Do you know the significant chatbot metrics to measure customer satisfaction? Every online business owner should understand customer preferences change to develop a customer-centric business. AI chatbots provide valuable insight for online business owners about their potential customers.
This article focuses on the key metrics of an AI chatbot and how to measure user satisfaction with their key performance indicators.
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What are Chatbot Metrics?
Chatbot analytics provide online business owners valuable insights into how a chatbot enhances the customer journey with its performance. An online business owner should track the performance of an AI chatbot to know how it engages your website visitors.
A bot engages the user and encourages them to purchase products on your website. Every e-commerce site owner should know whether the chatbots are successful in engaging website visitors or not. Tracking the metrics of your chatbots will help you determine their success in the conversion rate and boost the revenue of your e-commerce site.
Why are Chatbot Metrics Important?
If you are setting up an AI chatbot on your website, then you should understand the chatbot’s metrics.
Chatbot analytics will help you understand how chatbots are helping you to grow your online business effectively. Key performance indicators of a chatbot will help you learn more about your target audience and their preferences. Hence, an e-commerce store owner should look into the KPIs of a chatbot and continuously improve your business’ revenue.
Chatbot Analytics Dashboard
If you are implementing an AI chatbot on your website, you will witness a chatbot analytics dashboard that provides details of your customer journey. An online business owner can understand whether their chatbot has a positive impact on user interaction rate.
Chatbot analytics dashboard will inform online business owners about the order details, user interactions, average order value, conversation rate, order status requests, etc. With the analytics dashboard, an online business owner can understand the customer journey on an e-commerce website better. There are nine significant KPIs that will provide valuable insight for e-commerce website owners.
12 Chatbot Metrics to Keep Track of
An e-commerce business owner should implement AI chatbots on their website to provide instant support to their users. AI chatbots will handle multiple tasks on an e-commerce website. However, before implementing an AI chatbot on your website, you should understand its objective.
If you are implementing chatbots on your e-commerce website for user interaction, you should measure the user interactions. Conversely, many online business owners implement chatbots on their websites to place and track order details. In this case, online business owners can track the performance by measuring order status requests, e-commerce orders, and conversion rate.
1. Average Order Value(AOV)
The average order value is the amount a customer spends when they place an order on a website.
Improving the average order value on your website is significant to determining the marketing strategies of your business. Many e-commerce business owners will also set the pricing for their products based on the average order value.
Average order value is one of the significant metrics for online business. You should measure how your AI chatbot improves the average order value that it attributes to the bot so you may know the average amount your company generates when a customer places an order.
2. User Interactions
If you know the common pattern of your users’ conversations, you will better understand their preferences. Implementing an AI chatbot on your website is one of the best ways to engage with your website visitors and understand their preferences.
An e-commerce website should start a conversation with customers to make them stay longer on their websites. A conversation’s duration with AI chatbots is shorter than the live chat conversations. Customers will get instant and relevant responses with Artificial Intelligence induced chatbots.
AI chatbots will pop up and start conversations with customers. If customers ask complex questions, chatbots will tackle them with more efficiency than a live agent. You can also measure the user interaction rate to see how your AI chatbots engage users in their interactions.
3. E-commerce Orders
An AI-powered chatbot in an e-commerce website will ease the process of placing orders on an e-commerce website. With Ochatbot, your website visitors will place the orders in the chat widget without leaving the website.
When a visitor engages with a bot and continues to make a purchase, the chatbots aides them with their order. You can measure how many active users place the orders on your website with the chatbots’ conversations. Conversely, if they simply click the “x” to close the bot and never interact with it again, then it does not tie the orders to the bot.
4. Conversion Rate
One of the main objectives of an e-commerce site owner is to convert casual website visitors into potential customers.
AI chatbots play a significant role in boosting the conversion rate of a website. A conversion rate is the converted potential customers divided by the total number of visitors to the website. With the chatbot, an online business owner can track the conversion rate of the website effectively. You can also measure how many chatbot users convert to customers on the website.
5. Total Revenue
While looking into the important chatbot metrics, you can measure the total revenue attributed to the chatbot.
With instant responses and relevant suggestions at the right time, the chatbot boosts the total revenue of the website. AI chatbots will understand user messages efficiently and respond to customers like real people to encourage them to make their purchases. E-commerce site owners can calculate the total revenue attributed to the bot on the website.
6. Recovered Carts
Cart abandonment is one of the common problems that every e-commerce owner faces. Many online business owners use different strategies to reduce the rate of cart abandonment rate on the website. Using an AI chatbot is one of the effective marketing strategies to send triggers to customers about their carts and complete the checkout process.
After the customers add products to the cart, Ochatbot remembers users for 30 days, so if someone adds something to their cart, then leaves and returns within those 30 days, the bot will not trigger the default question.
However, the chatbot triggers the abandoned cart conversation that reminds users of what was left in the cart and pushes them to complete the purchase after 30 days. You can measure the recovered cart revenue attributed to the abandoned cart intent.
7. Order Status Requests
AI chatbots not only help users find the products and place the orders within the chat widget. Chatbots will also help them track the order status.
When the user enters the order number, your chatbot will pull the order status info since the bot connects to the store’s database. If the store has a tracking link, the bot will display that and the status.
Your customers can track their order status with the AI chatbot. If a customer finds it difficult to track the order, there is a chance of a cancellation request, but AI chatbots will make order tracking tasks easy for the customers to reduce these instances. While measuring the bot metrics to determine chatbot success, you can also look into the order status requests.
8. Lead and Survey Form Conversion Rate
If customers complete the lead or survey forms, then chatbots send out an email alert by default if a Zapier connection that includes the form’s information. However, chatbots do not send out partially completed forms.
Online business owners can also determine the chatbot’s success by looking into the lead and survey form conversion rate by the bot.
9. User Reaction and Preferences
Ochatbot has a thumbs up and down icon at the bottom that users can click on. This is a tricky metric because sometimes a thumbs down is legitimate but usually, they are not.
For instance, someone asks the bot “Do you ship to the UK?” and the bot replies “No, we don’t ship to the UK” and the person thumbs down it, the bot is doing its job but the person didn’t like the answer so they gave it a thumbs down. Nevertheless, you can learn more about the user’s preferences with the reaction.
10. Fallback Rate
Fallbacks are when someone types something into the bot that the bot doesn’t understand, and it provides a generic response such as “Try asking again.” or “Please contact support,” a high number of fallbacks relative to chat users is detrimental to your business.
The best chatbot platform will reduce the number of fallbacks as much as possible. Online business owners can also track the fallback rate to check where your chatbot fails in engaging the users.
11. Page of Interest
The top pages are where the chatbot engages customers and helps them discover insights if a page of interest is high or low on the list.
12. AI happiness sentiment
In Ochatbot, there is an AI that reads through the transcript and determines if the user is happy with the conversation or not. The chatbot grades each conversation on a scale of 1-100 and then adds up the conversations to give this final percentage. Online business owners can also consider this as a goal completion rate.
Your e-commerce website needs good customer support. If your customer satisfaction is high, you will create a strong and loyal customer base. A customer-centric business will create more visibility for your brand.
AI chatbot performance in your website will help you develop your business around your target audience. It is significant to know your chatbot effectiveness and conversation statistics. AI chatbots will help you stand out in conversational commerce and enhance your customer experience.
Implementing an AI chatbot is one of the best marketing strategies to increase the number of users on your e-commerce website. Check out the metrics above and choose the best e-commerce chatbot for your online store.
Frequently Asked Questions
What are the two types of chatbots?
Rule-based chatbots and AI chatbots are the two types of chatbots. The rule-based chatbot will provide tree-like questions to website visitors and help them choose from the questions. On the other hand AI chatbots are Artificial Intelligence induced chatbots that understand user questions with the natural language processing technology and provide relevant answers.
How do chatbots use Natural Language Processing (NLP) technology?
Natural Language Processing technology in the chatbots will help the bots understand the natural language of humans. Even if the customers ask complex questions, chatbots understand them and provide relevant answers.
How to improve the chatbot accuracy?
Understanding your target audience is one of the best ways to improve the chatbot accuracy on the website. If your chatbots understand the common questions of your target audience, they will improve the accuracy of the answers. AI chatbots with human-in-the-loop technology will not provide inaccurate answers.
If your chatbots understand the common questions of your target audience, they will improve the accuracy of the answers. AI chatbots with human-in-the-loop technology will not provide inaccurate answers.