How Much Does Chatbot Development Cost?

Chatbot - The must-have requirement for every online business to provide information about products or services, solve their queries, keep them engaged, and convert leads into sales. These could be the reasons for you, too, to look for a chatbot for your business. You are doing great!

Then, what is troubling you? The cost of a chatbot. Remember, the average cost of chatbot integration could be $500 to $10000. But it is not a straightforward answer for every platform. The cost involves many parameters, such as the type of platform and desired chatbot application, the feature of a chatbot, the purpose of using it, the technical experts required, and more. Let’s discuss all these in detail with us.

You can also schedule a call with our experts to know the chatbot cost calculation whether you are looking for an on-demand pickup and delivery app, service app, or trading platform app or plans to embed chatbot in modern platforms such gaming platforms, NFT marketplace, crypto-related platform, other web3 platform or metaverse related technologies. We provide solutions for everything!

Now back to basics, and time to find out!

Hoping you know this!!

• The Chatbot industry amounted to around $83 million in 2021
• It’s expected to be worth around $454.8 million by 2027
• Chatbots handle full conversations around 69% of the time
• 68% of users enjoy the speed at which chatbots answer
• Chatbots have response rates of up to 40%
• 90% of chatbot experiences are neutral or positive
• Chatbots help 55% of businesses generate high-quality leads
• Using chatbots can reduce customer service costs by as much as 30%

Which Is Your Industry?

Businesses need chatbots to stay available 24x7, automate routine tasks and give quick replies to queries. AI-powered chatbots streamline workflow and get more effective results. Therefore, industries that look for chatbots are:

• Banking
• Insurance
• eCommerce
• Education
• Telecom
• HR
• Government
• Transportation
• Healthcare

The cost of each industry solution varies due to unique business needs and customer demands. So, before getting into the complete picture of chatbot cost calculations, let’s understand the factors that affect chatbot price.

Factors Affecting Chatbot Cost

Chatbot development is a long and diversified process. It contains multiple steps, from analyzing the platform requirement to final development. Here we have mentioned some factors that affect chatbot costs:

DIY Approach or Custom Development

Whether you choose to build your own chatbots or hire a customized chatbot development company, you will have to bear some costs. In the case of the DIY approach, the cost could be less as it excludes development expenses but add your time spent. On the other hand, customer development involves some expenses for development, but you can enjoy 100% tailored products that meet your business and customer needs. Moreover, you have to bear fewer chatbot maintenance expenses.

Business Goal

The next deciding factor in chatbot development is your business goal. It's a crucial factor as it involves your platform development purpose and lets you decide your chatbot features. Further, whether you want to develop a FAQ chatbot, lead generation bot, marketing, information collection, appointment booking, or more, each solution varies with price.

Here are some examples of chatbots based on your business goal.

Customer Service Chatbots

The chatbots are designed to solve multiple customer queries like FAQs, store hours, directions, services, etc. These chatbots have the potential to get quick solutions and personalized help that boost the experience. More uses of chatbots involve:

• Support customers inside the mobile app
• Handle internal helpdesk support
• Chatbots help to collect customer feedback
• Bots help in order confirmation & tracking shipping
• Chatbots handle refunds & exchange requests efficiently
• Chatbot for Sales

The chatbots ask contextually relevant questions, qualify leads, and book sales meetings. The 24*7 serving platforms have the potential to generate 4x leads and engage visitors. The chatbot provides the following;

• Automate sales & lead generation
• Better lead nurturing
• Chatbot eases appointment bookings
• Bots help to place online orders

It is found in a survey that 1 out of 5 people consider purchasing goods and services from a chatbot. These days, top brands ask users questions about their style and offer photo options for users to choose from. It helps them to make clothing suggestions and direct purchases.

Chatbot for Marketing

Some companies focus on instant and convenient customer service. It provides businesses with meaningful conversations and revenue-generating opportunities. More bots help in:

• Better customer engagement
• Offer product recommendations
• News bots to keep users updated with the latest news

These chatbots gave a new makeover to every industry, whether it is fashion, finance, real estate, news, or more!

Chatbot for Social Media

Modern social media channels like Facebook, Twitter, Instagram, and LinkedIn have the utmost importance in engaging users in social media marketing. It allows consumers to engage with them in terms of service that allow communication with customers through live chat platforms. Also, major ride-hailing platforms like Lyft accept booking via chat on Facebook Messenger and Slack.

Conversational AI for Messaging Apps

Today leading brands are shifting from traditional means to communicate with users. The platform solves basic queries and keeps them engaged, especially when consumers are not available. Besides that, chatbots keep users updated with points earned or redeemed while shopping online.

Chatbots for Personal Services

Personal services involve fitness, diet, health, or day-to-day activities that users look for to streamline day-to-day tasks. These bots enable users to stay consistent with their workout routine, height, weight, and fitness goals and send out engaging push notifications.

Number of Supported Platforms

The cost of chatbots is also affected by the number of platforms it will support. The more platforms you will choose, the higher the cost will be. For instance, if you are operating a banking app and want to inform users of new updates or alerts, you can also message on Whatsapp or on messenger. Facebook is a top example of using more than 300,000 bots on its platform.

Type of Integration You Want

What type of integration services you want also affects your chatbot cost. Some of the integration services involve websites, apps, email, whatsapp, CRM, and analytics that add cost to chatbot development. Moreover, whether you plan to integrate chatbots on a company's app or website has a huge impact on your services and cost calculation.

Internal Business Process You Want To Handle

Another important segment for data handling and chatbot cost calculation is to understand what type of routine process your business wants to handle. If it involves complex figures, precise statistical information is required, or else it will definitely add cost to your platform.

Complexity Of Data Analysis With AI

Advanced chatbots can talk like humans, learn from past conversions and handle complex data effectively. An AI-powered packed tool can handle machine learning algorithms, data analysis algorithms, and predictive analytics that consumes less time and affect the price.

Adding More layer of Features

You can expect an additional layer of features, such as:

• Multi-language chatbots
• Booking meetings
• A personal key account manager
• Custom SSO (single sign-on)
• Paying directly on the chatbot
• Deep dialogue context technology
• Video and Interactive content
• Audit log

Chatbot Cost With Custom Development

There is no such fixed cost when you hire a custom chatbot development company. The final pricing could vary due to different factors. These involve:

Your Chatbot Development Company

The chatbot development company plays a crucial role in development. The company enables you to accomplish top-notch off-shore projects in a few days only with all the AI-based features. You can approach a company with years of experience and have a good hand on the latest technology, such as blockchain, web3, and metaverse-related technology. The company can help you to design future-ready platforms with all the functionalities at a pre-decided AI development cost.

POC and MVP Phases

POC (Proof of Concept) and MVP (Minimum Viable Product) plays a crucial role in customized chatbot development. POC defines an early stage of the functionalities model defined for your platform. Whereas MVP or, say beta version involves basic features of the final solution. The idea of using MVP is to gather initial feedback from the clients and then scale up if everything seems right.

The strategy of chatbot lets you get the best product but also adds cost to its development.

Simple Button-Based Bot or Advanced AI-Powered Chatbot

On the board of development, you need to choose between simple and AI-powered chatbots.

Simple button-based chatbots function with predefined commands only. There is no natural language learning ability, but users can get the answer by chatting. On the other hand, AI development services based chatbots involve natural language processing systems. Chatbots have the potential to handle complex queries effectively based on information that is not scripted. Therefore AI-powered chatbots cost 2-3 times more than simple button-based chatbots.

Number of languages it can support

Another major challenge for any platform is to understand how many languages it can support. If you want to serve a wider audience, you need to hop into more language approaches. It adds cost. Besides that, the testing phase of chatbot development also affects its price tag. Including more languages means experts need to unwrap additional layers of testing. On the other hand, Button-Based Bot supports a single layer of testing which means you don’t have to look for additional language testing techniques.

Type Of Front-end, Back-end, And Maintenance

Modern businesses also pay attention to their chatbot's appealing appearance. The color, style, and labels become their brand voice. However, some in-built bots have fixed UI and won’t have the option to customize. However, if you want an eye-captive chatbot, you may need to pay additional money to the development company.

The cost of platform development also varies for the level of complexity involved with backend ability support. The more complex logic you will see to develop, the more cost it will bear.

Further, platform maintenance is another materialistic matter to keep your platform live and updated with customer queries. It involves 10% of the total platform development cost.

More Chatbot Cost Deciding Factors Includes:

The list to understand chatbot development does not end here. There are more chatbot development costing factors. These involve;

Active Chatbot:

The number of chatbots you can connect with your platform.

Chat History:

Defines a complete user's chat about boosting performance and keeping a record of their information or questions.

Appointments Scheduling:

Enables your users to book free slots or schedule appointments with experts.

Fallback Responses:

Allow your users to submit feedback for all your services.

ML Intent & Training:

Allow chatbot to do real-time responses. The price will be higher as it involves advanced features.

Based on Visitors:

Some chatbot platforms charge based on visitors. If the number of visitors increases, the price goes up. It can range between 1000 to unlimited. Once the number increases, the charges will increase.

Synonyms:

Some chatbots work with synonyms functioning. Therefore have the option to handle a wider audience. These chatbots are supported by advanced coding that boosts your chatbot development cost.

Offensive World Filters:

if you plan to build a bot with offensive words from interactions, you will definitely need to pay extra for it.

Bot Reports:

Users have to pay more if they want a bot with the ability to generate various types of reports, whether bot analytics, leads reports, fallback reports, or custom reports.

Build Chatbot With Suffescom Solutions Inc.

We built a powerful solution for chatbot development that perfectly fits all your needs and requirements. Our designed products are quite flexible and are able to be customized according to business needs. You can contact us for many reasons.

• 24*7 customer support
• Expertise in on-demand and blockchain technology
• 500+ seasoned developers under one roof
• Updated tools
• Designed and developed web3 projects
• Maintenance support
• Multiple-level testing before deploying
• Customized chatbot development for gaming platforms(play to earn, move to earn, watch and earn), NFT marketplace, crypto wallet, delivery platforms, service platforms, or you name anyone!!

Time to start your project! Schedule a call with our experts, Now!!