Nand Kishor Contributor

Nand Kishor is the Product Manager of House of Bots. After finishing his studies in computer science, he ideated & re-launched Real Estate Business Intelligence Tool, where he created one of the leading Business Intelligence Tool for property price analysis in 2012. He also writes, research and sharing knowledge about Artificial Intelligence (AI), Machine Learning (ML), Data Science, Big Data, Python Language etc... ...

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Nand Kishor is the Product Manager of House of Bots. After finishing his studies in computer science, he ideated & re-launched Real Estate Business Intelligence Tool, where he created one of the leading Business Intelligence Tool for property price analysis in 2012. He also writes, research and sharing knowledge about Artificial Intelligence (AI), Machine Learning (ML), Data Science, Big Data, Python Language etc...

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What's It Like To Build & Run A Chatbot Business?

By Nand Kishor |Email | Apr 25, 2017 | 8430 Views

People use messaging apps more than social networks these days. Messaging is also the preferred method of contacting a business, compared to e-mail & phone. All such factors have helped fuel the recent chatbot boom. But what are the chatbot publishers saying?

There are enough bot reports to show the volume & behavior of consumers using bots. We decided to speak to the other side‚??-‚??the bot publishers themselves‚??-‚??and get their take on the current climate. Here's what we observed:

Chatbots Are Making Money

A whooping 60% of chatbot publishers are already monetizing their bots. Premium subscriptions are the most popular revenue model, where users pay the bots for specific services (like managing your calendar). This is followed by platform revenue. Here, bots exist on platforms such as Slack & make money by providing services (like increasing productivity & collaboration). Another way bots make money is through conversational commerce. Brands build bots & interact with users via Messenger or WeChat to inform them of offers or conduct a purchase. Interestingly, these bots have not made as much money as expected.

Bot User Base Is Increasing Every Month

85% of the bot publishers say that their user base is increasing every month. In addition to this, half of them say that more than 50% of their users are retained every month. Most of them retain around 30-50% of their users each month.

Scratch beneath the hype, you see that roughly one-third of bot users engage with the bots after 30 days. The churn is faster than it was for apps!. One big advantage, perhaps, is that bots can be built on platforms where users already exist, so a separate app is not required. Platforms like Facebook, Slack & Skype have millions of daily users, so they're the ones most bots are built for. However, retention is a challenge, partly because bots are hyped and there isn't, perhaps, a killer bot in each category to sustain engagement!

The Challenge

Early bot builders have made the most of these big platforms to acquire users. The challenge would be to retain them even after the initial euphoria has died down. This would mean constantly improving their intelligence and conversational skills‚??-‚??easier said than done.

For one, AI itself is some way off full sophistication. This results in conversations that don't sound natural. And even with advancements in AI, good engineers, ethnographers and even psychologists are needed to keep enhancing the conversational experiences of bots. For the time being, though, this would be a problem.  Read More

Source: Chatbots Magazine