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.
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".