According to a study from Juniper Research, the number of
successful retail chatbot interactions
will reach 22 billion by 2023. This is a huge increased from the estimated 2.6
billion in 2019. By the same year, sales resulting from these conversations
will be 112 billion dollars.
The research is called “‘AI
in Retail: Segment Analysis, Vendor Positioning & Market Forecasts
2019-2023”. It advances that the use of these digital assistants by
retailers will have a direct positive result on revenues since firms will be
able to interact with consumers more efficiently. This is a low-resource way of
delivering high quality user experiences. It will boost customer retention and
satisfaction and reduce operating costs. All these developments will be
possible thanks to improvements Natural Language Processing (NLP). Enhancements
will decrease the failure rate of chatbot interactions by making them more
natural and valuable.
Juniper also advances that merchants who do not adopt
chatbots will have to face strong challenges from those who use digital assistants
as an extension to the omnichannel retail experience. The research author Nick
Maynard asserted, “By embracing automated customer service with chatbots,
retailers can act in a more flexible and efficient way. The wider retail market
means that chatbots
are no longer a luxury, they are essential”.
Chatbots
are enhancing customer experience
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