Artificial Intelligence (AI), Internet of Things (IoT), and blockchain-powered chatbots for improved customer satisfaction, experience, and loyalty

16 Pages Posted: 30 May 2024

See all articles by Nitin Rane

Nitin Rane

University of Mumbai

Saurabh Choudhary

University of Mumbai

Jayesh Rane

University of Mumbai

Date Written: May 29, 2024

Abstract

Artificial Intelligence (AI), Internet of Things (IoT), and blockchain-powered chatbots are revolutionizing customer service, significantly enhancing customer satisfaction, experience, and loyalty. This research paper investigates the development and implementation of AI chatbots, emphasizing their capability to facilitate personalized and efficient customer interactions. Utilizing natural language processing (NLP) and machine learning (ML), these chatbots can comprehend and address customer inquiries in real-time, providing smooth support akin to human conversations. The paper highlights current trends, such as the use of sentiment analysis to understand customer emotions and customize responses accordingly, creating a more interactive and empathetic experience. Additionally, the deployment of predictive analytics allows chatbots to foresee customer needs and offer proactive solutions, thereby minimizing response times and boosting overall satisfaction. Moreover, the study examines how AI chatbots enhance customer loyalty by delivering consistent, round-the-clock support, making customers feel appreciated and heard. Through various industry studies, the research demonstrates the positive effects of AI chatbots on customer retention and brand reputation. The study suggests that ongoing innovation and the integration of sophisticated AI features will continue to improve the efficiency of chatbots in the customer service sector.

Keywords: Artificial intelligence, Chatbots, Customer-service, Natural language processing, Customer satisfaction, Customer loyalty, Internet of Things, Blockchain.

Suggested Citation

Rane, Nitin and Choudhary, Saurabh and Rane, Jayesh, Artificial Intelligence (AI), Internet of Things (IoT), and blockchain-powered chatbots for improved customer satisfaction, experience, and loyalty (May 29, 2024). Available at SSRN: https://ssrn.com/abstract=4847274 or http://dx.doi.org/10.2139/ssrn.4847274

Nitin Rane (Contact Author)

University of Mumbai ( email )

Mahatma Gandhi Road
Mumbai, 400032
India

Saurabh Choudhary

University of Mumbai ( email )

Maharashtra
India

Jayesh Rane

University of Mumbai ( email )

Mahatma Gandhi Road
Mumbai, 400032
India

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