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Chatbot Development Cost

Published

3 years ago

October 11, 2021

Introduction

The growth in the use of chatbots over the years has been exponential. This is due to their ability to provide improved service and increased customer satisfaction through a more interactive experience with this technology. Chatbots are also able to offer services that humans cannot provide, such as 24-hour availability and access across different channels like social media or text messages. With the cost of developing a chatbot being less than $5,000 per month on average, companies are using it for lead generation campaigns and customer surveys to increase brand awareness and generate leads for businesses.

In 2020, the global chatbot market was estimated to be worth USD 430.9 million. From 2021 to 2028, it is predicted to increase at a compound annual growth rate (CAGR) of 24.9%. The increased adoption of customer service activities by businesses to minimize operating expenses is likely to promote growth.

According to Juniper research, 90% of customer interaction with banks will be automated using chatbots by 2022.

Chatbot eCommerce transactions are also projected to surpass a value of $112 billion by 2023.

In this article, you’ll find intriguing information about chatbot development, its several benefits in businesses, the different types of chatbots, what it takes to build a chatbot, chatbot pricing, etc.

Why are Chatbots Important for Businesses?

Helpful in marketing activities and research

Chatbots can be helpful in marketing companies’ activities and research by collecting data from consumers.

This can help companies improve their products and services based on consumer insights and avoid wasting resources on developing something the market doesn’t want.

Chatbots can also help companies improve their productivity and profitability by dealing with issues quickly and efficiently.

Better user experience

Using chatbots can help companies improve their user experience by offering 24/7 customer service.

The advantage of using a chatbot is that they are easy to access via different platforms such as Facebook Messenger, WhatsApp, and Slack. Customers will also not have to go through many steps to find answers about products or services, which can be frustrating and time-consuming.

Reduction in operational time & cost

Chatbots can help companies reduce their operational time and decrease costs.

For example, a chatbot can be programmed to automatically answer questions from consumers about products or services, which will reduce the time employees need to spend answering those questions. This leaves them more time to focus on other tasks that require their expertise.

24×7 availability

A chatbot can also help companies reduce their operational time and expense by being programmed to provide customer service 24 hours a day, seven days a week.

This reduces costs for companies because they don’t need to have human employees working at specific times to answer customers’ questions or deal with simple issues.

Low labor cost

This will also lower their labor cost because the chatbot can perform repetitive tasks and don’t require much human thought.

People who work in these positions generally have to switch between multiple responsibilities, so they have less time for other higher-value activities.

Greater revenue

Using chatbots can also increase revenue for companies by allowing them to make more sales.

A business will be able to reach a larger audience because chatbots are accessible via different channels.

Chatbots can provide information about products and services while customers browse online, making it possible for consumers to purchase items that they may not have considered before.

Monitoring customer data & analysis

Another benefit for companies is that they can use the data collected from chatbots to monitor their customers’ needs and suggestions.

This can help companies improve their products or services based on what customers want, better fit their needs. This will then increase customer satisfaction and loyalty which can lead to more sales down the road.

Different Types of Chatbots

A bot can be a simple FAQ bot or an AI Based one depending on how much data you have and what kind of users you want to cater to.

Each type of chatbot has its unique set of requirements, so it is best to do your research before making a final decision.

Bots Implemented on External Platform

Bots implemented on external platforms require no special code to function. As an example, this is the case of many IVR systems that automatically connect people with companies or businesses based on what they look for in their search engine requests. Chatbots used in these circumstances are usually powered by a set of rules applied either by the business itself (and likely a developer with coding skills) or by a third-party chatbot provider specializing in the field.

Bots that Function Within Messenger

The most widespread of all chatbots are those that function within social media platforms such as Facebook Messenger. These bots are used to automate many common tasks concerning customer relations. The goal of these chatbots is to provide automated responses for users, instead of having them scroll through a long page or key in what they need manually.

Predictive Chatbot

One of the most advanced types is a predictive chatbot, which specializes in completing tasks for users automatically. It is designed to provide a one-stop personalized experience for its users. This high level of sophistication requires extensive research and development time to ensure the chatbot performs well in a wide range of tasks.

Conversational chatbot

A conversational chatbot is a type of chatbot that utilizes natural language processing (NLP) to simulate conversation with human users. This type of chatbot interacts with the user using normal interactions such as text or voice and can be designed for use on mobile apps, websites, and customer service desks.

Transactional chatbot

A transactional chatbot, also known as a Factual Advisory Bot or Unbiased Binary Classifier, can make online transactions for products or services. This type of chatbot can provide answers to questions, or carry out commands like making purchases, booking flights and hotels, arranging deliveries, providing financial services (charges), or acting as a broker/dealer.

Factual Advisory Bots are programmed by fact-checking experts on subjects relevant to the information requested via the chatbot. The bots’ answers are unbiased and free of charge. They do not advertise products or services and are programmed to provide truthful, fact-checked information from reputable sources.

FAQ chatbot

FAQ Chatbots are often used to answer the most frequently asked questions on a company’s website. They are known as “frequently asked questions” because they are usually asked by customers, prospects, or users of the client’s product. The chatbot features an answer or answers for these common requests and can be initiated by either the user typing in a question or the chatbot suggesting one that would best suit the user’s needs.

Bots Implemented in Own App

Bots implemented in their app can be downloaded and installed on a device together with an app.

Such chatbots can only function after the installation of their corresponding application.

Users first need to install and open the relevant chatbot and then provide it with specific data such as their first name, last name, phone number, company details, and so on.

AI-enabled chatbot

AI-enabled chatbots are a combination of artificial intelligence and human conversation to complete tasks.

Users can ask these kinds of bots questions in plain English, and the bot will respond as if it were another person.

AI-enabled chatbots can do different tasks like responding to customer inquiries about the company’s services.

What does it take to build a chatbot?

Backend data

Building a chatbot requires tons of data, which can be provided by your company or collected from the users themselves. This will allow the chatbot to provide accurate answers to questions and process requests. Without enough data or interactions with users, the chatbot will be under-prepared to handle queries efficiently.

Frontend UX/UI

An AI-backed chatbot should be well designed, but it is important to test the user experience and the user interfaces as well; otherwise, everything falls flat. In addition to good design, a chatbot must have excellent functionality to deliver value for its users.

NLP

Natural language processing is the area of study that focuses on enabling computers to recognize, process, and understand human speech. This technology allows chatbots to perform their functions correctly.

Channels

A chatbot is only as good as its ability to complete tasks and provide information. It can be compared to a personal assistant who takes care of your requests, emails, etc. The more channels you have for users to communicate with the chatbot, the higher the chance these interactions will be successful.

AI-powered conversational intelligence

An AI-powered conversational intelligence is when a chatbot leverages artificial intelligence to discover the best way to handle user queries, requests, and responses. These bots can also understand all possible meanings of words, even if they are misspelled or misused.

The best way customer service organizations can benefit from this technology is through the automation of their customer service functions. This can be done by integrating AI chatbots on your website to answer frequently asked questions, redirecting prospects to the appropriate department, etc.

Integration

Before you can use, create, or make a chatbot, the first thing to do is identify where it should be placed. It does not matter if your chatbot is AI-powered or not, it still needs to be integrated into an existing system to work.

How much time does it take to build a chatbot?

The duration for building a chatbot varies and depends on the type of chatbot you want to create. A simple FAQ chatbot can take as little as 1 month, while a more complex AI-enabled one may take up to 6 months.

Essential Chatbot Features (simple & advanced)

Conversation Features

Are required when the chatbot has to engage in a lot of conversation with the users, a way a user can interact with your chatbot.

Geolocation

Are used to predict what your users want based on their location.

For example – a restaurant chatbot can automatically offer discounts for nearby cafes/restaurants, while a travel bot may suggest nearby sight-seeing spots if the user is visiting town for the first time.

AI Implementation

The artificial intelligence implemented into chatbots makes it possible to predict the user’s desires based on their messages. This reduces the time users have to spend typing messages, which helps them get their tasks completed faster.

AI-enabled chatbots are more interactive and use predictive features for a better experience for your customers/users.

Payment System Integration

Are used when you want the users to make payments within the chatbot.

A secure payment method is one of the most important features for chatbots. Most companies implement AI-enabled chatbots to provide seamless transactions for users, which can be completed within minutes.

Having a working payment system is essential for business owners who want to survive in the highly competitive market today. The chatbot should also be able to integrate with different payment systems for better functionality.

Natural Language Processing

Natural Language Processing (NLP) is a field of computer science and linguistics that deals with the interactions between computers and human languages. It provides a set of tools for analysis of natural language input or any other communications from humans in free text format.

Human language differs significantly from machine-understandable formats, which has required significant effort from developers to allow machines to perform useful tasks over human language data.

NLP is based on analyzing, understanding, and generating language using various techniques to achieve its computer application-oriented goal.

Factors affecting chatbot development cost

Business Goals

Do you want a chatbot that is just informational or also transactional? The kind of chatbot you choose will determine the level of sophistication required to develop it.

The more sophisticated it is, the more expensive the chatbot’s cost is.

Location

The location of your chatbot will determine the cost. For example, developing a local chatbot will be cheaper than an international one. On the other hand, an international chatbot can help you acquire more customers/clients worldwide but costs much higher to develop.

Type of chatbot

The type of chatbot to be developed determines the amount of time, money, and effort required. Is it a text-based chatbot or a voice-based? Is there any need for artificial intelligence in the chatbot?

Level Of Intelligence & Interaction Required

The more intelligent and advanced your chatbot is, the higher will be the cost of development. A highly intelligent bot can perform tasks such as order food or book a cab after an initial inquiry from the user. A simple bot that just provides information may not require much intelligence. Such bots can easily be built within $2000 to $4000.

How much does it cost to build a chatbot?

The initial cost will depend upon the backend and the type of bot you want to build. Better tools and faster cloud AI will help reduce the cost.

Multiple factors affect chatbot development costs which in turn affect the chatbot pricing. For example, the business goals and location of the developer play a key role in determining the price tag of a chatbot. This is because different localities have their own unique cultures and languages, so a person building a chatbot for business in the Asian continent will find it easier to build it than someone doing the same for a business located in Africa.

Several other factors influence chatbot development costs, such as language support, level of intelligence, back-end preference, type of bot, etc.

How to reduce the cost of chatbot development?

Third-party platforms

If a business cannot afford a custom-built chatbot, it can opt for third-party platforms such as Chatfuel, Motion.ai, IBM Watson, Pandorabots, and many more. These platforms offer basic features at a lower cost and extremely affordable prices in comparison to full-fledged chatbots.

Development frameworks

Frameworks like Dialog Flow (formerly API.AI), Microsoft Bot Framework, and Facebook Messenger Platform offer APIs that can be used to develop chatbots for different business needs.

Cost-effective chatbot development company

A company can always look for an affordable chatbot development company that specializes in deploying chatbots across various platforms and also has expertise in building custom-made bots.

Featured

A Guide to Help You Find the Best AP Computer Science Tutor

Published

1 day ago

April 24, 2024

Times of Startups Staff

A Guide to Help You Find the Best AP Computer Science Tutor

Do you plan to study a computer science-related course in college? Well, if your answer is yes, studying the fundamental concepts of computer science is crucial. Pursuing a course in IT, AI, data analytics, or software development requires a solid understanding of computer science basics.

Here is where the AP computer science course comes in handy. It is rigorous and covers fundamental topics ranging from basic programming to algorithms and problem-solving. A skilled tutor can be your secret weapon, helping you get through the coursework and pass the final exam.

What Areas Do You Need Help With?

This is a step that most people ignore when hunting for in-person tutors. However, it is crucial as it will help down the road once you start interviewing potential hires. AP computer science is a wide course covering diverse topics, most of which can be challenging to understand.

Identifying areas or topics you need help with will help you find a tutor with the appropriate expertise. For instance, you will be better off working with a tutor whose expertise lies in algorithms and data structures if that’s the topic that’s troubling you.

Explore Your Options

Where can you find the best AP computer science tutors? The internet is a good place to start your search. Most tutors have online profiles where they advertise their services and rates. You will also find reviews and testimonials from past students who have used their services.

But what if you don’t have enough time to review profiles from many tutors? Well, why not check out the Top Tier Tutoring website? They have a team of experts who match students with the best tutors.

Tutor Qualifications and Experience

Not all tutors are the same. Go for a tutor with a strong background in computer science-related fields. A computer science degree or experience in the field is a plus. A good example would be picking a tutor who has worked as a software developer to help you learn about programming concepts like object-oriented programming.

They will explain the concepts more efficiently, providing real-world examples to help you grasp the concept better.

Experience or how long they have been offering tutoring services is crucial. Experienced AP computer science tutors will bring more value, especially if you want help prepping for the final exam.

Flexibility and Communication

Both are crucial factors when selecting an in-person tutor. Most tutors handle multiple students at a time. Discuss learning hours and style before bringing the tutor on board. Select a tutor who is more flexible with their routine.

Also, establish proper communication channels with your tutor. This will allow you to ask questions and get timely feedback. Finding an AP computer science tutor who fosters a comfortable and engaging learning environment is crucial.

Final Takeaway

Seeking assistance from a professional AP computer science tutor can help you complete the coursework on time and ace the tests. The tips in this guide will help you through your search, ensuring you get value for your money.

Featured

Slow and Steady Wins the Race: The Power of Trickle Chargers

Published

7 months ago

October 3, 2023

Times of Startups Staff

Are you tired of constantly dealing with dead car batteries? Frustrated with your devices running out of juice when you need them the most? If you answered yes to any of these questions, it’s time for you to discover the incredible world of battery chargers, specifically the unsung hero known as the trickle charger. In this guide, we’re going to dive deep into how these unassuming devices can be your savior, offering a solution that’s all about consistency and reliability. Say goodbye to frantic searches for power outlets and hello to a world of uninterrupted energy. So, let’s embark on this electrifying journey together.

The Opportunity: Unleashing the Power of Trickle Chargers

Imagine this: You’re about to embark on a long-awaited road trip with your family. Your car is packed, and you’re all set to hit the open road. But as you turn the ignition key, you’re met with silence. Your car battery is dead, and your long-anticipated adventure has come to a screeching halt. Frustration and disappointment wash over you.

Now, let’s introduce you to the word ‘opportunity’ – it’s the moment when you decide to take control of your battery’s fate. It’s the chance to prevent such setbacks from ever happening again. Enter the battery charger, specifically the trickle charger, your trusted companion on this journey.

Understanding the Battery Charger: Your Lifesaver in a Box

You might be wondering, “What exactly is a battery charger, and how can it rescue me from such situations?” Well, you’re in for a shockingly pleasant surprise.

A battery charger is a device that rejuvenates your battery by supplying it with electrical energy. It’s like a life support system for your car or electronic devices, and it comes in various shapes and sizes. But here’s the kicker: a trickle charger is the unsung hero of the battery charger world.

The Underrepresented Hero: The Trickle Charger

Trickle chargers are often overlooked, overshadowed by their more robust counterparts. But remember, it’s not always the loudest voice in the room that has the most profound impact. Let’s take a moment to appreciate the power of the underrepresented trickle charger.

Imagine this scenario: You have a classic car tucked away in your garage. It’s your pride and joy, a symbol of your hard work and dedication. But, like any machine, it needs care and attention. Unfortunately, life gets busy, and you can’t always find the time to take your cherished vehicle out for a spin. As a result, the battery starts to lose its charge, and the engine refuses to roar to life.

Here’s where the trickle charger comes to the rescue. Unlike traditional chargers that pump a high current into your battery, risking overcharging and damage, the battery trickle charger provides a slow, steady stream of power. It’s like a gentle massage for your battery, nurturing it back to health without causing harm.

Now, the story of ‘underrepresented’ comes into play. Just like your classic car, trickle chargers are often underestimated and overshadowed by flashier, faster options. But they shine when it comes to long-term maintenance and reliability.

Nikita’s Dilemma: A Lesson in Patience and Perseverance

To drive home the importance of trickle chargers, let’s dive into Nikita’s story. Nikita is an adventurous soul who loves exploring the great outdoors. She relies heavily on her trusty RV for these adventures, and it’s her home away from home.

One fateful day, Nikita found herself in a remote campsite, surrounded by the serene beauty of nature. The night was tranquil, the stars were sparkling, and she was all set to cozy up in her RV. But, you guessed it – her battery had other plans. It decided to throw a wrench into her idyllic night by running out of power.

Nikita was miles away from civilization, and panic set in. She didn’t have access to a power outlet, and her devices were running low on battery too. It was a dire situation, to say the least.

But Nikita, being the resourceful individual she is, remembered an essential piece of equipment she had stashed away – her trickle charger. She connected it to her RV’s battery and waited patiently. It wasn’t an instant fix, but she knew the power of slow and steady.

The trickle charger worked its magic throughout the night, breathing life back into her battery. When Nikita woke up the next morning, her RV was ready to roll. She had turned a potential disaster into an opportunity for adventure.

Why Trickle Chargers Are Your Best Bet

Now that you’ve seen how trickle chargers can save the day, it’s time to delve into why they should be your go-to choice when it comes to maintaining your batteries.

Gentle, Steady Charge: Trickle chargers provide a gentle, low-amperage charge that won’t harm your battery. It’s like a soothing lullaby, putting your battery into a state of relaxation rather than subjecting it to a stressful power surge.

Long-Term Maintenance: Whether it’s your car, motorcycle, boat, or RV, trickle chargers are your allies in long-term battery maintenance. They can keep your batteries in top condition during periods of inactivity, ensuring they’re always ready when you need them.

Versatility: Trickle chargers are versatile and can be used on various types of batteries, including lead-acid, gel cell, and AGM batteries. This adaptability makes them a valuable addition to any household.

Economical: These chargers are energy-efficient and cost-effective. You won’t see a significant spike in your electricity bill, even if you leave them connected for extended periods.

Peace of Mind: With a trickle charger in your arsenal, you’ll have the peace of mind that your batteries are well taken care of. No more last-minute rushes to revive dead batteries.

Choosing the Right Trickle Charger for You

Now that you’re convinced of the power of trickle chargers, it’s time to choose the right one for your needs. Here are some factors to consider:

Battery Type: Ensure the trickle charger is compatible with the type of battery you want to maintain.

Amperage: Select an amperage that suits your battery size. Higher amperage is suitable for larger batteries.

Safety Features: Look for features like overcharge protection and automatic shutoff to prevent damage to your battery.

Portability: If you need a charger for on-the-go adventures, opt for a compact and portable model.

A Charge of Confidence

You’ve learned about the power of battery chargers, particularly the often-underestimated trickle charger. You’ve seen how these unassuming devices can be your lifeline in moments of need. They offer a gentle, reliable charge that keeps your batteries in top shape.

Remember, the next time you’re faced with a dead battery, don’t panic. Instead, seize the opportunity to invest in a trickle charger, and like Nikita, turn the situation into an adventure. With the steady, reassuring charge of a trickle charger, you’ll never be left powerless again. So, take charge of your energy, and let slow and steady win the race.

Crypto Currency

Best Cryptocurrencies to Watch in 2023

Published

1 year ago

April 11, 2023

Times of Startups Staff

When thinking about buying crypto assets, most people mention Bitcoin and Ethereum for they are the most prevailing digital assets in the market. Bitcoin has the largest capitalization – over $436 billion. It is the first crypto asset whose emergence inspired the development of the whole crypto industry. You can find Bitcoin on any cryptocurrency exchange platform, and it is probably the best cryptocurrency to buy for the long term. What about other digital assets presented in the market rankings? Are they worth buying?

Which Crypto to Buy?

Altcoins is the name for digital assets that emerged after Bitcoin. Many of them strived to repeat Bitcoin’s features and were based on its code, with the addition of some improvements. So we may say that all crypto assets that are not Bitcoins are altcoins (alternative coins).

If we leave the market leaders and pay attention to middle and small-cap assets, we can say they deserve attention. Small and mid-cap coins are sensitive to market volatility, so they can easily skyrocket when the market’s bull trend. So it makes sense to buy altcoins with smaller capitalization in small portions and diversify your investment portfolio in such a way that even if some coins lose value, others will boost and bring you high investment returns.

What crypto to buy now? Here are some worthy examples:

Polygon
Polkadot
Solana
Cardano
Litecoin
Tron
Chainlink.

Check out these digital projects, their communities, and social networks. And to find out more information about up-and-coming crypto projects, visit the WhiteBIT blog. It regularly posts interesting articles and the latest industry news.

On the WhiteBIT exchange, you can buy and trade digital coins at low fees and a high safety level. In addition, you may try passive income options – crypto lending, allowing you to profit from holding your coins on the exchange and allowing it to use them for lending.