Global Conversational Commerce Market Report 2023: Retailers are Incorporating AI Chatbots into Their E-commerce Marketplaces to Suggest Products to Consumers
According to the publisher, 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.
This report provides a detailed data centric analysis of conversational commerce industry, covering market opportunities and risks. With over 50+ KPIs at country level, this report provides a comprehensive understanding of conversational commerce market dynamics, market size and forecast, and market share statistics.
The research methodology is based on industry best practices. Its unbiased analysis leverages a proprietary analytics platform to offer a detailed view on emerging business and investment market opportunities.
Reasons to buy
In-depth Understanding of Conversational Commerce Market Dynamics: Understand market opportunities and key trends along with forecast (2019-2028).
Insights into Opportunity by end-use sectors - Get market dynamics by end-use sectors to assess emerging opportunity across various end-use sectors.
Develop Market Specific Strategies: Identify growth segments and target specific opportunities to formulate conversational commerce strategy; assess market specific key trends, drivers, and risks in the industry.
This title is a bundled offering provides detailed 20 reports, covering global insights along with data centric analysis at global and country level: 1. Global Conversational Commerce Market Intelligence and Future Growth Dynamics (Databook) 2. Argentina Conversational Commerce Market Intelligence and Future Growth Dynamics (Databook) 3. Australia Conversational Commerce Market Intelligence and Future Growth Dynamics (Databook) 4. Brazil Conversational Commerce Market Intelligence and Future Growth Dynamics (Databook) 5. Canada Conversational Commerce Market Intelligence and Future Growth Dynamics (Databook) 6. China Conversational Commerce Market Intelligence and Future Growth Dynamics (Databook) 7. France Conversational Commerce Market Intelligence and Future Growth Dynamics (Databook) 8. Germany Conversational Commerce Market Intelligence and Future Growth Dynamics (Databook) 9. India Conversational Commerce Market Intelligence and Future Growth Dynamics (Databook) 10. Indonesia Conversational Commerce Market Intelligence and Future Growth Dynamics (Databook) 11. Italy Conversational Commerce Market Intelligence and Future Growth Dynamics (Databook) 12. Mexico Conversational Commerce Market Intelligence and Future Growth Dynamics (Databook) 13. Nigeria Conversational Commerce Market Intelligence and Future Growth Dynamics (Databook) 14. Philippines Conversational Commerce Market Intelligence and Future Growth Dynamics (Databook) 15. Russia Conversational Commerce Market Intelligence and Future Growth Dynamics (Databook) 16. South Africa Conversational Commerce Market Intelligence and Future Growth Dynamics (Databook) 17. Thailand Conversational Commerce Market Intelligence and Future Growth Dynamics (Databook) 18. United Arab Emirates Conversational Commerce Market Intelligence and Future Growth Dynamics (Databook) 19. United Kingdom Conversational Commerce Market Intelligence and Future Growth Dynamics (Databook) 20. 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).
Country reports in this bundled offering provide in-depth analysis of Conversational Commerce industry. Below is a summary of key market segments offered at country level:
This report provides in-depth, data-centric analysis of conversational commerce in . Below is a summary of key market segments:
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
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