As per the Juniper Research, 70% of chatbots would be retail bots by the year 2023. And the eCommerce transactions via chatbots in the retail industry will be around $112 billion.
So, it goes without saying that the retail bots are the future of the retail industry and retail chatbots will ultimately transform the way the retail industry runs.
Let's dig deep and see how retail bots will make an impact in years to come in the retail industry.
Millenials prefer to seek customer service online
According to the IBM Survey, 65% of millennials in the US would choose to seek support online rather than talking to an in-person staff in the brick & mortar store.
Why is this finding relevant?
It's relevant because it lets us see the future trend of consumers and how they're perceiving shopping & customer service support.
And it also tells us that if a retail business recruits and trains people, they won't be able to create a space for themselves in the market.
Chatbots in the retail industry help customers in choosing the best option, handle their repetitive questions with care, and remain available all the time for serving the customers.
If chatbots are not the future trend for the retail industry, what would it be?
The ability to personalize
Now, let's talk about the Accenture report. According to this report, when a retailer recognizes a customer by their name and recommends them different options to choose from, they are 75% more likely to purchase from the retailer.
Without the support of a retail bot, it's impossible to recognize the customer by name since thousands of customers visit a retail store every day. Plus, it's not always feasible to show different options (as per the preference of a particular customer) in a brick & mortar model of business.
So, you're left with only one option - the retail bots.
Retail bots use the AI through which they can recognize the name of the person shopping and they can also understand the emotions of the customers & based on that they can offer different options to choose from.
As a result, your business converts better and you make way more money than you'd have ever thought possible.
Best Retail Bots will replace humans
Dr. Keng Siau, a professor at Missouri University, specializing in Business & Information Technology revealed that since robots are gaining more intelligence and dealing with a vast amount of data, they'd be able to process data much faster than a human being ever can. As a result, human beings will be replaceable.
This piques two critical questions -
- What would be the role of human beings in the retail industry in the near future?
- How best retail bots will apply creativity in dealing with the customers?
What would be the role of human beings in the retail industry in the near future?
The shop floor staff would be completely obsolete. Here's why. According to Juniper Research, by the year 2022, the businesses that would use automated customer service technology would save around $8 billion every year.
The only role that would require human beings would be the role of strategic decision maker. It would be someone who would decide the course of the business for the next 5, 10, 15, 20 years and who would be able to connect the dots.
How best retail bots will apply creativity in dealing with customers?
With the advent of artificial intelligence, the best retail bots will deal with customers better than human customer-services staff could ever do.
These retail bots would be programmed in such a way that they would become proactive in understanding the emotions of the customers and would be able to serve them with personalization and care.
When you use chatbots for your retail store, it will do two things mainly -
First, it will automate most of the mundane activities that become a hindrance for the most important tasks.
Second, it will be available for customer service 24/7, 365 days a year.
Now, let's look at these two aspects from the customers' point of view -
When you see that the retail stores you shop from are very systematic, take care of every minute detail, make you feel heard & preferred, would you not become more loyal to those retail stores?
Plus, whenever you need their assistance, at 3:00 a.m. in the morning or at 2:00 p.m. in the afternoon, you get a quick response and personalized attention, would you not fall in love with the retail stores?
And that's how best retail bots have been transforming the entire retail industry with the power of automation.
Lightening fast check-out process
If we look at the stat, we would see that the average attention span of human beings is 8 seconds, less than a jellyfish.
And now, let's understand this with two different scenarios -
First, customer A goes to a retail store. And then chooses his favorite shirts and jeans. But then, whoa! A long queue awaited him. He figures if he needs to buy the shirts and jeans, he needs to wait in line for another hour.
Second, the same customer A goes to an online retail store. He goes through the collection. And he was welcomed by a retail bot. Instead of letting him go through the entire store, the bot helps him select & find the right shirts & jeans. And the checking out process is superfast. He could order within a minute and chill.
If we see the contrast between these two scenarios, you would see that the second scenario makes the customer more loyal, happier, and more engaged.
And that's the beauty of technology and the chatbots in the retail industry.
From the above discussion, it's clear that retail bots are the future of the retail industry.
And from automation to checkout processing to personalization to a huge shift in the recruitment scenario of the retail industry, chatbots are the reason.
So, you can wait and let your retail business slide by.
Or you can take charge and integrate chatbots for your retail stores.