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Omnichannel strategies drive consumer retail spend over chatbots

Tuesday 10 March 2020 08:48 CET | News

Consumer retail spend over chatbots will reach USD 142 billion by 2024, rising from USD 2.8 billion in 2019, according to a study from Juniper Research.

This represents average annual growth of 400% over the next four years. The research identified the retail sector as a key beneficiary of advances in NLU (Natural Language Understanding) technologies.

The research anticipates that over 50% of retail chatbot interactions will be completed successfully by 2024, without the need for human intervention. Additionally, the research found that 80% of global consumer spend over chatbots will be attributable to discrete chatbots by 2024. These are embedded directly into a retailer’s mobile app, rather than accessed via a browser or messaging application.

The research anticipates that control over development and the ability to retain company branding will drive discrete chatbots to become the most popular chatbot medium in retail.

The report also forecast 70% of the global number of chatbots accessed by 2024 would be attributable to Far East & China. Furthermore, over USD 80 billion will be spent via chatbots in China in 2024; accounting for over 55% of global chatbot spend in that year. However, the research highlighted that this will still only be around 4% of total mobile and online spend on digital and physical goods in the region.

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Keywords: Juniper Research, study, retail, omnichannel, chatbots, Natural Language Understanding, consumer spend, mobile app, China, Europe
Categories: Payments & Commerce | Ecommerce
Countries: World
This article is part of category

Payments & Commerce