By 2023, retailers will have spent over four times the forecasted amount for AI spending in 2019. This is according to a recent study made by research firm Juniper. In the study, it’s been predicted that 325,000 retailers will harness AI during the five-year period.
Juniper believes that AI, particularly chatbots, will be used more extensively by retailers to engage customers on their favored social media channels; they’re also predicted to use chatbots to offer a higher degree of personalization in their communications and product offerings. Thanks to Natural Language Processing, chatbots are able to understand and give the appropriate replies to human customers.
Juniper has cited one Facebook chatbot provider, Octane AI, as an indispensable tool for converting “abandoned carts” in online shopping sites; the Octane chatbot reaches out to almost every customer with an abandoned cart, then turns 10% of them into completed purchases. The study also counts machine learning increasing in importance, as it can assist marketers in analysing customers better and translate to better retention and upselling.
To know more details of what Juniper’s study has found, read the story: https://www.prolificlondon.co.uk/marketing-tech-news/martech-news/2019/05/chatbots-boom-retailers-spend-ai-will-quadruple-2023