There is one crucial rule in business – learn to swim or sink into oblivion. Organizations have to adapt to the era we live in and use all available assets to thrive. Today, technology development allows us to efficiently conduct business for lower costs and minimum time spent on tasks.
However, the revolution occurred with the implementation of the live chat software feature. This small greeting window on websites changes the traditional relationship between businesses and customers forever.
The usual email/phone connection became dated soon enough, with highly increased customer satisfaction. Actually, the numbers keep on rising and this customer service channel now has the highest satisfaction rate with 73% as compared to email and phone support.
Those missing out on the action fail to rip the fruits of productivity, like increased revenue, which is a huge mistake, especially for small businesses that aim to expand market reach and strengthen presence.
In simple words, live chat support offers multiple benefits, yet without incorporating this useful tool, startup companies limit the process of growth.
The Importance of Live Chat Software
There is nothing quite as important as customer satisfaction. It is the fundamental base of business success. The reason behind this is the likelihood of repeated purchase via an established customer/business relationship, as well as the free marketing of positive reviews on popular social platforms leading to further recommendations.
According to recent statistics, 44% of customers agree that having a live chat agent to assist and answer questions in the middle of their purchase decision is one of the most important features a website could offer.
In the absence of live chat, a small business right from the start fails to impress their consumers. The convenience and help it provides to online shopping clientele makes them reconsider the purchase and shift their interests to a competitor.
How Can a Live Chat Service Help Small Businesses?
By now, it is for certain a poor customer experience alone is enough to kill a business. Over 80% customers refuse to shop with a company which doesn’t fulfill their expectations. Considering people are ready to pay extra to be treated fairly, opening up the communication channels through live chat is an absolute must.
That being said, a chat software brings more to the table than making the consumers feel important. Additional benefits for small businesses include the following –
- Higher Conversion Rates
A live chat option increases the conversion rate by 3.5 times when compared to websites without this feature. To simplify, brands that use a live chat software have, on average, a 20% increase in conversions. Taking some prosperous organizations as an example, Sam’s Furniture makes $50K in monthly sales by combining live chat with analytics. Every time visitors stay for a while on a page, the live chat window pops up.
- Lower Costs
Small businesses struggle to find a balance between the existing budget and projected budget requirements. Therefore, a live chat experience can visibly reduce costs, since the prices per interaction are lower than other alternatives, such as a phone support. Regarding the percentage, a live chat software is 50% cheaper than any other method.
Moreover, the costs of regular customer service and the budget it takes to maintain an office space could easily become a thing of the past. These expenses turn into additional profit as the live chat service can be done remotely, without the necessity to hire more agents.
- Increased Order Value
By helping only one customer with a purchase an agent already knows the client’s interests and what else might catch his eye. When using a live chat as a way to better understand the consumers, agents can recommend additional products or services.
Advising customers and recommending additional accessories that go well with the previous purchase, like a case or a backpack for a laptop that was just purchased, could lead to yet another acquisition or increased order value. Another successful example is the Intuit company, which increased the average order value by 43% by using live chat.
- Greater Market Influence
For a small business to grow, it needs to convert the website visitors into a paying clientele. Apart from being an extremely effective customer engagement tool, live chat provides a greater insight into the market demands.
The biggest advantage of live chat software is mirrored invaluable information about a consumer’s habits, demands and expectations. With collected data, organizations influence the customers, and therefore the market, by identifying the target audience and potential clients.
From there on, smaller companies can use these statistics for email campaigns and other business marketing strategies for sharing news and sending promotional emails. Likewise, they are more likely to reach a broader audience and convince them why they should buy the company’s products or services.
Moreover, a live chat system is a form of “Voice of Customer Data” market research that gives a perfect image of your customers’ chain of thoughts. The process of collecting data can be done simply via live chat transcripts. And with the results, businesses can reshape their low-performing operations, products, services and eliminate every doubt consumers may have about them.
To keep up with the latest advancements the digital age has brought, you should incorporate a live chat feature in your website. Without it, a small business won’t be able to prosper. It is a basic necessity and an unavoidable widget for ensuring that your business grows and becomes a known face in your industry. So, any company with the intention of increasing profit must first focus on improving their customers’ shopping experience through live chat implementation.