The rise of conversational commerce is one of the most fascinating and important shifts in e-commerce in recent years. This year, it’s estimated that nearly 80% of all internet users will be using some form of a chatbot or artificial intelligence. They will use it to interact with brands and businesses online. That represents a major opportunity for businesses of all types to build more personal relationships with their customers and boost sales and profits.
To help you better understand the potential of conversational commerce, we’ve put together a list of 22 statistics and trends that every business should know about. Read on to learn more!
Chatbots Are Becoming Popular
In the past year, chatbots were the go-to for nearly four out of every five businesses when it came to customer service and sales based on conversational commerce statistics. The majority favors this automated technology as their primary way to engage with customers. Thus, we can assume that convenience is key!
Messaging Apps Are More Preferred
More and more customers are turning to messaging apps for help. A whopping 70% prefer them over traditional phone calls. These digital conversations provide an easy way of getting the answers you need quickly – no waiting on hold necessary!
Chatbots Reduces Expenses
Companies are experiencing a major benefit from the incorporation of chatbots into their customer service departments. They receive an average of 30% reduction in costs per query. Take advantage and watch your company’s expenses shrink before your eyes!
Continued Growth for Chatbots
The chatbot market is expected to skyrocket in the next four years. It has a projected 600% growth from 2019’s figure reaching an immense $19 billion USD. Also, this rapid rise signals that AI-driven automation may soon become commonplace for businesses of all sizes.
Chatbots are proving to be a popular way for people to connect with products. Nearly half of the consumers have reported that they would be more likely to purchase from brands offering this technology. With the growing demand for customer service and engagement, chatbot use is sure to become an industry staple!
Using Voice Assistant to Purchase Items
Shopping changed dramatically in 2020 with more than half of all customers using a voice assistant like Alexa or Google Home to make their purchases. Hence, this marked the start of an exciting new trend for shoppers and retailers alike, revolutionizing how we shop. You no longer need fingers on keyboards!
Chatbots for Conversational Commerce
Chatbots have become an increasingly popular resource for consumers during the COVID-19 pandemic. More than a third of users use them more frequently. This technological tool has been embraced for its convenience and efficiency in helping people get their questions answered without ever needing to pick up a phone.
More Investment in AI
Businesses are unlocking the potential of AI and machine learning. Also, an impressive 72% already invested in discovering how they can leverage these cutting-edge technologies to revolutionize their e-commerce.
People Rely on Conversational Commerce
More and more customers are recognizing the power of conversational commerce, choosing to rely on it for their customer service needs over traditional channels. A whopping 66% prefer its efficacy in providing prompt responses as compared to phone or email support!
Technology Makes It Easy
Technology is making it easier for us to get the answers we need, quickly, and conveniently. Chatbots are becoming increasingly popular. For example, research shows that almost 70% of people prefer them over talking directly with a human representative.
Accuracy and Speed
Nearly seven out of ten shoppers prefer the accuracy and speed of chatbots over a human customer service representative. Hence, it’s clear that technological advances are changing the retail landscape.
People Used Voice-Activated Assistants
In 2020, shoppers around the world embraced voice-activated assistants like Amazon Alexa and Google Home for their online purchases – a major shift from traditional methods of shopping. About 30% of all transactions are completed through these virtual helpers. Thus, it is clear that the days of searching stores or manually typing in orders are well behind us!
It Gets Easier
Shopping just got a whole lot easier! With nearly four out of five shoppers eager to try it, virtual shop assistants are revolutionizing the way people buy things. Now, customers can get all their product information and purchase items from the comfort of their homes. It is possible with the help of these innovative robots.
High Accuracy of Bots
AI-powered chatbots can understand natural language nearly as well as humans. This allows them to efficiently answer questions without any human help. With an accuracy rate of 95%, these bots are quickly becoming a more popular way for people to get the information they need with minimal effort!
Rise of Messaging Apps
With more and more customers wanting to get in touch, messaging apps have become the go-to source of communication with businesses. Over sixty percent of customers favor this form of interaction versus social media networks like Facebook or Twitter.
Trust in AI
Despite the march of technology, humans still prefer personal advice and a friendly face. At least, that’s what we thought. Recent research has revealed an astounding statistic – 92% of people now trust AI-powered bots more than human recommendations. It appears our reliance on robotics is stronger than ever!
Boost in Sales
Last year, many businesses found success with the integration of chatbots into their customer service departments. It led to a notable 18% boost in sales conversions. Therefore, chatbot technology is becoming an increasingly popular way for companies to streamline and optimize their services!
Looking for Digital Solutions
Consumers are increasingly looking for businesses that embrace AI-driven customer support as a key factor when deciding who they want to buy from. Over half of the customers favor such companies. Hence, it’s clear that offering helpful and convenient digital solutions is essential for success in today’s market.
Drawn to AI Customer Support
Customers are increasingly drawn to businesses that offer AI-powered customer support services. In fact, nearly two-thirds of customers report they would be more likely to recommend a brand if it provided this tailored and modern service.
Revolutionized Customer Service
Conversational commerce has revolutionized customer service. An overwhelming majority of customers report that it gives them the answers they need faster than more traditional methods such as email or phone support.
Shopping Makes Easy
Evolving technology has made it easier than ever for shoppers to purchase items without lifting a finger—literally! A recent survey found that an overwhelming majority of consumers (58%) feel comfortable taking advantage of the convenience provided by conversational commerce. Thus, they prefer this modern approach over traditional online shopping methods.
More Improvement for AI
Based on conversational commerce statistics, an impressive majority of customer service departments will be leveraging the power of artificial intelligence through AI-powered chatbots by 2024. This technology is projected to revolutionize how customers receive help – ushering in a new age of efficient and personalized assistance!
In conclusion, it is important to be aware of conversational commerce statistics and trends for a business to succeed. The integration of AI-powered chatbots into customer service departments is transforming the way companies engage with their customers and driving the future of customer experience. With its range of distinct advantages, it’s no wonder that more and more businesses are tapping into this powerful technology to help them stay ahead in today’s competitive marketplace.
Also, by 2024, customers can expect an ever-growing number of businesses to embrace conversational commerce as a key component of their business strategy – offering personalized and efficient services to meet their needs! As we move further into the digital future, AI-enabled tools will continue to shape the world around us – revolutionizing how people shop and interact with brands.