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Conversational commerce channels to reach $290 billion by 2025, says study

Chatbot

A new study from Juniper Research predicts that the total spend over conversational commerce channels will reach $290 billion by 2025, rising 590 per cent from $41 billion in 2021.

Communications platforms that provide the connection between brands and end users will be crucial in increasing the adoption of conversational commerce channels, it says.

Their new study – ‘Conversational Commerce: Market Outlook, Emerging Opportunities & Forecasts 2021-2025’, highlights 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 fall back on more established commerce channels. Conversational commerce leverages AI to automate retail transactions and payments through channels including chatbots, messaging and digital voice assistants.

Chatbots to process $145 billion of spend by 2025

The research predicts that three countries would account for over 90 per cent of chatbot spend by 2025:

  1. China
  2. Japan
  3. 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 said “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.”

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