IBM reports that globally businesses spend over $1.3 trillion/year to handle roughly 265 billion customer calls. Chatbots spring up to minimize the expenditure on handling customer queries, especially the most redundant ones.
It’s quite common for businesses to assess the return on investment before adopting new technology.
However, ROI from chatbots may vary according to the purpose it serves. For example, an insurance chatbot ROI differs from that of an HR chatbot. Here are certain parameters to consider for calculating the return on investment from chatbots.
#1 Average Human Live-chat Cost
The total number of tickets raised per month and the number of agents involved gives an idea of the average price per contact.
According to Help Desk Institute, the average cost/minute for a live chat is $1.05, while the average cost per chat session is $16.80. Assuming an organization handles 10,000 chats in a month, the cost incurred sums up to $168,000/month.
Depending on the number of people involved and their compensation, you can calculate the amount you’re spending on your organization’s customer support. Here’s a salary reference, which can be used in further calculations.