience
Now that you might have understood how AI-powered chatbots differ from normal chatbots. So, let’s look at some of the ways in which they can enhance customer experience:
While chatbots would be enough to guide and educate customers, a lot of people may not like the robotic, non-human responses. They would prefer interacting with other humans over machines.
A study by Usabilla even found that one out of five customers always prefer to interact with humans while engaging with a brand. So, even if they can get the service, they require through simple chatbots, their overall experience will not be too pleasant or memorable.
Therefore, it is important to leverage AI-powered chatbots to deliver more natural and personalized interactions. These chatbots by using natural language processing can deliver highly accurate responses to customer queries, even if those queries are different from the ones they were programmed to receive. They can instantly access relevant customer data and deliver experiences that are personalized according to the unique needs of each customer.
Increase Efficiency and Reduce Response Time
Responsiveness is a major factor that influences customer service experience. As per a Zendesk study, 69% of people said to have good customer service experience because they got a quick resolution. In this way, if you need to ensure that your customers have a better experience while interacting with your brand, you have to be more efficient and responsive.
According to a study by Usabilla, 54% of respondents said that they would always choose a chatbot over a human customer service agent if that would mean saving 10 minutes. This clearly suggests that speed and efficiency are major factors that influence customer experience.
Since AI-powered chatbots can instantly sift through mountains of data within seconds, they are much quicker than humans in pulling up the most relevant information. They can deliver the right answers and information instantly, so customers don’t have to wait too long for a resolution.
For example, Siglo 21, an Aivo AgentBot took an average support time of 46 seconds while retaining 96% of leads. This is a perfect example of delivering quicker, more accurate responses via AI-powered bots.
Provide 24X7 Support
As your business increases, your audience base will also grow exponentially. This means your business needs and demands are also going to become more diverse. You will start receiving customer support enquiries at all hours of the day. So, if you are not prepared to meet those demands, you may ruin your customer experience and lose out on prospects.
Keeping human agents for live chat and phone support will cost a lot as they will be working at all hours of the day. Thus, the best option would be using an AI-powered chatbot, which can even work after out-of-office hours, interacting with your customers at whatever time they need you.
These chatbots can also be used to deliver personalized, close-to-human experiences for customers who need you when human agents are unavailable.
How Can Organizations use ChatGPT?
There are numerous ways organizations can use ChatGPT to further develop their client experience and drive business development. Here are only a couple of models:
Smooth out business activities: ChatGPT can automate many undertakings, like booking arrangements, handling orders, and giving customized proposals. This can assist organizations with saving time and resources and permit them to zero in on more high-esteem exercises.
Create Leads and Drive Deals: ChatGPT can engage with potential clients, give them data about products and services, and assist with directing them through the sales process. This can assist organizations with creating more leads and drive more deals.
Enhance Client Experience: ChatGPT can give customized, human-like interactions with clients, which can help improve their general insight and build customer loyalty.