ChatGPT will drive spending on chatbots in the retail sector
The global retail sector will invest 72,000 million dollars in chatbots in 2028, six times more than this year. ChatGPT and other AI models will drive this growth.
The boom in generative AI, and particularly in ChatGPT, is generating rivers of ink in the media.
For example, at Silicon.es we have talked about some of the generative AI tools called to revolutionize creativity . And we’ve also addressed the impact that the rise of AI can have on data centers and sustainability .
In any case, it is clear that this technology is destined to lead many of the advances that we will see in the coming years.
ChatGPT is also going to drive adoption of chatbots in retail . At least that is how Juniper Research estimates it, which anticipates that global spending on chatbots will reach 72,000 million dollars within 5 years , compared to 12,000 million with which the present year will end.
This is clear from the report ‘Chatbots: Market Forecasts, Sector Analysis & Future Strategies 2023-2028’ , which specifies that much of this growth will be driven by the emergence of profitable open language models in regions such as North America and Europe. , with ChatGPT as the undisputed protagonist.
The consultant explains that these open language models consist of large neural networks that are trained with substantial amounts of information online and that learn with a low level of human supervision. And she points out that these models are implemented in chatbots to automate functions such as customer service, marketing or payment processing .
Thus, he predicts that the development of open language models will become a key factor for the growth of spending among small and medium-sized retailers that previously could not invest in chatbots.
“Historically, chatbots have been a low priority for omnichannel strategies due to the high cost of training AI-based algorithms. However, ChatGPT has disrupted the development of this trend, reducing the implementation cost of chatbots for smaller retailers ”, states Frederick Savage, author of the research.
The research highlights that the Asia-Pacific region accounts for most of the spending . Thus, it anticipates that it will represent 85% of the spending of the retail sector on chatbots in 2023, despite the fact that it only represents 53% of the world population.
Juniper Research indicates that instant messaging applications such as WeChat, Line or Kakao have established strong partnerships with many online merchants , leading to high levels of trust in chatbots in the retail channel.
However, the report predicts that the release of open language models will drive growth outside of the Asia-Pacific area . In this way, it forecasts that this region will represent 66% of spending in 2028, reducing its weight as online stores in other areas, such as North America and Europe, implement chatbots in their activities.
