Technology is disrupting the face of business and staying ahead of the competition is becoming hard as never before. Customer expectations are exceeding and embracing the technology remains on top of the list to be successful for businesses, especially when it comes to retail.
No doubt, implementing new technology needs investment, but the Return on Investment will be at par. Talking about the retail sector, customer engagement and personalisation is vital to maintaining a long-lasting relationship. Handling customer queries and addressing the problems simultaneously leads to difficulties.
It is, therefore, need of the time for retailers to start thinking about investing in chatbots. Most of the merchants are still struggling to find whether the chatbots are really needed of the time or some kind of marketing plot to trap and get the investments out.
Let us have a look at some statistics to figure out what is the potential of chatbots in retail and how you can reap the benefits.
According to a report by Grand View Research, the global market is expected to reach $1.23 billion by 2025 with a compound annual growth of 24.3%.
According to a study by Stanford computer scientist James Landay, speech recognition is on average three times as fast …