You are reading the article Chatgpt Predicts A Bullish Rally For Solana – Its Metrics Concur updated in February 2024 on the website Bellydancehcm.com. We hope that the information we have shared is helpful to you. If you find the content interesting and meaningful, please share it with your friends and continue to follow and support us for the latest updates. Suggested March 2024 Chatgpt Predicts A Bullish Rally For Solana – Its Metrics Concur
The price of Solana [SOL] rose nearly 30% following the news of Ripple [XRP] securing a partial victory in its legal battle with the U.S. Securities and Exchange Commission (SEC) on 13 July.
The U.S. District Court of the Southern District of New York ruled in its judgement that the sale of Ripple’s XRP tokens on crypto exchanges and though programmatic sales did not constitute investment contracts; hence, it is not a security in this case. But the court also ruled that the institutional sale of the XRP tokens violated federal securities laws.
Even as SOL is touted to be the “Ethereum [ETH] killer,” Solana Labs co-founder Anatoly Yakovenko seems to be in agreement with the idea of using Ethereum as a layer-2 for the Solana blockchain.
— toly 🇺🇸 (@aeyakovenko) July 2, 2023
Even Ethereum founder Vitalik Buterin is an admirer of the Solana protocol. When the SEC sued Binance [BNB] and Coinbase [COIN] in early June, it labeled several altcoins, including SOL, as securities. Even Buterin rued the manner in which the regulator is targeting projects like Solana.
— chúng tôi (@VitalikButerin) June 30, 2023
Heading into 2023, SOL was hovering around the $10 support zone. It was already in the grips of a downtrend that stretched back to November 2023, back when SOL was trading at $200. Just as investors began anticipating further losses across the crypto-market in January, Bitcoin [BTC] climbed past $17k and shifted the shorter-term sentiment to bullish.
Solana benefited massively from this shift and recorded gains of 175% in 21 days. However, it could not breach the $26-$28 resistance zone, which has acted as support since June-November 2023.
Read Solana’s [SOL] Price Prediction 2023-24
In June, the on-chain analytics firm Messari published a report analyzing the degree of decentralization among different chains. Proof-of-stake (PoS) network Solana, with an aggregate Nakamoto coefficient of 1.9, seemed to have outperformed its peers.
The most bullish scenario of 2023, according to AMBCrypto’s prediction bot, could see SOL valued at $75.5. However, we can ask another bot for its take on the price, network health, and the trajectory of Solana after giving it some relevant data points.Can we coax ChatGPT into a Solana price prediction if we give it enough information?
ChatGPT has been a remarkable chatbot and the updates of the past month have made ChatGPT 4.0 quite impressive. It is a powerful tool for learning and well-trained on a vast array of topics. Yet, we must remember that the bot is engineered to mimic a human, and is not necessarily guaranteed to be factually accurate. The jailbreak version of ChatGPT would likely be even more inaccurate, as it is specifically instructed not to say no to anything the user requests.
And yet, it is possible to obtain some guesses from the chatbot on what the future might hold if we provide it with details about recent price movements.
So, what does ChatGPT make of Solana? Does it see a route to recovery after its recent setbacks? Based on transaction fees and transaction speeds, ChatGPT seems to think Solana will be an Ethereum killer.
We are yet to inform it of the challenges that Solana and SOL investors have faced in recent months. Let’s start with the biggest dent in investor confidence –FTX, where the freefall began
Sam Bankman-Fried was one of the most vocal proponents of the Solana network. The community saw him as a credible and smart entrepreneur who was the CEO of one of the largest crypto exchanges, FTX. Even though Binance reigned supreme in terms of volume and token pairs, FTX was giving it a run for its money. Competition is also good for the industry and serves the customers.
A lot has changed since then, and the SEC has charged Mr. Bankman-Fried with defrauding the equity investors of FTX, further alleging that he commingled FTX customer funds with Alameda’s to make undisclosed venture investments. He faces over 100 years in jail if convicted on all counts.
Not only has the reputation of Solana taken a hit, but the foundation also sold a significant amount of SOL to FTX Trading and Alameda Research. This amounted to 58.08 million SOL, or 11% of the circulating supply at the time FTX filed for bankruptcy. It was valued at close to $1.1 billion at the time.
As expected, the price of Solana nosedived in November and declined by 45% from November 11 to 31 December, falling from $18.08 to $8. With rumors of FTX’s insolvency circulating from November 5, SOL had already lost 50% the previous week, when it was trading near the $38 mark. This took SOL’s total losses from 5 November 2023 to 31 December 2023 to 79.4%.
ChatGPT certainly sounds optimistic, and early 2023 went extraordinarily well for investors. And yet, some network issues cropped up, just as they had in 2023.SOL gained by 180% in January and February 2023, exceeding all expectations
From 1 January to 20 February, Solana gained 179.88% on the price charts and rallied from $9.69 to $27.12. The explosive rally has been credited partially to Bonk; a meme coin introduced within the Solana ecosystem modeled after Shiba Inu.
A part of the total 99 trillion supply was airdropped into the wallets of Solana users in December. The transaction count per day was on a downtrend in the second half of December, but this turned around in early January.
Is your portfolio green? Check the Solana Profit Calculator
Soon enough, the transactions were picking up pace once more. The introduction of the fun meme coin did much to bring the community away from the dark, depressing shadow the FTX debacle had cast on Solana.
When fed with on-chain data and price action in recent months, the jailbroken version of ChatGPT pulled up a price of $400 for Solana in Q3 2023.
The network has faced troublesome outages in recent months, which might hurt investor confidence. The chat bot agreed.
Predictions aside, what does price analysis tell us about Solana?Some imbalances remain in the south
At press time, SOL was trading at $28.85, showing a sharp rise of 28% following the SEC-Ripple ruling.
Though its Relative Strength Index (RSI) rested much below the neutral 50-point, its Money Flow Index (MFI) comfortably rested above the neutral 50-level. However, its On Balance Volume (OBV) shows an upward movement.
As far as its on-chart indicators are concerned, the bulls are going to dominate the bears.Conclusion
While ChatGPT predicts SOL’s price to rally to a high figure of $400 during the third quarter of this year, its on-chart metrics also paint a optimistic picture. It is therefore crucial that traders do their own research before investing in a crypto asset.
You're reading Chatgpt Predicts A Bullish Rally For Solana – Its Metrics Concur
Here are 5 reasons for the current cryptocurrency market growth.
Amidst all the volatility, the cryptocurrency market is recovering well despite COVID-19 disrupting major world economies. When companies were facing the heat of the pandemic with their businesses taking a hit, several crypto and blockchain startups launched themselves to support the roaring demand of Bitcoin and cryptocurrencies. While many crypto exchanges and trading platforms surfaced from across the globe, they also managed to raise significant funding from investors to grow their market position, like CoinSwitch Kuber that recently raised a funding of INR 109 crore (US$15million – Series A funding) from big fintech players like Ribbit Capital, CRED, and Paradigm. Bitcoin, the largest crypto coin in the world,1. Green signal from institutions
What was once looked at with speculation, Bitcoin is now being accepted by2. Paypal crypto exchange
Paypal has approximately 350 million users. In 2023, Paypal launched a new feature that would allow its millions of users to3. The scarcity factor
Cryptocurrencies are made available in a limited quantity, even Bitcoin. But Bitcoin’s practice of halving its quantity adds a major boost to its value. It’s a basic economics principle, a scarce commodity is valued more than others because of its exclusivity. The Bitcoin network works because it introduces new coins through mining. In this process, Bitcoin miners verify Bitcoin blocks. Every 10 minutes, a miner verifies one block of transactions and adds it to the Bitcoin network to earn rewards. At present, the reward is 6.25 BTC per block, and this reward reduces by half every four years or after 210000 blocks mined. This slashing of Bitcoin rewards to half is known as Bitcoin halving. Since only 21 million Bitcoins are made available in the market, when the reward decreases there is less circulation in the market which increases the demand for the coin due to the scarcity factor. This, in turn, affects the value of other cryptocurrencies.4. Easy Accessibility
Initially, cryptocurrency was supposed to become a mode of payment. But now, it has also become a store of value. Even if users are unwilling to use cryptocurrency to make payments, they are ready to5. Acceptance from countries
Amidst all the volatility, the cryptocurrency market is recovering well despite COVID-19 disrupting major world economies. When companies were facing the heat of the pandemic with their businesses taking a hit, several crypto and blockchain startups launched themselves to support the roaring demand of Bitcoin and cryptocurrencies. While many crypto exchanges and trading platforms surfaced from across the globe, they also managed to raise significant funding from investors to grow their market position, like CoinSwitch Kuber that recently raised a funding of INR 109 crore (US$15million – Series A funding) from big fintech players like Ribbit Capital, CRED, and Paradigm. Bitcoin, the largest crypto coin in the world, fueled the cryptocurrency market by raising its market capital beyond US$1 trillion. Bitcoin has been bullish for the past few weeks now which contributed to 69% of the total market value. Bitcoin investors are cheering for this rally as Bitcoin plummeted during the crypto market crash and is now finally getting back to its pace. This is the same Bitcoin that reached its all-time high of US$60,000 in early chúng tôi how did the market undergo this successful correction? Here are five reasons that can sum up the chúng tôi was once looked at with speculation, Bitcoin is now being accepted by major institutions from around the world . Despite its volatility, the crypto coin is being considered a safe asset, making way for cryptocurrencies to earn a similar reputation. Recently, many public companies, like Square, an American payments company, and Microstrategy, a publicly listed US company, are converting their cash treasuries into cryptocurrencies by buying Bitcoins.Paypal has approximately 350 million users. In 2023, Paypal launched a new feature that would allow its millions of users to buy and sell cryptocurrency on the platform . This feature included the trading of crypto coins like Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. This is a significant move for the crypto industry as Paypal was one of the sternest critics of cryptocurrency. Following Paypal’s suite, Venmo also launched a similar feature that allows its users to make crypto payments.Cryptocurrencies are made available in a limited quantity, even Bitcoin. But Bitcoin’s practice of halving its quantity adds a major boost to its value. It’s a basic economics principle, a scarce commodity is valued more than others because of its exclusivity. The Bitcoin network works because it introduces new coins through mining. In this process, Bitcoin miners verify Bitcoin blocks. Every 10 minutes, a miner verifies one block of transactions and adds it to the Bitcoin network to earn rewards. At present, the reward is 6.25 BTC per block, and this reward reduces by half every four years or after 210000 blocks mined. This slashing of Bitcoin rewards to half is known as Bitcoin halving. Since only 21 million Bitcoins are made available in the market, when the reward decreases there is less circulation in the market which increases the demand for the coin due to the scarcity factor. This, in turn, affects the value of other cryptocurrencies.Initially, cryptocurrency was supposed to become a mode of payment. But now, it has also become a store of value. Even if users are unwilling to use cryptocurrency to make payments, they are ready to invest in it like an asset . In countries like India where RBI is against cryptocurrency, investors are holding them for their value. Many platforms have also come up to make crypto as an asset easily chúng tôi many private investors and institutions are adopting cryptocurrencies as a means of payment, many governments are also coming on board to form crypto regulations. Countries like Japan, the USA, Germany, and El Salvador have taken a positive approach towards cryptocurrency. As a first, El Salvador decided to use Bitcoin as legal tender.
The conversational AI, ChatGPT, has taken the internet by surprise by delivering almost accurate information in a few seconds just like humans write. If you’re interested in this chatbot AI but don’t know where to start, I got you covered. Read on to learn how to use ChatGPT in this easy-to-understand and concise tutorial.
Artificial Intelligence (AI) is the next iteration of digital technology. Various hardware and software developers already gained tremendous success in developing and training AI software or robots that can aid human beings at work, home, or school.
However, a conversational AI that’ll talk to you, fetch content for you, code for you, and so on has long been beyond our reach. With the unveiling of ChatGPT by OpenAI on November 30, 2023, that gap closed. Now, we can get knowledge on almost anything from ChatGPT by simply typing questions.
If you’re new to this or facing challenges in using ChatGPT, this step-by-step tutorial will help you out. Read until the end to learn how to use ChatGPT.What Is ChatGPT?
ChatGPT is an AI program that can talk to anyone on the internet via text in a conversational mode. It’s a fusion of AI and machine learning (ML) technology and one of the leading models for Generative Pre-training Transformer or GPT. Meaning, the tool can create descriptive texts based on questions, keywords, etc.
The AI and ML company OpenAI developed this tool using various ML models. One of the major ML model that the developer use is the Reinforcement Learning model. The AI and ML tool utilizes trial and error, rewards, and human feedback to learn. Slowly, it develops a database of learning models. The production-ready ChatGPT tool searches through such learning models to answer your questions.
How to Use ChatGPT
Currently, the ChatGPT AI chatbot is free for public use. You can follow some simple steps to learn how to command this tool to get useful answers. At the time of writing, OpenAI, the developer of ChatGPT doesn’t claim any intellectual property right (IPR) of the content produced on ChatGPT.
Hence, if you’re a software coder, app developer, designer, or content creator, you can use the chatGPT web app as part of your online research.
Signing Up for a ChatGPT Account
Before you can use this extraordinary AI knowledge base, you must sign up for a free account. Here’s how it’s done:
Go to the Welcome to ChatGPT portal.
You can use Google Workspace and Microsoft 365 work accounts to create a new account. Alternatively, you can use any email and personal Google/Microsoft accounts.
Choose the Google account you want to link to ChatGPT for account creation purposes.
Now, you must see the Tell us about you screen.
Here, you must enter your full name and verify the sign-up with a valid mobile phone number.
OpenAI will send an OTP to the provided mobile number for verification.
You can’t link more than one ChatGPT account to a mobile phone number.
Thanks to OpenAI, you can use WhatsApp messaging to get an OTP.
Once you verify, you come to the ChatGPT home screen.
Navigating in the ChatGPT App
Once you log in to the ChatGPT cloud app, you see the home screen. The home screen has two sections. The toolbar at the left side panel and the chat screen. The left-side toolbar houses the following elements:
Dark Mode or Light Mode
OpenAI Discord channel link
Updates & FAQs
The chat input box is at the bottom the of home screen. There, you can type your question. Alternatively, you can choose a sample question from the Examples column on the home screen.
A great feature of this conversational AI tool is that it can remember conversations with the users. For example, you initiated a chat with the tool about the impact of global warming a few days ago. You can open the thread from Chat or the conversation history page on the sidebar.Using ChatGPT to Get Answers
To get useful answers from the ChatGPT AI, you should possess some knowledge of the niche or topic of the questions you’re asking. As of now, ChatGPT developers claim that the AI tool may not provide 100% accurate responses to all the questions that you ask. However, its answers are pretty accurate sometimes. Here’s how you can check out the ChatGPT AI program:
In the chat box, type a question and hit Enter.
The chat screen will maximize and the tool will start typing answers from the top of the screen.
ChatGPT uses a different approach to answer questions each time you ask a similar or the same question. Because it fetches answers from a learning model database which consists of different models for the same topic.
Once you get a satisfactory answer, you can copy and paste the content into Google Docs, Microsoft Word, or any other word-processing app.
ChatGPT is highly experienced in generating content for personal or professional website publishing purposes. Thus, if you own a casual blog where you occasionally post your thoughts about some niche topic, ChatGPT can be of great help.
You can utilize this AI app to produce content for your blog or website. Don’t forget to run the content through a plagiarism checker. Because ChatGPT can generate similar content against the same question asked by two different users.
Related reading: How to Compare Documents in Google Docs
How to Use ChatGPT if It’s Unavailable
Since this high-tech conversational AI chatbot is completely free and it creates content that looks okay to a common person, many content creators rushed to use the tool to generate free AI-based articles, stories, poems, website landing page content, marketing copies, Google Ads texts, and so on.
Thus, the website stays at its capacity most of the time. Also, recently OpenAI started blocking some Asian countries from its ChatGPT server. Furthermore, a walled garden or workplace internet may block you from accessing the tool. If you’re facing any of the above issues while trying to access the ChatGPT server, here’s what you must do:
Set up any VPN from this best cheapest VPN Services list.
Activate VPN on your Chrome or Firefox browser. Some VPNs may provide a desktop app to activate a virtual private network.
Now, try to log in to ChatGPT from a VPN server located in the USA, UK, Singapore, Australia, Canada, etc.
How to get ChatGPT Plus
Seeing its immense potential for monetization, OpenAI started rolling out a paid subscription for the app in batches. You can submit a request to get a personalized invite.
The ChatGPT sales and marketing team will get back to you when they see it as appropriate. The team will communicate the pricing and the payment method. However, the following data are so far in the public domain about the ChatGPT Plus package:
It’s $20+ taxes per month
You must make payments using the US credit card
Currently, OpenAI is only accepting ChatGPT Plus subscription requests from the USA customers
The subscription gives you preferred access to the web app
You’ll get a personalized and encrypted URL to access the ChatGPT web app even when the tool is at its full capacity
Fill up this form to add yourself to the ChatGPT Plus waitlist
Precautions to Follow When Using ChatGPT
ChatGPT is still in its nascent stages of development. Hence, the developers constantly monitor its performance and conversations. Thus, you must not enter any personally identifiable information into the chat box. For example, don’t enter passwords, user accounts, credit card information, SSN, etc.
Furthermore, you shouldn’t discuss any confidential information with ChatGPT. If you got any business or development ideas and want the tool to validate your thoughts, don’t bother! It may not provide any satisfactory answer. Instead, you’ll expose your creative idea to someone else who may be monitoring the conversations between you and ChatGPT.
Limitations of ChatGPT
ChatGPT is completely a self-sufficient AI and ML model for text-to-text content generation. It looks up the answer in its own learning model and knowledge base. It can’t do the followings:
Search the internet for content or answers
Provide references to concepts or theories
Calculate complex mathematics
Also, its machine-learning model is limited to 2023. Thus, it may not be able to provide answers to questions that are beyond its database of information up to 2023. Thus, you must always verify its content before using it for personal or professional purposes.
How to Use ChatGPT: Final Words
So far, you learned the steps to use ChatGPT and navigate around the web app. You also learned how to use ChatGPT when it’s unavailable in your region. Furthermore, you found out how to put its content to good use after performing some quick facto checks.
ChatGPT is a chatbot that is capable of generating websites and writing codes to fulfill various web development tasks efficiently. AI technology has bring-down the entire process of building a website into a few simple steps. This also raises the question of whether ChatGPT can build a WordPress website. Well, it can.
ChatGPT is qualified for creating WordPress websites, it can develop codes for websites, homepages, About us sections, and more in a matter of seconds.
In this article, We are going to mention the steps on how to develop a WordPress website using ChatGPT.
Can ChatGPT write code for a website?
Yes, ChatGPT is capable of writing codes for businesses, web development tasks, and creating websites within a few seconds.
How do I use ChatGPT in WordPress?
There are two ways through which you can operate ChatGPT in WordPress. The first method is to employ ChatGPT manually by simply signing in to your account and generating the content.
Another method to use ChatGPT in WordPress is by installing plugins in the WordPress interface. In this method, once the ChatGPT Plugin is installed you need to have an API key and enter it in the plugin settings.
Is there any ChatGPT extension for WordPress?
Yes, here is the link to the ChatGPT for WordPress extension that can be accessed for WordPress. By downloading this extension you can perform all the activities of ChatGPT in WordPress.
How to Build a WordPress Website With ChatGPT
To build a WordPress website with ChatGPT, you need to follow the below-mentioned steps:
Choose a Hosting Plan and Domain
There are two things you need to select before generating a WordPress website, a domain name and a hosting plan. Hosting plans are extremely important for the quality of the webpage.
Another vital feature to remember while choosing a hosting plan is its security features and customer service capabilities. Security features will ensure the safety of your website from cyberattacks and malware.
In addition, you need to select a suitable domain name for your website that helps define your website and its capabilities the best. You can even use a domain name checker to inspect whether your preferred name is available.
Build Your WordPress Site Pages with ChatGPT.
You can begin by asking ChatGPT to generate a basic website outline for a small-scale web development corporation comprising about six pages. You need to login to OpenAI, and enter your inputs in the textbox.
For example, you can write a prompt saying, “I have a web development company. Develop a website outline for my business consisting of six important pages that I should include” and ChatGPT will quickly create a website outline including six important pages.
Then you can move forward with expanding the recommendation and ideas to make the website more applicable. You can ask ChatGPT to generate creative titles, taglines, themes, and elements for your homepage. You can streamline the research process based on the options narrowed down by ChatGPT.
Furthermore, you should research before applying all the ideas to the web development to ensure any mistakes or errors.
Design Your Site with AI
Now, you need to generate code for your web pages. You can ask AI to generate HTML codes to develop some pages you need. Ensure you provide proper input with a clear description of the pages you want.
For example, If you want AI to create a homepage template, mention the design and characteristics that you want to be available on the homepage. Here’s how you can write it:
Prompt: Create a template for the homepage utilizing Bootstrap responsive design. It should include a menu for the homepage, blog, portfolio, and services and an about us section on the header.
Apart from web page templates, you can even ask ChatGPT to create code for various other elements such as a basic contact form. Here is how you can command ChatGPT to create a contact form:
Prompt: Create a basic web page containing a contact form. It should include these fields: First Name, Last Name, Email, and phone number.
This way you can effortlessly develop codes for your website. Although at times, you might find the chatbot facing troubles and might stop operating midway during the generation of long scripts.
In such times, you can try three things to fix this issue:
Continue the script – You can input “Continue the script” as a follow-up prompt asking the AI chatbot to continue the generation of codes from where it paused.
Regenerate Response – You can tap on the “Regenerate Response” button available above the textbox, asking ChatGPT to rewrite the prior response from start. Although there is a potential of getting the same error again.
New Chat – If the above options don’t work, you should try this option. Tap on the “New Chat” button you are beginning again from the start. This option doesn’t allow you to follow up questions as you start again.
Generate Site Content with ChatGPT
Now, it’s time for you to generate site content using ChatGPT. Since ChatGPT contains language processing capabilities, it masters content generation. You can ask ChatGPT to create any content and it will create it within a few seconds.
In addition, you can even ask ChatGPT for creative ideas, business plans, ad campaigns, and more. For a website, you need first to generate content for the “About Us” page, as it’s the first page that catches the user’s eye.
You must include all crucial points in this section, such as your business, your ideology, motive, and more in the prompt so the chatbot gets a clear idea and understands the context.
If your website targets a particular demographic, then you can ask ChatGPT to create content on those characteristics, expertise, and more.
You can include blogs, articles, and posts by asking ChatGPT to add specific keywords and phrases to make the content SEO-friendly and generate traffic on your site. You can even ask ChatGPT to generate scripts for videos and podcasts.
Although, it’s recommended to run through a proof check by a human on the generated content to ensure there are no grammar, spelling, or factual errors in the content, as ChatGPT is an AI chatbot and isn’t always capable of writing perfect content.
Problems and Limitations of Using ChatGPT to Build a Website
ChatGPT contains various features and capabilities that can be extremely helpful for building a website. However, just like benefits, ChatGPT also has limitations and problems, which are as follows:
Accuracy concern is the biggest limitation for ChatGPT as this AI chatbot can provide inaccurate answers to inputs as it can’t check the information.
ChatGPT’s data is limited to 2023; even though OpenAI adds data from 2023 into the model, it might deliver outdated or incorrect information for questions related to recent topics.
This makes it essential for a user to conduct a fact-check by a human to ensure the content generated by ChatGPT is accurate. Not conducting a proof check by a human might lead to significant factual errors, which can spread inaccurate information, causing a bad brand reputation.
Similarly, users should also conduct an inspection of the code generated by ChatGPT to avoid any trouble. You can use various code testing services to check the authenticity, such as Replit.
How do I add ChatGPT to my website?
You can add ChatGPT to your website by using an API and integrating ChatGPT with other websites. You must visit OpenAI’s site, generate an account and develop a ChatGPT API Key to generate API calls. You need to generate a few codes to send and receive a few API calls.
Does WordPress have a chatbot?
WordPress doesn’t have a chatbot of its own, but users can easily add a chatbot to WordPress by simply following these steps:
Go to the dashboard in WordPress
Tap on Plugins
Now, install the chatbot on WordPress.
Once the installation is over, tap “Activate,” and the chatbot will be added to WordPress.
We’ve rounded up the most important chatbot analytics your business should be tracking and how you can use them.
To get the most out of your chatbot, you need to dive into chatbot analytics. Implementing conversational AI can be a huge asset to your business. But to maximize your chatbot’s potential, you’ll need to measure its performance.
Of course, you already understand the importance of tracking key metrics for success. But we know it’s easy to get overwhelmed by the volume of data available. So what are the important metrics to measure?
In this post, we’ll break down the most important chatbot analytics for your business and how you can use them.
Bonus: Learn how to sell more products on social media with our free Social Commerce 101 guide. Delight your customers and improve conversion rates.
What are chatbot analytics?
Chatbot analytics is the conversational data generated by your chatbot’s interactions. Each time your chatbot connects with a customer, it gathers information. These data points can include conversation length, user satisfaction, number of users, conversational flow and more.
Why use chatbot analytics?
As with social media metrics, analytics show you how your chatbot is performing. This chatbot data can help you improve your business strategy in several ways:Understand your customers’ needs better
Your chatbot is the first point of contact for customer questions. That means each conversation is a trove of data on their wants and needs. Chatbots can speed up conversational commerce by using natural language processing in real-time to communicate with your customers.
Analyzing this data will help you understand what they’re looking for, and how you can help them to find it.Improve customer experience
Chatbot analytics can provide data on customer satisfaction. This is a straightforward measure of their experience dealing with your chatbot. You can use it to hone your chatbot strategy, improving the quality of service. And in the long term, you’ll keep your customers happy, so that they return to your business in the future.Help your human team members work more efficiently
Every question that your chatbot answers is one less task for your human team. Customers and businesses exchange more than one billion messages on Facebook Messenger monthly! Save time on customer service by letting your chatbot pitch in.
Are your customers frequently escalating their chatbot questions to human agents? That shows there is room for improvement. Analytics will show you what frequently-asked questions your chatbot can learn to answer.Enhance your product information
Chatbots are the first point of contact for customer questions. That gives you a ton of data on what customers find confusing. Do you see a lot of sizing questions? Time to improve your sizing info. Are your active users asking about product features? You might want to embed a demo video on your product page.Boost sales
Chatbot analytics can tell you how many conversations end with a purchase. If it takes too long to get the answer they need, or if they get frustrated with the chatbot, they may bounce. Identifying areas for improvement will help you increase sales, along with customer satisfaction.
The 9 most important chatbot metrics to track1. Average conversation length
This metric tells you how many messages your chatbot and customer are sending back and forth.
The ideal conversation length will vary: simple queries might be easier to resolve. Complex questions might take more back-and-forth. But the average conversation length will tell you how good your chatbot is at responding to their questions.
You’ll also want to take a look at the interaction rate, which shows how many messages are being exchanged. A high interaction rate shows your chatbot can hold a conversation.2. Total number of conversations
This tells you how many times a customer opens the chatbot widget. This metric reveals how much demand there is for your chatbot. It can also help you determine when and where your customers initiate requests.
If you notice a pattern for when demand is higher, that information can also help you plan. Do customers start more conversations right after a new product release? Or on the first day of a sale? Anticipating these demands will help you ensure smooth customer service.3. Total number of engaged conversations
“Engaged conversations” refers to interactions that continue after the welcome message. Comparing this metric to the number of total conversations will show you if your customers find the chatbot helpful.
Image from Heyday4. Total number of unique users
This metric tells you how many people are interacting with your chatbot. A single customer might have several conversations with your chatbot during their journey. Comparing this metric to the total number of conversations will show you how many customers talk with your chatbot more than once.5. Missed messages
This metric will tell you how often your chatbot was stumped by a customer question. Every time your chatbot says, “Sorry, I don’t understand,” that’s a missed message. These often result in a human takeover (more on that below). They can also lead to frustrated customers!
Missed messages provide important data on where you can improve your chatbot’s conversational skills. Ultimately, you can use this information to offer a better customer experience.6. Human takeover rate
When your chatbot can’t resolve a customer query, it escalates the request to a human. This metric gives you a sense of how much time your chatbot is saving. Some conversational artificial intelligence (AI) users report up to 80% of customer questions are resolved by chatbots! It will also show you what kinds of customer needs require a human touch.7. Goal completion rate
This rate shows you how often your chatbot helps you achieve your business goals. The outcomes will depend on your specific objectives.
For instance, is your chatbot supporting customers through the checkout process? Is it prompting them to add suggested items to their cart? The goal completion rate provides insight into how often your chatbot is meeting this target.
Image from Heyday
This rate also indicates how well your chatbot is guiding customers through their journeys. It’s sort of like a performance review for your most dedicated virtual employee.8. Customer satisfaction scores
You can ask your customers to rate their experience with your chatbot after finishing a conversation. These satisfaction scores can be simple star ratings, or they can go into deeper detail. Regardless of your approach, satisfaction scores are important for refining your chatbot strategy. Looking at topics or issues where customers provide lower scores will show you where you can improve.9. Average response time
Your chatbot will help your support team respond to live inquiries faster, by providing the first point of contact for customers. That will help you cut your average response time, increasing customer satisfaction. One company used Heyday to cut their average response time from 10 hours to 3.5! Plus, the information gathered by your chatbot can help your live support team provide the best possible answer to your customers.
What should I look for in a chatbot analytics dashboard?
To get the most out of your chatbot analytics, you need a dashboard that helps you see the most important metrics to track at a glance. Here are the most essential features to look for:Easy to use
What good is data if you can’t find it? Your dashboard display should be simple and intuitive to navigate, so you can find the information you need. Here’s an example of a chatbot analytics dashboard from Heyday.
Heyday streamlines chatbot metrics into an easy-to-use dashboard.
Book a free Heyday demo now!Customization
Your business needs are unique, and so are your chatbot analytics. Look for a tool that lets you customize the display, so you can see the data that matters most to your business.Multiple seats
Sharing a single login? What is this, Netflix? Look for a tool that gives each member of your customer support team a seat for seamless coordination. Got a big team? Don’t worry— some chatbot platforms like Heyday offer unlimited agent seats with enterprise plans.Team performance tracking
Your chatbot is just one part of your customer service team. A valuable tool will also let you track your team’s performance, so you can evaluate your efforts as a whole.Goal tracking
Performance data is only meaningful if it helps you reach your business goals. Otherwise, it’s like kicking a soccer ball around without a net— fun, but ultimately kind of pointless. You want a chatbot analytics dashboard that clearly displays how you’re meeting your business goals.Mobile display
More than half of all online sales already happen on mobile devices. As social commerce rapidly grows, so does that figure. Customer support also happens on mobile, so make sure your tool works on screens of every size.Customer FAQs
Looking at the most frequently asked questions is an incredible source of information about your customers. A dashboard that displays FAQs and analyzes them by content and theme will give you a deeper understanding of your audience.
Looking for a chatbot tool that can do all of this and more? Check out Heyday, a conversational AI tool from Hootsuite! With Heyday, you can increase your sales and customer satisfaction while saving time and money.
Get a free Heyday demo now!
Turn customer service conversations into sales with Heyday. Improve response times and sell more products. See it in action.
Solana ecosystem is growing rapidly
Bitgert ecosystem growth is exploding
Bitgert chain adoption to remain high
The crypto market has been bearish, but the crypto community is optimistic that a bull run is coming soon. Solana is among the projects that crypto experts expect to do well in the next few months. In fact, Solana is one of the cryptocurrencies that crypto analysts believe might reach a new ATH. There are many Solana developments happening right now and in the coming months that are projected to grow the Solana ecosystem rapidly. The huge number of products and projects coming into the Solana ecosystem are some of the reasons why Solana might reach a new ATH soon. The Solana team recently finished the widely participated ‘Solana Riptide,’ a hackathon that is expected to bring tens of products and projects into the Solana ecosystem. This is expected to increase Solana adoption, which will skyrocket the SOL price. The Solana team is also building more products for the Solana chain, with the Solana Pay and many other products expected to continue posting impressive adoption. These are developments that will make Solana reach a new ATH. However,Bitgert
The crypto market has been bearish, but the crypto community is optimistic that a bull run is coming soon. Solana is among the projects that crypto experts expect to do well in the next few months. In fact, Solana is one of the cryptocurrencies that crypto analysts believe might reach a new ATH. There are many Solana developments happening right now and in the coming months that are projected to grow the Solana ecosystem rapidly. The huge number of products and projects coming into the Solana ecosystem are some of the reasons why Solana might reach a new ATH soon. The Solana team recently finished the widely participated ‘Solana Riptide,’ a hackathon that is expected to bring tens of products and projects into the Solana ecosystem. This is expected to increase Solana adoption, which will skyrocket the SOL price. The Solana team is also building more products for the Solana chain, with the Solana Pay and many other products expected to continue posting impressive adoption. These are developments that will make Solana reach a new ATH. However, Bitgert (BRISE) might outperform Solana’s performance. According to crypto experts, Bitgert might do 100x in the next few months. This is because of the exponential growth that the Bitgert project has been posting. Here is more about Bitgert. Bitgert is today the hottest crypto investment in the market. There are several factors growing the Bitgert project, but the fast-growing Bitgert ecosystem is the biggest factor. The Bitgert team has delivered multiple products and projects to this ecosystem in a very short time. This fast delivery of the roadmap has been the most exciting thing about this project. The Bitgert roadmap V1 was successfully delivered with its major products like the Bitgert BRC20 blockchain . The Bitgert BRC20 chain is one of the reasons the BRISE price is skyrocketing due to its massive adoption. BRC20 is the world’s first zero-cost gas fee chain. Crypto investors, including Solana investors, are also excited by the disruptive products coming in the Bitgert roadmap V2 . There is a Bitgert CEX, NFT marketplace, a powerful Web3 oracle, and many other DeFi, NFT, and Web3 products. There are also 1000+ projects to be added to the Bitgert ecosystem by the Startup Studio . The Centcex team is also busy adding an unlimited number of products to the Bitgert ecosystem. Therefore, the Bitgert ecosystem will remain the fastest-growing ecosystem, faster than Solana. That’s why many crypto investors are buying and accumulating Bitgert today than Solana.
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