Market Trends of Chatbot Industry
Retail to Have Significant Growth
- 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.
- 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. Retailers may enhance income by integrating recommendation algorithms into chatbots, and users can discover products that match their preferences.
- Customers may wish to see or try on a product they saw on the website. The user can use the chatbot to find nearby stores and learn about their opening hours. Customers can also use the chatbot to select their desired product, provide their address and contact information, and place orders. 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.
- North American countries like the United States are witnessing significant adoption of chatbots in retail. 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. Instacart has become the latest of a growing list of companies, including Facebook and Snapchat, that choose the AI language tool to boost customer services, improve customer experience, and fasten their marketing and automated tasks.
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Asia-Pacific is Expected to Witness Significant Growth Rates
- Asia-Pacific is witnessing a significant increase in industrialization, increasing the need for chatbots in the market. The increasing retail and e-commerce business in emerging economies, such as China, India, Indonesia, Vietnam, Malaysia, the Philippines, and Thailand, accelerated the high demand and significant adoption of chatbots by retailers and e-commerce business owners.
- The Asia-Pacific chatbot market experienced high growth during the COVID-19 pandemic. Due to the increased number of COVID-19-infected patients in the region and the lockdown announced by the government of significant economies in the region, the deployments of chatbots increased by various organizations to handle patients' queries related to their medication and consultation with doctors online from remote locations.
- Chatbots are being transformed with conversational experiences that deliver immediate, personalized experiences using automated and manual solutions across various messaging channels. The region is witnessing investments in the market studied to provide seamless solutions to its customers.
- There is a significant growth in the usage of messaging services, which is further anticipated to exceed social networking sites in terms of the number of users. A significant development in natural language processing simplifies the interactions between computer and human languages. Factors such as these are likely to drive the market during the forecast period.
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