DUBLIN--(BUSINESS WIRE)--The "Global Conversational Commerce Market Intelligence and Future Growth Dynamics Databook - 75+ KPIs on Conversational Commerce Trends by End-Use Sectors, Operational KPIs, Product Offering, and Spend By Application - Q1 2023 Update" report has been added to ResearchAndMarkets.com's offering.
Global conversational commerce industry is expected to grow by 29.5% on annual basis to reach US$1,740.8 billion in 2023.
The conversational commerce industry is expected to grow steadily over the forecast period, recording a CAGR of 23.1% during 2022-2028. The global conversational commerce transaction value will increase from US$1,740.8 billion in 2023 to reach US$4,915.1 billion by 2028.
The global conversational commerce market is poised to record strong growth over the next five years. One of the main drivers of the growth of conversational commerce is the increasing innovation in the segment. With the rise of artificial intelligence and machine learning, companies are able to create more sophisticated chatbots that can understand and respond to customers' needs. Furthermore, these systems can help businesses provide faster and more accurate customer service, as well as offer personalized product recommendations and promotional offers.
Another factor driving the growth of conversational commerce is the highly competitive landscape in which businesses operate. With the proliferation of e-commerce platforms and the growth of online marketplaces, businesses need to find new ways to differentiate themselves and provide a more engaging shopping experience for customers. Conversational commerce allows businesses to offer a more personalized and interactive experience, which can help them stand out from their competitors and attract more customers.
Firms are forging strategic alliances to further drive innovation and conversational commerce market growth
With the upsurge in digital consumption, more and more firms are seeking to leverage omnichannel conversational commerce to better engage their customers and drive revenue growth. Consequently, providers are forging strategic alliances to further drive innovation and market growth in the segment.
In December 2022, ADA, one of the leading analytics, data, and artificial intelligence firm in Southeast Asia, announced that the firm had entered into a strategic collaboration with Jio Haptik Technologies Limited (Haptik), the leading conversational commerce platform in the Asia Pacific and the United States region.
The partnership between the two firms aims to improve customer engagement and conversational commerce capabilities by driving more meaningful experiences for consumers on LINE, WhatsApp, and other channels. In collaboration with Haptik, the business messaging platform offered by ADA will be enabled with chatbots that engage with consumers more efficiently, thereby driving sales and revenue growth.
From the short to medium-term perspective, the publisher expects more such strategic collaborations between firms, thereby driving the competitive landscape. This will subsequently support the growth of the overall conversational commerce industry in the global market over the next three to four years.
Retailers are incorporating AI chatbots into their e-commerce marketplaces to suggest products to consumers
With technological advancements and innovation in the area of commerce and artificial intelligence, more and more retailers are expected to incorporate AI chatbots into their marketplaces to enhance customer engagement and shopping experience from the short to medium-term perspective.
In March 2023, Newegg, the United States-based e-commerce marketplace, announced that the firm had integrated ChatGPT, the AI-powered chatbot, into several website features. The chatbot will assist shoppers to select a desktop PC, while also optimizing the content on the e-commerce platform. Furthermore, the retailer is also making use of the chatbot to improve customer service, email communication, and search engine optimization.
Over the next few quarters, the publisher expects more and more e-commerce retailers to adopt AI and its capabilities to drive customer engagement and improve their experiences, thereby driving higher sales and revenue growth. This will further aid the growth of the conversational commerce industry in the global market over the next three to four years.
A Bundled Offering: 20 Reports - 1 Global Report and 19 Country Reports
- Global Conversational Commerce Market Intelligence and Future Growth Dynamics (Databook)
- Argentina Conversational Commerce Market Intelligence and Future Growth Dynamics (Databook)
- Australia Conversational Commerce Market Intelligence and Future Growth Dynamics (Databook)
- Brazil Conversational Commerce Market Intelligence and Future Growth Dynamics (Databook)
- Canada Conversational Commerce Market Intelligence and Future Growth Dynamics (Databook)
- China Conversational Commerce Market Intelligence and Future Growth Dynamics (Databook)
- France Conversational Commerce Market Intelligence and Future Growth Dynamics (Databook)
- Germany Conversational Commerce Market Intelligence and Future Growth Dynamics (Databook)
- India Conversational Commerce Market Intelligence and Future Growth Dynamics (Databook)
- Indonesia Conversational Commerce Market Intelligence and Future Growth Dynamics (Databook)
- Italy Conversational Commerce Market Intelligence and Future Growth Dynamics (Databook)
- Mexico Conversational Commerce Market Intelligence and Future Growth Dynamics (Databook)
- Nigeria Conversational Commerce Market Intelligence and Future Growth Dynamics (Databook)
- Philippines Conversational Commerce Market Intelligence and Future Growth Dynamics (Databook)
- Russia Conversational Commerce Market Intelligence and Future Growth Dynamics (Databook)
- South Africa Conversational Commerce Market Intelligence and Future Growth Dynamics (Databook)
- Thailand Conversational Commerce Market Intelligence and Future Growth Dynamics (Databook)
- United Arab Emirates Conversational Commerce Market Intelligence and Future Growth Dynamics (Databook)
- United Kingdom Conversational Commerce Market Intelligence and Future Growth Dynamics (Databook)
- United States Conversational Commerce Market Intelligence and Future Growth Dynamics (Databook)
Scope
This title is a bundled offering, combining 20 reports (1,560 tables and 1,980 charts).
Conversational Commerce Industry Market Size and Future Growth Dynamics by Key Performance Indicators
- Transaction Value
- Transaction Volume
- Average Value Per Transaction
Conversational Commerce Industry Market Size and Forecast by Virtual Assistant Type
- AI-Based Virtual Assistants
- Non-Intelligent Chatbot
Conversational Commerce Industry Market Size and Forecast by Virtual Assistant Type
- Chatbots
- Digital Voice Assistants
- OTT Messaging
- RCS Messaging
Conversational Commerce Industry Market Size and Forecast by Chatbots
- Web-Based
- App-Based
Conversational Commerce Industry Market Size and Forecast by Key Sectors
- Retail Shopping
- Travel & Hospitality
- Online Food Service
- Media and Entertainment
- Healthcare and Wellness
- Financial Services
- Technology Products and Services
- Other Sectors
Conversational Commerce Industry Market Size and Forecast in Key Sectors by Product Offering
- Retail Shopping Market By Chatbots
- Travel & Hospitality Market By Chatbots
- Online Food Service Market By Chatbots
- Media and Entertainment Market By Chatbots
- Healthcare and Wellness Market By Chatbots
- Financial Services Market By Chatbots
- Technology Products and Services Market By Chatbots
- Other Sectors Market By Chatbots
- Retail Shopping Market By Digital Voice Assistants
- Travel & Hospitality Market By Digital Voice Assistants
- Online Food Service Market By Digital Voice Assistants
- Media and Entertainment Market By Digital Voice Assistants
- Healthcare and Wellness Market By Digital Voice Assistants
- Financial Services Market By Digital Voice Assistants
- Technology Products and Services Market By Digital Voice Assistants
- Other Sectors Market By Digital Voice Assistants
- Retail Shopping Market By OTT Messaging
- Travel & Hospitality Market By OTT Messaging
- Online Food Service Market By OTT Messaging
- Media and Entertainment Market By OTT Messaging
- Healthcare and Wellness Market By OTT Messaging
- Financial Services Market By OTT Messaging
- Technology Products and Services Market By OTT Messaging
- Other Sectors Market By OTT Messaging
- Retail Shopping Market By RCS Messaging
- Travel & Hospitality Market By RCS Messaging
- Online Food Service Market By RCS Messaging
- Media and Entertainment Market By RCS Messaging
- Healthcare and Wellness Market By RCS Messaging
- Financial Services Market By RCS Messaging
- Technology Products and Services Market By RCS Messaging
- Other Sectors Market By RCS Messaging
Conversational Commerce Industry Market Size and Forecast by Organization Size
- Large Enterprise
- Medium-Sized Enterprise
- Small Enterprise
Total Spend on Conversational Commerce Market
Conversational Commerce Industry Market Size and Forecast by Spend on Application
- Software Application
- IT Services
- Consulting Services
Conversational Commerce Spend on Key Sectors
- Retail Shopping
- Travel & Hospitality
- Online Food Service
- Media and Entertainment
- Healthcare and Wellness
- Financial Services
- Technology Products and Services
- Other Sectors
For more information about this report visit https://www.researchandmarkets.com/r/n197k8
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