DUBLIN, MAY 12, 2023 (GLOBE NEWSWIRE) – “Europe’s Conversational Commerce Market Data Book & Future Growth Dynamics – 75+ Conversational Commerce KPIs by End-Use Segments, Operational KPIs, Product Offering, Spend by Application – Q1 Update From 2023 »The report was added to ResearchAndMarkets.com an offer.
The business chat industry in Europe is expected to grow by 27.8% year-on-year and reach USD 230.0 billion in 2023.
The conversational commerce industry is expected to grow steadily during the forecast period, registering a compound annual growth rate of 22.5% during the period 2022-2028. The value of conversational business transactions in the region will grow from $230.0 billion in 2023 to $635.2 billion by 2028.
To improve relationships, engagement and customer experience, retailers in Europe are looking to take advantage of conversational commerce tools such as WhatsApp. This, along with the high penetration rate of internet and smartphones in the region, is expected to contribute to the growth of the conversational commerce industry in Europe in the short to medium term.
In Europe, innovative startups are also entering the field of conversational commerce to take advantage of the fast-growing sector. In addition, global giants such as TikTok are also planning to expand their presence in the conversational commerce industry in Europe. All of these factors will continue to drive the competitive landscape and innovation in the market over the next three to four years.
Merchants are forging alliances with WhatsApp to improve the shopping experience for French consumers
To reach more customers, improve the shopping experience and brand engagement, retailers have turned to WhatsApp to harness the potential of conversational commerce in France.
In December 2022, Carrefour, one of Europe’s leading retailers, announced that the company had entered into a strategic collaboration with WhatsApp, allowing consumers to order gifts through the messaging app during Christmas.
The pilot program, which ran from December 5 to 21, allowed customers to purchase products in various non-food categories, such as toys, home appliances, games, and high-tech products. Collaboration with WhatsApp is part of the company’s strategy to improve customer engagement and provide them with innovative shopping experiences.
In the short or medium term, the publisher expects Carrefour to launch more initiatives of this kind in France and in the other markets in which it operates.
In addition, the publisher also expects more retailers to form alliances with WhatsApp as conversational commerce continues to grow in popularity with customers in Europe. This will continue to help the market grow from a short to medium term perspective.
Venture capital and private equity financing are set to grow in the European trading market
As the market continues to grow, innovative startups are expected to collect multi-million dollar deals from venture capital firms and private equity firms over the next three to four years in the European market. In 2022, startups are already gaining popularity with venture capital and private equity firms. for example,
In July 2022, Charles, a conversation-focused German startup, announced that the company had raised $20 million in its first round, led by Salesforce Ventures. HV Capital and Accel, which led the seed funding round in 2021, also participated in the first round. The 2022 funding round makes Charles one of the key players in the conversational trading space.
The company plans to use the capital to expand its presence in the European conversational trading industry. The company, which enables brands and businesses to sell products and send newsletters via chat, is targeting a growing customer base in Europe in 2023. While Charles’ popularity with his home business has grown, he has also gained a foothold in other European countries such as Italy, Spain, France and the UK.
With plans to bring chat commerce to WhatsApp across Europe, the publisher expects Charles to continue to help drive market growth in the short to medium term. Moreover, increasing capital investment from venture capitalists and private equity firms will also contribute to the competitive landscape and growth of the industry over the next three to four years.
This report provides a detailed, data-driven analysis of the Conversational Commerce industry, covering market opportunities and risks. With over 50 nationwide KPIs, this report provides a comprehensive understanding of the conversational commerce market dynamics, market size and outlook, and market share statistics.
The research methodology is based on industry best practices. Its unbiased analysis leverages a proprietary analytics platform to provide a detailed view of emerging business opportunities and investment markets.
Combined view: 16 reports – 1 regional and 15 national reports
- Europe Conversational Business Intelligence Market and Future Growth Dynamics (Data Book)
- Austria Conversational Business Intelligence Market and Future Growth Dynamics (Databook)
- Belgium Conversational Business Market Intelligence and Future Growth Dynamics (Databook)
- Danish conversation business market intelligence and future growth dynamics (Databook)
- Finnish Conversational Trade Market Information and Future Growth Dynamics (Databook)
- France Conversational Business Market Intelligence and Future Growth Dynamics (Data Book)
- German Conversational Trade Market Intelligence and Future Growth Dynamics (Databook)
- Greece Conversational Business Market Intelligence and Future Growth Dynamics (Databook)
- Ireland Conversational Trade Market Information and Future Growth Dynamics (Databook)
- Interactive intelligence of the business market in Italy and the dynamics of future growth (Databook)
- Conversational Dutch Business Market Intelligence and Future Growth Dynamics (Databook)
- Poland’s Cross Trade Market Intelligence and Future Growth Dynamics (Data Book)
- Interactive intelligence of the business market in Russia and the dynamics of future growth (data book)
- Spain Conversational Business Market Intelligence and Future Growth Dynamics (Databook)
- Swiss Conversational Business Market Intelligence and Future Growth Dynamics (Data Book)
- Conversational intelligence on the UK business market and future growth dynamics (Databook)
The scope of each report
Conversational commerce market size and future growth dynamics via key performance indicators
- transaction value
- transaction size
- The average value of each transaction
The conversational commerce industry market size and prediction by the type of virtual assistant
- Artificial intelligence-based virtual assistants
- Unintelligent chatbot
The conversational commerce industry market size and prediction by the type of virtual assistant
- Chatbots
- Digital voice aids
- OTT messages
- RCS messaging
Conversational commerce industry market size and forecasts by chatbots
Conversational commerce industry market size and forecast of key segments
- retail purchases
- Travel and hospitality
- Online catering service
- Media and entertainment
- Health care and well-being
- financial services
- technical products and services
- other sectors
Conversational commerce industry market size and outlook in key segments by product offering
- The retail marketplace is powered by chatbots
- The travel and hospitality marketplace is powered by chatbots
- Online restaurant marketplace with chatbots
- The media and entertainment market is powered by chatbots
- The health and wellness marketplace is powered by chatbots
- Market financial services through chatbots
- A marketplace for technical products and services powered by chatbots
- Other segments market by Chatbots
- Retail market with digital voice assistants
- The travel and hospitality market with digital voice assistants
- Online restaurant marketplace with digital voice assistants
- The media and entertainment market through digital voice assistants
- Market health and wellness through digital voice assistants
- Market financial services through digital voice assistants
- Marketing technology products and services through digital voice assistants
- Other segments market by digital voice assistants
- OTT retail messaging market
- Travel and Hospitality Market by OTT Messaging
- Online restaurant marketplace via OTT messages
- Media and Entertainment Market by OTT Messaging
- Health and Wellness Marketplace by OTT Messaging
- Financial services market via OTT messages
- Marketing technical products and services via OTT messages
- Other segments market by OTT messages
- Retail Market by RCS Messaging
- Travel and Hospitality Market by RCS Messaging
- Online Catering Marketplace by RCS Correspondence
- Media and Entertainment Market by RCS Messaging
- Health and Wellness Marketplace by RCS Messaging
- Financial Services Market by RCS Messaging
- Marketing technology products and services through RCS Messaging
- Market other segments via RCS Correspondence
Conversational Commerce Industry Market Size and Forecast by Organization Size
- Big project
- Medium sized company
- small projects
Total conversational business spend in the market
Conversational commerce market size and application spending forecast
- Program applications
- IT services
- consulting services
Conversation company spending in key segments
- retail purchases
- Travel and hospitality
- Online catering service
- Media and entertainment
- Health care and well-being
- financial services
- technical products and services
- other sectors
Reasons to buy
- An in-depth understanding of the conversational commerce market dynamics: Understanding the key market opportunities, trends, and forecast (2019-2028).
- Opportunity overview by end-use segments – Get market dynamics by end-use segments to assess emerging opportunities in various end-use segments.
- Developing market-specific strategies: identifying areas for growth and targeting specific opportunities to formulate a conversational trading strategy; Assess key market-specific trends, drivers, and risks in the industry.
For more information on this report, visit https://www.researchandmarkets.com/r/idz444
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