Chatbot usage is on the rise worldwide, and not without good reason — according to Juniper Research, conversational assistants will drive cost savings of over $8 billion annually by 2022 (up from $20 million in 2017). In fact, it’s anticipated that chatbots will power 85% of all customer service interactions by the year 2020, and already, 42% of consumers, 53% of millennials, and 72% of business executives use them on the regular.
That’s why Pramati Technologies, a Mountain View, California-based tech incubator cofounded in 1998 by Jay and Vijay Pullur, launched Chatlets.ai in beta earlier this year, a conversational user experience platform that enables customers to design bespoke web and in-app chatbots. As Chatlets.ai cofounder and vice president Vivek Lakshman explained, the idea is to free up companies from time-consuming third-party behavior and user intent gathering, enabling them to focus on conversion optimization.
“[Conversations] are critical to delivering overall conversion goals, such as purchase. However, executing an effective [conversion] strategy is difficult, as most marketers are unable to gauge user intent well enough to serve up the right content that will engage the user and encourage them to convert,” said Lakshman. “Marketers are looking for ways to more effectively drive users towards desired behaviors; Chatlets.ai provide a very flexible, cost-effective way to do this, helping marketers better understand customer intent in the moment so customers can quickly find the information or product they need that can ultimately lead to a sale or signup.”
Chatlets.ai’s chatbots — which don’t require design or backend changes to implement — serve visitors dynamic conversation flows and segment them based on industry, role, purchase, stage, and other categories before funneling them to tailored content like videos, pricing info, case studies, presentations, recorded webinars, contact forms, comparison charts, demos, and testimonials. Uniquely, they collect first-party data through direct questions, Q&As, and promotions and combine it with third-party data, informing more accurate customer models and improving conversion by up to 72%.
“[Our chatbots] can be up and running quickly — the enterprise-grade platform is easy to implement on any webpage or app with fast deployment,” said Lakshman. “[They] have the ability to integrate with existing backend systems to leverage third-party data.”
Current Chatlets.ai customers include “top tier” organizations in retail, consumer packaged goods, entertainment, and other verticals, including large enterprises like Pepsico’s Quaker Oats, Brown Forman, and Torani. And according to Lakshman, over 500,000 people around the world have used its chatbots.
Chatlets.ai has competition in LivePerson, 7.ai, Botporess, and Dexter, not to mention incumbent offerings such as Salesforce’s Einstein bots for businesses and Microsoft’s Bing Business Bot Service. But if it can keep up its current momentum, Chatlets.ai might just nab a sizeable slice of a market that’s expected to be worth $2.2 billion by 2024.