Chatbots Could Be Help Push $112 billion for Retailers by 2023 – The Buyer’s Journey 56

Chatbots are becoming more popular, and a new study by Juniper Networks suggests they might help retail sales make $112 billion by 2023.

The Advocacy Stage: A Refresher

The Advocacy stage of The Buyer’s Journey focuses on your former and current clients/customers advocating for your brand. This advocacy can come in many forms. These forms include reviews on Amazon and Google and word-of-mouth between friends and families. Positive comments on social media can also be particularly effective. The Advocacy stage also encapsulates influencer marketing. While an influencers do receive compensation for positive comments from your brand, it’s still positive advocacy.

Advocacy can also include negative comments. As we mentioned in our Consideration episode, bad reviews are fantastic opportunities to make a situation right. While you can’t solve every problem, even just acknowledgement of an issue can be enough to strengthen brand strength. It’s okay to have a few scars.

Domo Arigato, Mr. Chatboto

A new study by Juniper Networks claims that development in AI and natural language processing will push chatbots take revenue from other marketing channels. Juniper forecasts that chatbots will double retail sales, reaching $112 billion by 2023, the study says. Increase sales aren’t the only improvement. Juniper claims that retailers will see an increase in savings due to the automation of the sales and support processes. After all, why pay a person if a chatbot can do better? 

“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.

Jennfier Videtta reports on MarTech Today that consumer-facing survey by marketing firm Uberall indicates that 20% of consumers surveyed are “very interested” in chatbot experiences from brands. 80%, on the other hand, said that they have had “generally positive” interactions with chatbots.

On the podcast, Josh and I discuss our feelings on chatbots. We’ve seen and read a lot of great results from chatbot use. At Commexis we often suggest our legal clients use them to help funnel leads in. In addition, Facebook Messenger chatbots have had great successes with some small businesses.

However, we don’t entirely agree with the numbers. The reason is that most chatbots you see on websites and Facebook messenger have limited use. Often the responses are preset conversation paths. These aren’t bad ways to use chatbots, in fact they’ve been quite successful, but Josh and I are unsure if these can replace actual humans. A chatbot likely cannot answer a more complicated question, resulting in a need for direct contact with a person. Our consensus was that chatbots work best  alongside an already good sales and support process.

Check out our next episode where we’ll discuss a news article covering the Awarness stage of The Buyer’s Journey.

Tune into more of The Buyer’s Journey by checking out our YouTube and Soundcloud, and take us on the go on the iTunes, TuneIn, Google Play Music, and Stitcher.

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