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Study: Chatbots Will Save Retailers, Banks And Health Care Providers $11 Billion Per Year

Retailers, banks and health care companies that implement chatbots can save as much as $11.5 billion annually by 2023, up from an estimated $6 billion in 2018, according to a study conducted by Juniper Research.

In particular, retailers will gain the most benefits from chatbot technology — e-Commerce transactions driven via chatbots will reach $112 billion by 2023, the survey said. By then, more than 70% of all chatbots will be retail-based.

These chatbots also will benefit e-Commerce retailers via automated up-selling, marketing and cart recovery, the study said.

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With the use of chatbots, businesses can dramatically cut response and interaction time via phone and social channels. The study found that reducing time spent on customer service enquiries will save consumers and businesses combined more than 2.5 billion hours by 2023.

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