Chatbots to Drive 50% of Consumer Spending by 2025

By VARINDIA - 2021-11-29

Chatbots to Drive 50% of Consumer Spending by 2025

Chatbots on popular social media platforms are driving the business online. In Asia Pacific, spending via conversational commerce could reach $290 billion within four years. Personalization and emotional engagement allied to total convenience comprise the next frontier of customer experience (CX). Companies that give customers an emotional connection outperform their competitors by 85% , while 80% of customers say they are more likely to do business with a company if it offers personalized experiences.

 

Conversational commerce, or C-commerce, is the fast-growing engagement tool that can deliver what today's consumers want. Going forward, Chatbots will Drive 50% of Consumer Spending by 2025. As per Juniper research, conversational commerce channels are going to facilitate spending of over $290 Billion Globally by 2025, up from $41 billion this year 2021. Recently, Walmart also just announced the acquisition of conversational commerce tech, underlying the importance for brands to create more ways to serve customers. This represents a rise of 590% over the next four years. It predicts that communications platforms that provide the connection between brands and end users will be crucial in increasing the adoption of conversational commerce channels.

 

This enables the retailers to expand their reach, whilst allowing a fallback on more established commerce channels. Conversational commerce leverages AI to automate retail transactions and payments through channels including chatbots, messaging and digital voice assistants. The pandemic shuttered many brick-and-mortar businesses and reframed consumer preferences, retailers adapting to conversational messaging trends to meet their customers where they are. Customer expectations today are outpacing the traditional contact center model, with increasing demand for always-on, personalized experiences at scale.

 

As per Gartner, by 2024, contact center as a service (CCaaS) solutions for customer service technologies will represent 70% of all new CCaaS deployments, up from 20% in 2019. The quality of contact center operations directly impacts crucial business areas including Customer satisfaction, revenue opportunities, churn rate and more. Analytics and AI/ML based capabilities present a significant leap in the way customers are managed and retained, helping contact centers transform from being cost centers to profit centers.


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