Chatbots will deliver annual cost savings of $11 billion per anum

A new report from Juniper Research has found that the adoption of chatbots across the retail, banking and healthcare sectors will save businesses $11 billion annually by 2023, up from an estimated $6 billion in 2018.

  • The retail sector will gain the most benefits from chatbot technology, with Juniper estimating that by 2023 over 70% of chatbots accessed will be retail-based.
  • Benefits such as cost savings, up-selling, marketing and cart recovery will help drive e-commerce transactions via chatbots to reach $112 billion by 2023.
  • Consumers and businesses to save over 2.5 billion customer service hours by 2023

The app is where it’s at 

The research found that whilst messaging applications have been the first platforms on which chatbots have proliferated, chatbot-enabled apps will increase as many retailers, financial institutions and healthcare providers integrate the technology into their dedicated apps.

By 2023, Juniper forecasts that over 50% of the chatbots accessed will be through discrete apps, with complete bot integration overturning the make-up of current app functionality.