![]() For instance, in March 2023, a US-based retail firm that operates grocery delivery and pick-up services, Instacart, added OpenAI's ChatGPT technology to its grocery delivery app. North American countries like the United States are witnessing significant adoption of chatbots in retail.Additionally, the chatbot can provide information on upcoming products related to the customer's intent, allowing them to place pre-orders for such products before they go on sale. Customers can also use the chatbot to select their desired product, provide their address and contact information, and place orders. The user can use the chatbot to find nearby stores and learn about their opening hours. Customers may wish to see or try on a product they saw on the website.Retailers may enhance income by integrating recommendation algorithms into chatbots, and users can discover products that match their preferences. During an online shopping interaction, the chatbot can present a variety of product selections based on the customer's preferences, such as price range, features, and other users' rankings and comments.The applications of chatbots in the retail industry mainly include generating leads, supporting in-store purchases, sending mobile alerts and updates, and providing instant service.Thus, the availability of correct information without waiting helps enterprises boost consumer experience using chatbots. ![]() Moreover, bots can easily handle a high number of requests and process them all simultaneously without ever being overworked. Chatbots help support customers without interruption of working hour limitations. In contrast to traditional customer service, chatbots are available around the clock, even when sales personnel fail to attend to customer queries. Marketing and sales teams are often under pressure to gain sales and constantly improve the customer experience.As different organizations adopted remote working due to the lockdowns imposed, companies became heavily dependent on chatbots to reduce the burden of customer queries due to the minimal availability of customer service employees. With the outbreak of COVID-19, chatbots have been increasingly deployed by various organizations to respond to customer queries and other related information.Chatbots with the ability to reasonably mimic humans allow brands to engage consumers more efficiently on these growing messaging platforms. The messaging app usage statistics of January 2022 released by Hootsuite show that WhatsApp has 2,000 million active monthly users, followed by WeChat with 1,263 million monthly active users, followed by Facebook Messenger with 998 million Monthly active users.Moreover, messenger applications allow chatbots to save the user's chat history for future purposes to personalize the user experience and gain actionable insights. Due to the increasing use of messenger applications, integration of chatbots with messengers yield a higher return on investment as approaching the customers on their preferred application improves user experience.The market is primarily driven by the rising domination of messenger applications and increasing demand for customer analytics.Bots not only interpret the user intent but also process their requests and give prompt relevant answers. ![]() They act as virtual assistants for customer experience touchpoints. Chatbots are software applications that utilize artificial intelligence and natural language processing to understand human needs and guide them to the desired outcome with as minimal work by the end user as possible.Vendors globally are making significant product innovations by integrating technologies such as AI and NLP to cater to customer needs and market requirements. The chatbot market is witnessing growth due to increasing demand for messenger applications and the growing adoption of consumer analytics by various businesses globally. ![]() The Global Chatbot Market size is estimated at USD 5.86 billion in 2023, and is expected to reach USD 21.08 billion by 2028, growing at a CAGR of 29.18% during the forecast period (2023-2028). ![]()
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