Businesses have a huge amount to consider as they look to develop their services. For example, they have to think about everything from their product lines to marketing, including setting up that all-important website.
However, customer service is also an issue that needs to be high on the agenda, as getting the right support to clients and customers can be a crucial part of running a successful operation. By doing this, you could retain customers, while they may also go on to share their positive experiences. Ultimately, handling a situation well could be a big plus.
Changing times
Of course, customer service is not necessarily just about speaking to people face-to-face or on the phone these days. As many businesses operate online, the tools around the area have changed – and one of the most significant to emerge is undoubtedly live chat. The ability to communicate with customer service via messaging services has opened up fresh possibilities and has also been embraced by a range of areas.
For instance, the insurance industry makes use of the concept, with companies like LV offering the option. The brand’s website features a ‘Chat Now’ button on the bottom of the display, so users can talk to representatives when they are available. Elsewhere, the iGaming sector has also effectively adopted such platforms. As this page details, some of the most common contact methods on Swiss online casinos are email and live chat. The site adds that many online casinos tend to have their own customer service offering and provide support in several ways. It also emphasises the importance of the issue, as it says that good support is a strong indicator that the provider is reputable.
Live chat’s impact is also highlighted by the fact that it even makes headlines. For instance, Tech.eu recently reported on the news that Tidio has raised $25 million in funding as it looks to help small businesses unlock their potential. The Polish platform helps businesses offer around-the-clock support with live chat, as well as AI chatbots and other features.
New findings
With all of that in mind, it is clear that live chat is having an impact in the modern business world. However, a new study has also hinted that live chat software is set for a very bright future in the coming years.
Allied Market Research has published a report on the area and it states that the global live chat software market generated more than $755 million in 2020. Remarkably, that figure is expected to grow across the next few years and reach a massive $1.7 billion by 2030. This equates to a compound annual growth rate (CAGR) of 8.8 percent between 2021 and 2030.
The report went on to examine the industry by end-user and revealed that retail and e-commerce had the highest market share in 2020. However, another industry is set to make an impact on the area in the next few years, as the travel and hospitality sector is expected to have the fastest CAGR from 2021 to 2030. In terms of regions, North America had the highest market share in 2020 and it is forecast to keep its lead position across the period analysed. The Asia-Pacific region is predicted to have the largest CAGR through that timeframe though and this is linked to a rise in demand for live chat from many industries. The report also listed a few leading market players and referenced the likes of LogMeIn, Zendesk and Olark.
A key tool
Such findings hint at a big future for live chat and this seems understandable when other research is taken into account. Last year, a TCN consumer survey highlighted how people in the US prefer to interact with a person when it comes to customer service. The top three preferred methods of communication were phone, email and – of course – an online chat with a live agent.
So, if you are considering ways to revamp your customer service offering, it seems like live chat might be a useful tool to consider. The concept is seemingly set for a bright future and it could well become a key element as you look to ensure that your customers are happy and content.
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