5 reasons why you absolutely need a multilingual chatbot.
Most people can speak English so why bother?
Over 80% of the world does not speak English, that’s around 6 billion people. They make up the majority of today’s emerging economies. These economies are expected to account for nearly 60% of the world’s GDP by 2030, that's $15.5 trillion. To put that into perspective, the current UK GDP is only $2.8 trillion.
Let’s take India for example, one of the world’s largest economies. If you’ve tried to tap into the Indian market, you’d know that it’s not particularly easy. There are more than 19500 languages or dialects spoken as mother tongues. How can you operate in an English speaking country but serve customers easily in India? Well for starters, you need to accommodate for a few more languages. When they have a question or want to chat with your business, 75% of consumers prefer to do this in their native language (Hubspot). So practically speaking, what are you supposed to do? Well thankfully, the answer isn’t to translate your entire brand into a million languages, but rather to use a multilingual chatbot that customers can interact in a language of their choosing.
What’s a multilingual chatbot?
A multilingual chatbot provides multiple language support to users’ during a live conversation. The customer selects the language they want to converse in and away you go. The bot can engage in a conversation as fluently as a human. Using the latest advancements in AI and natural language processing (NLP), the Algomo chatbot can have a conversation with your customers in up to 109 languages. We’re not just redirecting them to FAQs either, its ability to understand semantic intent across each language helps in actually solving the issue, not just handing off to an advisor. If you’d like to learn more about it and how it could help you, click here.
How is it actually going to help/Hilfe/मदद/βοηθήσει?
That’s a good question. Here are the 5 main benefits a multilingual chatbot is going to bring you.
1. You can capture a global audience.
It’s incredibly difficult to enter the global market without a robust translation and localisation strategy. The multilingual nature of chatbots means they’ve gone global already and now companies are slowly starting to accept and utilise them: by 2022, 75-90% of queries are expected to be handled by chatbots according to a study from Juniper Research. There’s over 300 million Arabic speakers globally and over 250 million Bengali speakers. It’s highly unlikely that an English only company will be able to capture much of the market for underserved languages like these. The more languages your chatbot can fluently converse in, the easier it is to capture a global audience.
2. Greater communication effectiveness
People rarely make purchases from English-only websites. The language is one of the deciding factors in how long they stay on a site; if you can't communicate with them in their preferred language, you’ll be losing a lot of international business. As mentioned earlier, three-quarters of people prefer to have their queries answered in their native language. You can capture these customers with a natural language chatbot, one with the semantic understanding behind the intent of your customers’ queries. An instant translation is likely to be poor and potentially do more harm than good, so use a proper chatbot!
3. Increase your competitive edge
Chatbots are already here. Almost 60% of B2B companies used a chatbot on their website (Relay). That number will drop considerably when looking at multilingual chatbots. Stand out from the crowd by including a chatbot that speaks the language of your customers. English-only sites are highly unlikely to be able to expand out of Western, English speaking countries. If you can't stand out, you can't thrive.
4. Save time and money on employee training
Training or hiring employees to address customer queries in several languages just isn’t feasible. Instead, what you ought to be doing is using a chatbot that can converse in many languages, ensuring equally high customer satisfaction across each language and region. One of the major reasons behind customer churn is long wait times: 34% of those who hang up, leave your company and switch to a competitor. However, if you were to integrate a multilingual chatbot onto your website, not only is it able to answer queries 24/7 but it eliminates the issue of long wait times and allows you to address queries in multiple languages without the expense of having to hire or train additional staff.
5. Increase sales
Sales are about creating conversations and building relationships with potential buyers. With the sharp rise of e-commerce owing to the recent pandemic, customers are now browsing through a huge range of products online and are able to select from a far greater variety of businesses. Chatbots make on-demand information much more accessible and in the language of their choice. Customer support then becomes a major deciding factor in where customers choose to buy their products: Nearly 70% of people would spend more money to do business with a company that delivers great customer service according to Forbes.
All of this is great, but what am I supposed to do with this information?
So after reading all of the above, I hope I’ve convinced you that a multilingual chatbot is pretty much essential. The barriers to implementing this for many businesses often include things like cost, the need for such a chatbot and the quality of the chatbot itself. Well here at Algomo, using the latest advancements in machine learning and AI, we’ve democratised access to high-quality AI chatbots that were previously exclusively available for big companies with a tonne of money. By this point, the need for a multilingual chatbot should be pretty clear! Many people think of chatbots as the annoying widget that pops up on the screen that can’t really solve any of your queries. That’s because many of them can’t. It’s tough to create a multilingual chatbot that actually solves customer queries, not just hand off to an agent. Algomo however, not only aims to resolve queries but doesn’t cost a fortune. Get in touch here to find out how we can help you, help your customers.
Here are the 3 ways Fintech will be disrupted in 2021 with the Fintech Revolution 2.0:
Do you know why you absolutely need a multilingual chatbot? Find out here.