Chatbots to Save Businesses ‘$11 Billion by 2023’

Chatbot technology may save businesses $11 billion in costs by 2023, a new report from Juniper Research has suggested.

The research “investigates the current state of the market; providing a comprehensive examination of this sector.

“The research looks at 5 major industries in depth; assessing the potential impact of chatbot implementation, based on factors such as monetisation potential, cost savings, reach and the regulatory landscape.”

The savings reportedly come as AI bots are able to replace customer service representatives.

Around 70% of the cost reductions are predicted to come in retail, the report claims, while banking and healthcare may also benefit.

Across the same three sectors, businesses and consumers combined will also save over 2 billion hours.

The time is currently spent on customer service phone calls, or waiting for replies from manual customer service agents.

Another significant finding was that the value of e-commerce transactions carried out via chatbot may increase to over $110 billion by 2023.

This is partly because chatbots are able to assist with marketing, upselling, cart recovery and other functions less directly related to customer service.

Some brands have personality-infused chatbots to help promote their product, such as the Taco Bell ‘TacoBot’ in the USA.

While bots capable of such complex interactions can be hugely beneficial, Mobile Marketer notes in its coverage that they should also be used ‘judiciously’ and trained for a range of scenarios.

Read more here.