Chatbots have revolutionized the way we interact with companies and brands.
Servion predicts that AI will power 95% of all customer interactions in 2025.
Chatbots will soon be used for business and social purposes.
This is not a fad. It’s a serious business opportunity. It’s embraced by the biggest names in the business.
Are you prepared? These chatbot statistics will help you gain a better understanding of the future.
Chatbots: Are they effective?
Chatbots are being touted as the future of customer service.
According to an HBR article (Harvard Business Review), a car rental company employed virtual agents to provide customer support. They claimed that they could identify and automate 68% of service calls (Stat#1).
Chatbots are also available to businesses for customer support.
Chatbots Magazine claims digital assistants can answer customers’ questions and save businesses up to 30%. ( stat#2).
Chatbot Market Statistics
The global chatbot market is expected to reach 2.5 billion within the next 10 years. ( stat#3).
Grand View Research’s latest report shows that chatbots are increasingly being used by businesses to reduce costs, increase productivity and increase customer engagement.
Chatbots have great growth potential. Businesses should be able to integrate them into their business models.
A new study by MIT has shown that 90% of businesses report a decrease in customer service time because of chatbots. ( stat#4).
Customers have high expectations of this new era. They expect 24/7 service to solve any problem.
They want to bank online 24/7, at any time of day. They expect it to be secure, easy to use, and fast.
Companies are looking to build chatbots and virtual assistants to help consumers.
Prospective customers will be more likely to purchase if they receive prompt answers from the company regarding the product/service.
According to estimates, by 2024, chatbots are expected to be responsible for $142 Billion in global consumer retail sales. ( stat#5).
Chatbots let humans interact with them via conversation. Software engineers program the bot to communicate with users and provide specific instructions.
These are basic questions that can be answered about the product/business.
Recent research shows that online frustrations are on the rise.
Research has shown that 34% of people struggle to answer simple questions. This is their third most difficult challenge in the last year.
Basic information about a business address and phone number is needed. ( stat#6)
Chatbot Ecommerce Statistics
Online shopping has become a common practice for many consumers.
Many online retailers offer AI chatbots to improve customer service.
These chatbots inform customers about products that interest them, inform them of promotions, and direct them to the product that suits their needs.
A survey found that 34% of online shoppers are comfortable with chatbots. ( stat#7).
This industry is bigger than any other, as shown in the infographic below.
Juniper projects that 70% of chatbots in 2023 will be retail-based, according to new research. Stat #8.
Customers expect brands to provide conversational interfaces.
According to the same research, chatbot shopping is expected to surpass $112 billion by 2023. ( stat#9).
Chatbots have seen a surge in popularity and omnipresence in the retail sector.
Retail brands use these platforms to bridge the gap between offline experiences and online ones.
“By using these platforms to create chatbots, brands can engage customers more conversationally by leveraging their abilities to do so.
Abandoned Cart retrieval is an online merchant’s common strategy to increase their revenue.
Using a chatbot to reduce abandoned carts is a great way of reducing abandonment rates on your website.
eCommerce revenue can increase by using abandoned cart chatbots at 7-25% ( Stat#10).
Chatbot technology is rapidly moving forward. Chatbot technology is rapidly becoming a popular option for companies to incorporate into their websites to provide an automated customer service experience.
Chatbot Challenges/Disadvantages Statistics
Chatbots allow businesses to work 24 hours a day without human intervention.
They’re not perfect and have their challenges and disadvantages
Talking to a person is all about randomness. These random possibilities must be recognized by a program.
- NLP Limits
Understanding the limitations of Natural Language Processing is a significant challenge in chatbot customization. Stat #11
Chatbots understand meanings, words, and phrases with NLP but are unable to analyze all meanings.
If you use multiple meanings of the same word or phrase, your chatbot may not understand your message.
- Human assistance is preferred by
Chatbots have become more popular but most people still prefer human assistance.
According to a survey, 56% of global consumers prefer to speak with someone rather than rely on chatbots for assistance. Stat#12
Bots can communicate with people, even while they wait for help from humans. **
But, 60% of respondents stated that they would rather wait than talk to a person in line. Stat#13
General Chatbot Statistics
Gartner conducted a survey recently and found that customer service will drive significant investment in chatbots AI and analytics over the next two-year period. Stat#14
This is despite 89% planning to increase their annual investment.
This shift in consumer expectations is partly due to major shifts in consumer expectations.
The global transaction value of mobile payments is expected to reach $ 12,407.5 million by 2025. Between 2020-2025, the CAGR was 23.8 %. . ( Stat#15).
The following are the reasons for this growth: an increase in smartphone use, merchants accepting mobile payments, and AI/chatbot development.
Voice assistants have also become a popular trend. A survey found that 28% of US users are now using voice payments ( Stat#16).
Another study showed that chatbots could save healthcare and banking services between 0.5 and 0.7% per interaction. ( Stat#17).
Chatbots can quickly solve customer problems via instant messaging platforms like Facebook Messenger or Slack.
Nearly 90% of respondents to the survey reported seeing measurable improvements in complaint resolution speed with chatbots using Stat#18
Chatbots are great study partners and mentors for education.
Chatbots can answer simple questions about the material being studied. For example, “What was it like in the Great Depression?” Other chatbots can provide more complex answers depending on user-specified parameters (e.g., “How has this Great Depression affected women’s rights?”). ” “).
Messenger boasts over 300,000. Messenger sends more than 8 billion messages each month between individuals as well as businesses (Stat#20).
Wrapping up
Chatbots have become more popular. It is therefore important for businesses to understand their potential impact on the industry.
This list contains 20 chatbot trends in 2022.
As you can see, there are many studies and data to keep marketers busy over the next several years.
