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Europe Conversational Commerce Market Intelligence Report 2023: Market is Expected to Grow by 27.8% to Reach $230 Billion in 2023 - Forecasts to 2028
Research and Markets
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Dublin, May 12, 2023 (GLOBE NEWSWIRE) -- The "Europe 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.

The conversational commerce industry in Europe is expected to grow by 27.8% on annual basis to reach US$230.0 billion in 2023.

The conversational commerce industry is expected to grow steadily over the forecast period, recording a CAGR of 22.5% during 2022-2028. The conversational commerce transaction value in the region will increase from US$230.0 billion in 2023 to reach US$635.2 billion by 2028.

To improve customer relationships, engagement, and experience, retailers in Europe are seeking to leverage conversational commerce tools such as WhatsApp. This, coupled with the high internet and smartphone penetration rate in the region, is projected to aid the growth of the conversational commerce industry in Europe from the short to medium-term perspective.

In Europe, innovative startups are also entering the conversational commerce space to capitalize on the high-growth sector. Furthermore, global giants such as TikTok are also planning to expand their presence in the conversational commerce industry in Europe. All of these factors will keep driving the competitive landscape and innovation in the market over the next three to four years.

Retailers are forging alliances with WhatsApp to optimize the shopping experience of French consumers

To reach more customers and enhance their shopping experience and brand engagement, retailers have turned to WhatsApp to leverage conversational commerce capabilities in France.

In December 2022, Carrefour, one of the leading retailers in Europe, announced that the firm had entered into a strategic collaboration with WhatsApp, enabling consumers to order gifts through the messaging app during Christmas.

The pilot project, launched between December 5 to December 21, allowed customers to purchase products across different non-food categories, such as gaming, household appliances, toys, and high-tech. The collaboration with WhatsApp is part of the firm's strategy to boost customer engagement and provide them with innovative shopping experiences.

From the short to medium-term perspective, the publisher expects Carrefour to launch more such initiatives in France and in other markets where it is operating.

Furthermore, the publisher also expects more retailers to forge alliances with WhatsApp, as conversational commerce continues to grow in popularity among customers in Europe. This will keep aiding the growth of the market from the short to medium-term perspective.

Venture capital and private equity funding are expected to grow in the European conversational commerce market

As the market continues to grow, innovative startups are expected to raise multi-million-dollar deals from venture capital and private equity firms over the next three to four years in the European market. In 2022, startups have already gained widespread traction from venture capital and private equity players. For instance,

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