Conversational Commerce Channels to Facilitate
Spending of over $290 Billion Globally by 2025, as Omnichannel Strategies Drive
Interest
Chatbots to Account for 50% of Spend by 2025
A new study from Juniper
Research has found that the total spend over conversational commerce
channels will reach $290 billion by 2025; rising from $41 billion in 2021. This
represents a rise of 590% over the next four years. It predicts that
communications platforms that provide the connection between brands and end
users will be crucial in increasing the adoption of conversational commerce
channels.
The new study, Conversational Commerce: Market Outlook, Emerging
Opportunities & Forecasts 2021-2025, highlighted that the
ability to offer conversational commerce as a component of an omnichannel
retail strategy will increase confidence in the channels amongst retailers.
This enables these retailers to expand their reach, whilst allowing a fallback
on more established commerce channels. Conversational commerce leverages AI to
automate retail transactions and payments through channels including chatbots,
messaging and digital voice assistants.
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Chatbots to Process $145 Billion of Spend by 2025
The research predicts that three countries would account for over 90% of
chatbot spend by 2025:
- China
- Japan
- South Korea
Messaging
apps popular in these countries, such as WeChat, LINE and Kakao Talk, have all
established chatbot ecosystems in which retailers play a significant role in
the development of chatbot and conversational commerce functionality.
The report urges emerging conversational commerce channels to emulate the
chatbots ecosystems in these countries. To maximise the potential of other
conversational commerce channels, such as voice commerce and RCS messaging, it
recommends that retailers and communications platforms explore the possibility
of a revenue-sharing model, in which a small proportion of the transaction
value is paid to the conversational commerce service provider.
Research author Sam Barker remarked ‘Revenue-sharing models will enable
conversational commerce channels to monetise their services by levying costs on
brands and enterprises, rather than the end users themselves. This revenue can
be used to improve commerce channels to generate further investment from brands
and enterprises.’
Source: Juniper Research media announcement
