Chatbots could drive $112 billion in retail sales over the next four years and are expected to drive major savings for retailers
As natural language processing and AI become more mainstream, chatbots will drive more revenue than any other marketing channels, according to a recent study by Juniper Networks. In fact, chatbots will drive revenue to nearly double annually, reaching $112 billion by 2023. The resultant automation of customer sales and support processes will also ensure an increase in savings.
“Retailers can expect to cut costs by $439 billion a year in 2023, up from $7 billion this year, as AI-powered chatbots get more sophisticated at responding to customers,” Juniper said, in the report.
The study also suggests that increased usage of chatbots technology in the retail sector will make consumers more comfortable interacting with them for service issues and make direct purchases. With advances in martech advances, consumers will change their online behaviors to meet technology adoption. However, simultaneously, their expectations for digital interactions will change faster. As per the report, since chatbots are in place and see rapid growth in the retail industry; their impact on digital marketing efforts strategies and attribution methodologies need to be clear.