Retailers are racing to develop AI-powered assistants – eMarketer
Welcome to the forefront of conversational AI as we explore the fascinating world of AI chatbots in our dedicated blog series. Discover the latest advancements, applications, and strategies that propel the evolution of chatbot technology. From enhancing customer interactions to streamlining business processes, these articles delve into the innovative ways artificial intelligence is shaping the landscape of automated conversational agents. Whether you’re a business owner, developer, or simply intrigued by the future of interactive technology, join us on this journey to unravel the transformative power and endless possibilities of AI chatbots.
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Retailers have been quick to seize on the genAI opportunity. Retail bosses believe enhanced chatbots are among the top three most promising AI applications, per a March 2024 survey by First Insight. Almost a quarter of retailers (22%) have already deployed genAI to automate customer service, with a further 25% currently trialing it, per an October 2023 survey by Google Cloud and NewtonX.
Technology firms are also launching genAI tools for retailers. That should speed up adoption of the technology, particularly among small and medium-sized retailers.
Early adopters have reported encouraging results. Faster, more accurate answers, more consistent customer experiences, and lower operating costs are among the anticipated benefits of AI-powered assistants, per LivePerson and PureSpectrum, and some businesses are already reporting success.
Websites using AI chatbots are seeing a 23% higher conversion rate than those without, according to a February 2024 article by Glassix. One ecommerce business saw a 25% increase in customer engagement and a 30% reduction in cart abandonment after implementing an AI chatbot.
Klarna predicts its AI assistant will drive a $40 million profit improvement in 2024. In its first month, Klarna’s genAI-powered assistant handled two-thirds of its customer service chats, doing the equivalent work of 700 full-time agents.
Read the full report, Generative AI Chatbots in Retail.
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