Posted by Priyansha Sinha | Last Updated: 26-Dec-18
Technology is massively disrupting the face of businesses today and staying ahead of the game is becoming arduous than never before. As customer expectations are outpacing day by day, the retailers are finding themselves totally perplexed in the competitive marketplace. Advancements in technology can allow businesses in the retail sector to attract new customers as well as retain the old ones. With personalization and user engagement playing a crucial role in this business, few retailers have started investing in chatbot development and its time for the others to fit in the space too.
Chatbots are seizing attention and numerous retail businesses are hopping into the ‘personalization’ bandwagon, thereby, adopting this neoteric technology. Having the ability to acquaint users in accordance with their preferences, chatbot development has bridged the gap between online shopping and conversational commerce. But before we actually proceed, let’s first dive into the basics.
What Are Chatbots?
Chatbots are computer programs that can imitate actual human-like conversations with people using machine learning & artificial intelligence and react accordingly to written/spoken prompts in order to answer the queries and deliver unmatched services. This technology has altogether transfigured the way users make interactions on the internet. In general, chatbots offer a robust user interface to the customers through APIs and renders on-demand services and information. For instance, breaking news or the latest weather forecasts.
Why Chatbot Development For Retail Is A Good Idea?
Chatbots for retail business can indubitably be a great option as they assist in boosting customer satisfaction levels which in turn enhances the overall revenue margins. The integration is surprisingly simple and easy to reach, therefore, it is turning out to be a safe game for both retailers and customers.
Despite such resourcefulness, chatbot deployment in the retail sector is quite limited. A good number of merchants are still finding themselves in unambiguous situations whether or not to invest in chatbot development for their business. Doubtlessly, there exists a lack of awareness among retailers regarding AI and bots, which usually puts a stop to the businesses from implementing this technology.
Some statistics to prove how yielding chatbot development can be and how retailers can reap the benefits:
- As per the report by Grand View Research, the compound annual growth of the global market is expected to hit 24.3% by 2025 and will reach a whopping figure of $1.23 billion.
- 21% of the users see Chatbots as the simplest means to contact any business.
- As per the studies, speech recognition is three times as fast feeding queries on a cell phone or typing, where errors were cut to 3.6%.
- The age group of 26-36 years are willing to pay $550 to a business through chatbot interaction.
- Over 80% of the businesses operating today are expected to have some kind of chatbot automation implemented by the end of the year 2020.
- 95% of the users consider that ‘customer service’ is going to be the prime beneficiary of chatbots.
- Statistics suggest that chatbots will be effective for cost savings of approximately $8 billion every year by 2022.
Chatbot Development is the future of Retail
Chatbots are a remarkable option for the retail sector to increase engagement, attract customers, and bringing the old ones again and again. The conversational commerce can allow the retailers to foster customer loyalty and brand value by offering a human-like touch. Here are a few advantages how chatbot development can be helpful for businesses.
- Offers 24/7 customer service
- Notify users about new products in stock
- Help customers find items
- Swift order proceeding
- Efficient customer experience
- In-store shopping assistance
- Process Orders
- Sending Shipping information
- Help locate the nearest store
Although there is a myriad of benefits of deploying chatbots in the retail sector, it is probably the right time that you do it. Wondering how to implement chatbots for your business? Seek help from our specialists; we offer avant-garde chatbot development services to help you grow and succeed in the game.