More than 50% of retail chatbot interactions are expected to be completed successfully by 2024
According to Juniper Research, consumer retail spends over chatbots will reach $142 billion by 2024, compared to $2.8 billion in 2019. That represents average annual growth of 400% over the next four years.
The retail sector is considered to be a key beneficiary of advances in NLU (Natural Language Understanding) technologies. Juniper Research reveals that NLU would be essential in providing a seamless retail experience for users. Besides, NLU enables chatbots to efficiently process human inputs and produce more accurate automated responses.
Besides, 80% of global consumer spend over chatbots will be attributable to discrete chatbots by 2024. They are built directly into a retailer’s mobile app, rather than accessed via a browser or messaging application.
The study forecasts that 70% of the global number of chatbots accessed by 2024 would appear in the Far East & China. In addition to that, more than $80 billion will be spent via chatbots in China in 2024, accounting for over 55% of global chatbot spend.