Chatbot use, customer interactions and revenues set to soar

According to the new research, AI in Retail: Segment Analysis, Vendor Positioning & Market Forecasts 2019-2023, chatbot use by retailers will enable effective automated customer interactions for retailers. New data from Juniper Research found the global number of successful retail chatbot interactions will reach 22 billion by 2023, up from an estimated 2.6 billion in 2019. Research author Nick Maynard explained: “By embracing automated customer service with chatbots, retailers can act in a more flexible and efficient way. A crucial enabler of this will be improvements in NLP (Natural Language Processing), which will dramatically reduce the failure rate of chatbot interactions, by making them more natural and valuable for customers. Chatbot-derived revenues to soarMeanwhile, retail sales resulting from chatbot-based interactions will reach $112 billion by 2023, up from $7.3 billion in 2019; representing an annual growth rate of 98%.

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