Wednesday, 04 July 2018 10:15

Chatbots to deliver US$11b in costs savings to retail, banking, healthcare sectors: Juniper

By
Chatbots to deliver US$11b in costs savings to retail, banking, healthcare sectors: Juniper Image courtesy of Farbentek at FreeDigitalPhotos.net

Adoption of chatbots by the retail, banking and healthcare sectors will realise businesses cost savings of US$11 billion annually by 2023, up from an estimated US$6 billion in 2018, according to a new report.

Juniper Research says in its new report — Chatbots: Banking, eCommerce, Retail & Healthcare 2018-2023 — that the retail sector will gain the most benefits from chatbot technology, with cost savings derived from the reduced amount of time spent on customer service inquiries.

And the research company estimates that by 2023, over 70% of chatbots accessed will be retail-based.

According to Juniper, using chatbots, businesses will dramatically cut response and interaction times via phone and social channels, and the research company forecasts that consumers and businesses combined will save more than 2.5 billion hours by 2023 in the retail, banking and healthcare  sectors.

Juniper highlighted both customer service and eCommerce as key use cases, although it has cautioned that greater investment in chatbot functionality will be required to meet consumer expectations. In that context, Juniper forecasts that improvement in AI, as shown recently by Google’s Duplex, to create a more personable user experience, would be fundamental in creating a "pull" factor for the take-up of chatbots.

Junper cites benefits such as cost savings, up-selling, marketing and cart recovery as major retailer chatbot ‘push’ factors, and says retailers will take advantage of these opportunities, propelling chatbot implementation and driving eCommerce transactions via chatbots to reach US$112 billion by 2023.

The research also found that while messaging applications have been the first platforms on which chatbots flourished, chatbot-enabled apps in use will greatly increase as many retailers, financial institutions and healthcare providers integrate the technology into their dedicated apps.

By 2023, Juniper forecasts that more than 50% of the chatbots accessed will be through discrete apps, with complete bot integration “overturning the make-up of current app functionality".

BUSINESS WORKS BETTER WITH WINDOWS 1O. MAKE THE SHIFT

You cannot afford to miss this Dell Webinar.

With Windows 7 support ending 14th January 2020, its time to start looking at your options.

This can have significant impacts on your organisation but also presents organisations with an opportunity to fundamentally rethink the way users work.

The Details

When: Thursday, September 26, 2019
Presenter: Dell Technologies
Location: Your Computer

Timezones

QLD, VIC, NSW, ACT & TAS: 11:00 am
SA, NT: 10:30 am
WA: 9:00 am NZ: 1:00 pm

Register and find out all the details you need to know below.

REGISTER!

ADVERTISE ON ITWIRE NEWS SITE & NEWSLETTER

iTWire can help you promote your company, services, and products.

Get more LEADS & MORE SALES

Advertise on the iTWire News Site / Website

Advertise in the iTWire UPDATE / Newsletter

Promote your message via iTWire Sponsored Content/News

Guest Opinion for Home Page exposure

Contact Andrew on 0412 390 000 or email [email protected]

OR CLICK HERE!

Peter Dinham

Peter Dinham is a co-founder of iTWire and a 35-year veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

VENDOR NEWS & EVENTS

REVIEWS

Recent Comments