70% of chatbots will be retail based says study

Businesses can expect to save $11.5 billion by 2023 by replacing customer service representatives with chatbots says Juniper Research. Learn more about these bots here.

This will increase from $48.3 million in 2018. Retail will reap the biggest benefits from chatbot technology, with an estimate of 70% of chatbots being retail-based by 2021.

Juniper Research specialises in mobile, online and digital market research, and provides market intelligence, consulting, data and forecasting. Their research How chatbots will transform the industry highlights customer service and eCommerce as key use cases for chatbots. They list the benefits as cost savings, upselling, marketing and cart recovery as major retailer chatbot ‘push’ factors.

The white paper says that retailers will take advantage of these opportunities, propelling chatbot implementation and driving eCommerce transactions via chatbots to reach $112 billion by 2023. This is in line with their research from late last year that found chatbots to be part of three emerging technologies that will boost digital loyalty.

Juniper’s report predicts that the value of digital coupon redemptions will surge to $91 billion by 2022, up from $47 billion in 2017. The three emerging digital technology included chatbots, QR codes and invisible payments.

The face of retail is changing and we need to change with it or be left behind! Here resident expert Toby Desforges chats to Patrick Fitzmaurice from Caterpillar Farm Inc five keys to thriving in a disruptive retail environment in a four-part series – Understand your target shopper, channel definitions and roles, channel prioritization, and effective investment.

July 28, 2018