Is your CX ready for takeoff?
Is your CX ready for takeoff?Learn how Acquire helped United Airlines
You may know this already: the adoption of chatbots has been steadily on the rise for years now, as they’ve been helping businesses — not only increase conversions and sales — but also improve customer experience and customer satisfaction.
In 2021 and the years to follow, the prevalence of chatbots will increase significantly, not least because the pandemic encouraged businesses to realize the necessity of having a digital presence, regardless of their size and type. Customers have also embraced online shopping and transactions more than ever before. And when there are digital transactions, online help will be surely needed.
All of this has led to a massive adoption of chatbots that has allowed businesses to enhance customer experience digitally. For example, according to research, the global conversational AI market size is expected to grow from $4.8 billion in 2020 to $13.9 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 21.9 percent.
If you’re curious about the state of chatbots, read further: we have shortlisted 30 chatbot statistics to give you an idea of what a chatbot can do for your business, and, more importantly, your customers in the years to come.
1. By 2022, 70 percent of white-collar workers will interact with conversational platforms daily. (Gartner)
2. The global chatbot market size was estimated at $430.9 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 24.9 percent from 2021 to 2028. (GrandView Research)
3. By 2023, Juniper forecasts that over 50 percent of the chatbots accessed will be through discrete apps, with complete bot integration overturning the makeup of current app functionality. (Juniper Research)
4. In 2019, there were over 40 million active businesses messaging people across the globe, exchanging over 20 billion messages each month. (Messenger News)
6. The projected value of ecommerce transactions through chatbots by 2023 will be $112 billion (Juniper Research)
7. In a 2019 CIO Survey, respondents identified chatbots as the main AI-based application used in their enterprises. (Gartner)
8. Seventy-seven percent of customers say chatbots will transform their expectations of companies in the next five years. (Salesforce)
9. Ninety percent of customers rate an "immediate" response as important or very important when they have a customer service question. Sixty percent of customers define "immediate" as 10 minutes or less. (HubSpot Research)
10. Sixty-five percent of people believe that customer service that uses chatbots will perform better at friendliness and ease of use, 62 percent at speed, and 55 percent at effectiveness and accuracy. (Aspect)
11. Forty percent of shoppers don't care if they're helped by an AI tool or a human, as long as their question gets answered. (Hubspot)
12. Sixty-nine percent of consumers like using chatbots because of their ability to provide quick replies to simple questions. (Chatbots Magazine)
13. Forty percent of c-commerce (collaborative commerce) buyers surveyed globally say that chat was how they first started shopping online. (Facebook IQ)
14. Eighty percent of people who have interacted with a chatbot say the experience was generally positive, but 36 percent of consumers think chatbot accuracy needs to improve (Uberall)
15. Nearly one-quarter (22 percent) of respondents said they trust chatbot recommendations for product purchases. (Cognizant)
16. Businesses spend $1.3 trillion on 265 billion customer service calls they receive each year, and chatbots can help bring down these costs by 30 percent. (IBM)
17. Fifty-six percent of companies say conversational bots drive disruption in their industry, and 43 percent report their competitors are already implementing the technology. (Accenture)
18. Virtual customer assistants help organizations reduce call, chat, and email inquiries by up to 70 percent. (Gartner)
19. Sixty-three percent of consumers believe businesses should be on Messenger (Chatbots Life)
20. By 2023, the banking, retail, and healthcare sectors will save 2.5 billion customer service hours by adopting chatbots. (Juniper Research)
21. Chatbots will save banking, retail, and healthcare industries $11 billion annually by 2023. (Juniper Research)
22. Two-thirds of surveyed bank customers felt that an AI-powered chatbot would be useful in assisting them and 44 percent would rather communicate with a chatbot than a real person, assuming it could answer their questions as reliably as a live agent. (Humley)
23. The top five industries profiting from the incorporation of chatbots are real estate (28 percent), travel (16 percent), education (14 percent), healthcare (10 percent), and finance (5 percent) (collect.chat)
24. USA, India, Germany, the UK, and Brazil were the top five countries for chatbot use from 2017 to 2019. (Collect Chat)
25. Eighty-two percent of Indian customers surveyed have messaged a business to make a purchase or reservation. (Facebook)
26. In 2019, consumers in Australia, the UK, and France reported the highest levels of chatbot usage, with more than 70 percent of respondents having used one to interact with a brand in the past year; the US and Germany are just over 50 percent. (LivePerson)
27. Ninety-five percent of customers believe that "customer service" is going to be the major beneficiary of chatbots. (Invesp)
28. Ninety percent of businesses have recorded quicker complaint resolution after using chatbots. (MIT Technology Review)
29. The AI-powered conversational agents can address up to 80 percent of commonly asked Tier 1 support questions. (IBM)
30. Sixty-four percent of agents with AI chatbots are able to spend most of their time solving complex problems, versus 50 percent of agents without AI chatbots. (Salesforce)
As shown by some chatbot statistics, chatbots can have massive financial benefits for customer service operations. By giving immediate responses to visitors and customers, answering up to 80 percent of FAQs, and saving sales and support teams' time and energy, they allow teams to focus on more complex tasks.
Installing chatbots to websites, apps, and online stores can help a business cater to visitors at any hour of the day, without straining the customer support team. Chatbots can answer FAQs, share knowledge-based articles, and issue tickets. They allow you to solve customer queries, convert visitors, and offer customer support round-the-clock with the least amount of human involvement.
So, if you discover that your customers reach you after-hours or that your team is doing too much overtime to cater to simple queries, chatbots are demonstrably a good solution.
Conversational chatbots take up the menial, high-frequency tasks of your agents, allowing them to address more complex tasks. Chatbots are also highly compatible with other customer service software to make things easier for your sales and support teams. Here are some instances of chatbots integrating with other customer service software:
According to Accenture, 91 percent of consumers say they are more likely to shop with brands that provide offers and relevant recommendations. And that level of personalization can be automated with chatbots.
Chatbots use conversational AI, NLP, NLU, and ML, making them highly customizable and human-like. They also consider the customer's history with the business, their device type, location, and interests. Personalized communication, offers, discounts, and recommendations are then possible with these insights.
Even without our collection of statistics, you could probably bet your money that customers want an easy, quick, and effortless customer experience. And chatbots offer a lot of what customers need — streamlining service, responding almost immediately and being available 24/7 to cater to customers.
Although we have a long way to go to perfect the function and understanding of chatbots, people welcome their possibilities. Implementing or improving customer service chatbots may be the next big thing for your customer experience.