The number of successful retail chatbot interactions will grow eight-fold by 2023, according to the latest findings from Juniper Research.
According to the report, the number of successful chatbot interactions will reach 22bn by 2023, up from an estimated 2.6bn in 2019.
By using chatbots, retailers will be able to automate customer interactions.
Juniper suggests that this can deliver high-quality user experiences in a low-resource way, boosting customer retention whilst also reducing operating costs.
The research firm also anticipates that retailers who don’t adopt chatbots will face challenges from tech-savvy disruptors.
“By embracing automated customer service with chatbots, retailers can act in a more flexible and efficient way. The wider retail market means that chatbots are no longer a luxury, they are essential,” explained research author Nick Maynard.
The research also highlighted that chatbots could help to reduce costs, with deployments expected to generate $439mn in annual savings for retailers by 2023.