Conversation is a core part of the buying process, whether you’re asking the wine clerk what red she recommends or messaging a store owner on Facebook to see if they sell gift cards.

I’m sure you’ve visited a website and had a chat box pop up, asking if you needed help or offering to start a conversation. Chances are, the “person” with whom you’re speaking isn’t human.

A chatbot allows business owners to provide responses and solutions – and even generate leads and sales – 24/7 through automated customer service live chat. According to IBM, up to 80% of routine customer service questions could be answered by a chatbot.

There are two types of chatbots:

1. Those that rely on rules and can only accept/respond in limited ways.

2. Those that use artificial intelligence to employ sophisticated algorithms to accept/respond.

One of the areas we’ll see this tech more and more in is healthcare. While nothing will replace a professional – especially in an emergency – it’s convenient and fast to ask a bot a simple question about a cold or what medications interact with breastfeeding.

Here’s an example: Florence is a popular online personal health assistant. “She” has become focused on two main features: health tracking and medication reminders. All users have to do is start a chat with her in Facebook Messenger, Kik or Skype and she’ll jump in.

Now, let’s take a look at three pros of conversational commerce:

1. Fast responses, multiple options. You’re able to answer queries ultra-fast and this type of interaction is possible on a wide range of platforms including Facebook Messenger, SMS, Google Home, Amazon Alexa, Apple Business Chat and WeChat.

2. Money, money, money. You don’t need to work late responding to questions and you don’t need to pay employees to respond to every interaction. If you want to sell through your bot people can purchase your product or service anytime, anywhere.

3. You automatically gather data. eCommerce chatbots collect data so you can offer a more personalized experience each time someone communicates with your brand. And, you gain lots of valuable insight on your users’ needs, pain points and buying habits.

Caption: Domino’s uses a wide variety of tools to allow pizza lovers to rapidly order, pay and track their food.

Let’s balance that out with three cons:

1. They can’t replace humans. Especially in the medical and legal fields, there’s a concern that patients may use these technologies instead of seeking professional help. Also, you shouldn’t use conversational commerce as your only form of customer service. Your clients should be able to connect with a live person, at least during your regular business hours.

2. Misunderstandings can happen. The problem is with natural language understanding, which is the ability to determine intent. Bots aren’t as skilled at understanding us as our fellow humans are – at least not yet. Customers will get frustrated with eCommerce chatbots that don’t work well and will take their business to a competitor.

3. They’re not right for every situation. It’s true that many companies can benefit from this ever-changing technology, but don’t try and force it. If your services are too complex to map out in AI chat or require thorough consultations, a chatbot probably won’t help lead-qualifying efforts or sales.

Chatbots are far from perfect, and while they’ll certainly advance going forward, you don’t want to alienate customers now. By understanding the pros and cons, you can ensure you’re making the best chat-choice for your business.

Susan Friesen, founder of the award-winning web development and digital marketing firm eVision Media, is a Web Specialist, Business & Marketing Consultant, and Social Media Advisor. She works with entrepreneurs who struggle with having the lack of knowledge, skill and support needed to create their online business presence.

What Is an Opencart Extension?

A lot of people will be unfamiliar with this term so I am going to give a brief overview of this web-based tool. While running an online business, it is very important to manage your database online. This can be done easily with the help of open cart extensions. An open cart extension is quite important for the betterment of your online business including customizing your web content and features.

No doubt, E-commerce is a major tool for online business development but it is incomplete without opencart extensions. You might be wondering that what exactly an Opencart system is? If that’s your query then you are on the right platform. Opencart Extensions are PHP based tools that help individuals and masses to customize their business details and online database. By these extensions, you can easily add business logos, themes and several categories to organize your website sophisticatedly.

So, what are you waiting for? All you need to outshine your E-commerce site is adding opencart extensions. These extensions are totally free and anyone can use this online feature for the betterment of his or her business.

Opencart Extensions also allow users to add testimonials of different clients. For you, it can be new but this technique has the ability to let visitors know about your credibility and worth. So, feel free to utilize free extensions of opencart system because this is the only best way to enhance the abilities of E-commerce.

Importance Of Opencart Extensions:

Even though an opencart system is open-source software that is designed for everyone all around the world but it has huge and immense benefits. So, if you are going to start a business online, I will strongly recommend you guys to get benefits from this web-based feature. You can also follow the links below to get a better idea regarding opencart extensions in E-commerce.

URL shortening is a technique on the World Wide Web in which a Uniform Resource Locator (URL) may be made substantially shorter and still direct to the required page.

Even more startling: 10% of advice was found to leave investors in an even worse financial position.

Through a “vertically integrated business model”, Commonwealth Bank, National Australia Bank, Westpac, ANZ and AMP offer ‘in house’ financial advice, and collectively, control more than half of Australia’s financial planners.

It’s no surprise ASIC’s review found advisers at these banks favoured financial products that connected to their parent company, with 68% of client’s funds invested in ‘in house’ products as oppose to external products that may have been on the firms list.

Why the banks integrated financial advice model is flawed

It’s hard to believe the banks can keep a straight face and say they can abide by the duty for advisers to act absolutely in the best interests of a client.

Under the integrated financial advice model, there are layers of different fees including adviser fees, platform fees and investment management fees adding up to 2.5-3.5%

The typical breakdown of fees is usually as follows: an adviser charge of 0.8% to 1.1%, a platform fee of between 0.4% and 0.8%, and a managed fund fee of between 0.7% and 2.1%. These fees are not only opaque, but are sufficiently high to limit the ability of the client to quickly earn real rates of return.

Layers of fees placed into the business model used by the banks means there is not necessarily an incentive for the financial advice arm to make a profit, because the profits can be made in the upstream parts of the supply chain through the banks promoting their own products.

This business model, however, is flawed, and cannot survive in a world where people are demanding greater accountability for their investments, increased transparency in relation to fees and increased control over their investments.

It is noteworthy that the truly independent financial advisory firms in Australia that offer separately managed accounts have done everything in their power to avoid using managed funds and keep fee’s competitive.

The banks have refused to admit their integrated approach to advice is fatally flawed. When the Australian Financial Review approached the Financial Services Council (FSC), a peak body that represents the ‘for-profit’ wealth managers, for a defence if the layered fee arrangements, a spokesman said no generalisations could be made.

There are fundamental flaws in the advice model, and it will be interesting to see what the upcoming royal commission into banking will do to change some of the contentious issues surround integrated financial advice.

Many financial commentators are calling for a separation of financial advice attached to banks, with obvious bias and failure to meet the best interests of clients becoming more apparent.

Chris Brycki, CEO of Stockspot, says “investors should receive fair and unbiased financial advice from experts who will act in the best interests of their client. What Australians currently get is product pushing from salespeople who are paid by the banks.”

Brycki is calling for structural reform to fix the problems caused by the dominant market power of the banks to ensure that consumers are protected, advisers are better educated and incentives are aligned.

1. Cost of Living: Some factors, determining, the Cost of Living, include: wages (and wage growth); prices, etc, and how wages, are, or, aren’t able, to keep – up, with the increase in costs, etc! Most realize, we have, in the past – few months, experienced, a huge, jump, in pricing, most – apparent, in the food stores, restaurants, and, nearly, everything, related – to, day – to – day, existence, etc!

2. Federal Reserve: In recent times, the near – historic – low, extended period, of interest rates, has, in addition, to the intended measures (helping businesses, and the economy, in trying – times), has caused a Real Estate, Sellers Market, and, a huge rise, in home prices, in most parts of this country! In addition, it created a surge, in consumer use of credit, because, borrowing, appeared, cheaper! However, most economists forecast, many of these supports, and maintaining, such low rates, will, gradually, be reduced (or minimized), probably, beginning, next year. What impact will that have, and will we see, the historic reaction, which has been, when rates rise, it helps reduce inflation, etc?

3. National economy/ conditions: Largely, because of a world – wide, supply – chain, set of obstacles/ challenged, many industries, have experienced, challenges, in terms of, getting sufficient amounts of needed materials, etc! Go into, nearly, any store, and you will see, more – sparse, shelves, than we have seen, in recent memory! In addition, building supplies, products, food, toys, cars and car parts, etc, are under – stress, because of this!

4. Worldwide economies/ economic conditions: Nearly, every nation, is experiencing, economic issues and challenges! The United Kingdom, because of worldwide, as well as specific national trends/ causes/ conditions, has been largely, impacted! Since, we live, largely, in a global economy, when there is any disruption, in the supply – chain, it affects, everyone!

5. Stock and Bond Markets: Because of several reasons/ factors, the United States Stock Market, has benefited, significantly, and experienced, significant increases, in the price of stocks. In addition to the obvious ones, because, interest rates, have been, so low, many investors, believed, stocks, were, nearly, the only game – in – town! When, if, interest rates, rise, bond rates, will rise, and existing, bond prices, will adjust, and drop!

6. Immediate, intermediate, longer – term ramifications/ impacts: The immediate impact of inflation, is, usually, rising prices, and, wages, which, usually, rise, at a far – lower rate! In the intermediate – period, we begin to see, weakening economic trends, and in the longer – term, depending on how long, it ensues, there are often, several, undesirable ramifications, and impacts!

Don’t take inflation, and its risks, for – granted! The more you know, and understand, the better prepared, you will be!

1. Bond prices and interest rates: The price of a bond, generally, is inversely – related to interest rates! When these rates go down, prices, rise, and when they go up, the inverse occurs! Bonds have, what is known, as, a par – value, which is the price, paid, at the end of the term. Markets usually set these at 100, which represents $1,000 per bond, at maturity. However, during the period, the pricing can rise or fall, which impacts, liquidity – related issues!

2. Mortgage rates: For the last few years, we have been witnessing and experiencing, record – low, mortgage interest rates, which have helped the overall, real estate/ housing market, especially, in terms of, pricing increases! In most areas of this country, we are seeing, home prices, at their highest levels, ever, by a significant, dramatic amount! When this rate, is low, a home buyer is able to buy, more – house – for – his – bucks, because, his monthly payments, are so low! Consider, however, what might be the potential ramifications, and impacts, when these rates, will, inevitably, rise?

3. Consumer credit: Low costs of borrowing, help the automobile industry, in terms of consumer financing, etc! Although, not as much as other vehicles, rates on credit card debt, are lower, and there are often, shorter – term, promotions, offering deals! However, since, most of these are variable, and based, on some index, etc, what happens, when there is an increase, in this?

4. Business borrowing: Another area affected, is business cost of borrowing! Presently, they have had access, to relatively, cheap – money, which helps in reducing the costs of borrowing, overall operations, purchasing inventory, etc. But, what happens, when this, ticks – up?

5. Impacts on stock market prices: For some time, because bonds have paid so little, in terms of dividends, etc, many have considered, the stock market, the only game, in – town! In addition, many corporations, have seemed, better – off, than they probably are, and we have witnessed, a higher, ratio of prices to profits, than in the past! How long will this last? How high can it go?

Many factors impact these issues, especially: actual and/ or, perceived inflation; consumer confidence; politics/ government actions/ the Federal Reserve, etc. The more you know, and understand, hopefully, the better – prepared, you will be!