• MarTech Today
  • Sections
    • Ads
    • Marketing
    • Content
    • Sales
    • Analytics
    • Management
    • Resources
    • More
    • Home
  • MarTech Today
  • Ads
  • Marketing
  • Content
  • Sales
  • Analytics
  • Mgmt
  • Resources
  • More
  • Events
  • SUBSCRIBE

MarTech Today

MarTech Today
  • Ads
  • Marketing
  • Content
  • Sales
  • Analytics
  • Management
  • Resources
  • More
  • Events
  • Newsletters
  • Home
Martech: Commerce

Chatbots could drive $112 billion in retail sales by 2023

Chatbots are forecasted to draw sales from other marketing channels and drive major savings for retailers.

Jennifer Cannon on May 10, 2019 at 9:20 am
  • More

As technology improves with natural language processing and AI, chatbots will take away revenue from other marketing channels, a recent study examining retail brands by Juniper Networks claims. In fact, retail sales from chatbots will nearly double annually, reaching $112 billion by 2023, the study says. And retailers will see an increase in savings, thanks to the automation of customer sales and support processes.

“Retailers can expect to cut costs by $439 billion a year in 2023, up from $7 billion this year, as AI-powered chatbots get more sophisticated at responding to customers,” Juniper said.

The study also suggests that as retail brands shift to chatbot technology, more consumers will feel comfortable interacting with chatbots to resolve customer service issues and make direct purchases. A consumer-facing survey by marketing firm Uberall indicates that 20% of consumers surveyed are “very interested” in chatbot experiences from brands. 80% indicated that they have had “generally positive” interactions with chatbots.

Why we should care

As martech advances, consumers will also adapt their online behaviors and their expectations for digital interactions will change. According to the report, chatbots are positioned for rapid growth in the retail industry; we need to better understand how that will impact our digital marketing efforts and attribution methodologies going forward.

For digital marketers who haven’t yet experimented with chatbots, it is time to consider the best solution for your brand. Digital marketing is experience-driven; creating positive interactions with your customers with chatbots will be crucial to customer retention and driving sales.


Opinions expressed in this article are those of the guest author and not necessarily MarTech Today. Staff authors are listed here.



About The Author

Jennifer Cannon
Jennifer Videtta Cannon serves as Third Door Media's Senior Editor, covering topics from email marketing and analytics to CRM and project management. With over a decade of organizational digital marketing experience, she has overseen digital marketing operations for NHL franchises and held roles at tech companies including Salesforce, advising enterprise marketers on maximizing their martech capabilities. Jennifer formerly organized the Inbound Marketing Summit and holds a certificate in Digital Marketing Analytics from MIT Sloan School of Management.

Related Topics

Channel: Martech: CommerceMachine Learning & Artificial IntelligenceMarketing AutomationMarketing Stacks

Subscribe to receive daily martech news and expert insights. See terms.

Processing...Please wait.


We're listening.

Have something to say about this article? Share it with us on Facebook and Twitter.

Get the daily newsletter digital marketers rely on.

Processing...Please wait.

See terms.

ATTEND OUR EVENTS

Next Event: Sept. 14-15

Available On-Demand: March 2021

Available On-Demand: October 2020

×

Attend MarTech - Click Here


Learn More About Our MarTech Events

White Papers

  • Gartner Magic Quadrant for Digital Experience Platforms
  • Selecting a Customer Data Platform For Your Organization: The 2020 Gartner Market Guide
  • The Complete Guide to Web Core Vitals
  • The New Era of Automation in SEO
  • Nielsen Annual Marketing Report: Era of Adaptation
See More Whitepapers

Webinars

  • Drive Customer Engagement with the Power of Personalization
  • 7 Use Cases That Prove Why You Should Implement DAM
  • Accelerate Your SEO & Content Marketing Program with 4 Key Milestones
See More Webinars

Research Reports

  • Local Marketing Solutions for Multi-Location Businesses
  • Enterprise Digital Asset Management Platforms
  • Identity Resolution Platforms
  • Customer Data Platforms
  • B2B Marketing Automation Platforms
  • Call Analytics Platforms
See More Research

On-Demand Free Training

Receive daily martech news and analysis.

Channels

  • Advertising
  • Marketing
  • Content
  • Social
  • Commerce
  • Sales
  • Analytics
  • Management
  • Home

Our Events

  • MarTech
  • SMX

Resources

  • White Papers
  • Research
  • Webinars

About

  • About Us
  • Contact
  • Privacy
  • Marketing Opportunities
  • Staff

Follow Us

  • Facebook
  • Twitter
  • LinkedIn
  • Newsletters
  • RSS

© 2021 Third Door Media, Inc. All rights reserved.