With a majority of global customers, 91%, preferring real-time assistance, conversational commerce is gaining momentum, resulting in a 10% revenue increase for businesses within six months and slashing customer service costs by 30%.
Given this undeniable relevance, let me share the most crucial conversational commerce statistics you should be aware of right away. 🌍💬📊
Conversational Commerce Statistics: The Key Data
- Conversational commerce businesses saw a 10% increase in revenue in the first six months.
- Conversational commerce reduces customer service costs by 30%.
- 91% of customers globally want real-time assistance.
- 1.4 billion people regularly use chatbots.
- Live chat can increase conversion rates by 82%.
- The global conversational commerce market is expected to be worth $26,301.8 million by 2032, up from $5,345.5 million in 2021.
- Conversational commerce on OTT channels like WhatsApp and WeChat is expected to grow from $13.3 billion in 2022 to $25.1 billion in 2023.
- The US conversational commerce industry is expected to grow 28.8% annually.
- 73% of customers consider experience an important part of their buying decision.
- The average order value increases by 10% when customers live chat before buying.
Sources: (Kindly, Hootsuite, Zendesk, Simplr, Intercom, Future Marketin Sights, Business Wire, Medallia, Super Office.)
Table of Contents
Conversational Commerce Revenue Surges 10% in Half-Year Span.
Important takeaway:
| Insight from Data | Rationale |
| Significant growth in revenue | The 10% increase over just half a year suggests strong momentum and positive market reception. |
| Conversational platforms are effective | If they weren’t, businesses wouldn’t observe such a notable uptick in their revenue over a short span. |
| Increased adoption by consumers | A revenue increase usually indicates a rise in consumer engagement and reliance on conversational channels. |
Source: Kindly
Conversational Methods Slashes Customer Service Costs by 30%.
Important takeaway:
| Insight from Data | Rationale |
| Substantial decrease in service expenses | A reduction of 30% in customer service costs showcases the significant financial benefits of adopting conversational commerce. |
| Conversational platforms are cost-effective | The savings reflect the efficiency and automation capabilities of these platforms, requiring less manual intervention. |
| Potential for higher ROI | Lower service costs can lead to better resource allocation, allowing businesses to invest in growth and achieve higher returns. |
Source: Hootsuite
91% Global Customers Demand Immediate Assistance.
Important takeaway:
| Insight from Data | Rationale |
| Overwhelming demand for immediacy | With 91% of customers desiring real-time help, it’s evident that today’s consumer expects and values instant responses and solutions. |
| Traditional support may be lacking | Such a high percentage suggests that many existing customer service platforms may not be meeting the speed and accessibility standards customers seek. |
| Business differentiation potential | Companies that can offer real-time assistance are positioned to stand out and potentially gain a competitive edge in the market. |
Source: Zendesk
Chatbots Engage 1.4 Billion Users Regularly.
Important takeaway:
| Insight from Data | Rationale |
| Mass adoption of chatbot technology | With 1.4 billion people engaging with chatbots, it underscores the global acceptance and integration of this technology into daily routines. |
| Platforms need to ensure scalability | The sheer volume of users suggests businesses must ensure their chatbot solutions are robust and capable of handling vast interactions seamlessly. |
| Opportunity for tailored experiences | With such a large user base, there’s a potential for businesses to offer personalized and data-driven experiences to retain and engage users. |
Source: Simplr
Live Chat Skyrockets Conversion Rates by a Whopping 82%.
Important takeaway:
| Insight from Data | Rationale |
| Monumental boost in conversions | An 82% rise in conversion rates signifies the undeniable power of live chat in influencing purchase decisions and driving sales. |
| Live chat is a primary conversion tool | Such a significant increase indicates that live chat is not just an add-on but a pivotal element in the modern e-commerce landscape. |
| Direct communication fosters trust | The success of live chat suggests that real-time, human-like interactions can effectively address customer hesitations and promote trust. |
Source: Intercom
Global Conversational Market to Soar: $5.3 Billion in 2021 to $26.3 Billion by 2032.
Important takeaway:
| Insight from Data | Rationale |
| Conversational commerce is on a meteoric rise | A projected market value increase from $5,345.5 million in 2021 to $26,301.8 million in 2032 illuminates the rapid and substantial growth. |
| Businesses must prioritize conversational strategies | With such a significant forecasted market size, companies that fail to adopt conversational commerce risk missing out on a dominant market trend. |
| Consumers’ preferences are evolving | The exponential growth signifies a shift in how consumers prefer to interact, purchase, and receive support, leaning towards more conversational methods. |
Source: Future Marketin Sights
Conversational Commerce via WhatsApp, WeChat Set to Double from $13.3B to $25.1B in a Year.
Important takeaway:
| Insight from Data | Rationale |
| Explosive growth in a short time span | The jump from $13.3 billion in 2022 to $25.1 billion in 2023 underscores the rapid adoption and effectiveness of OTT channels for commerce. |
| OTT platforms are emerging commerce giants | This substantial growth emphasizes the prominence and potential of platforms like WhatsApp and WeChat as primary commerce avenues. |
| Brands must integrate OTT in their commerce strategy | Given the pace of this market expansion, businesses that do not leverage OTT channels risk being left behind in the conversational commerce revolution. |
Source: Business Wire
US Conversational Commerce Poised for 28.8% Annual Growth.
Important takeaway:
| Insight from Data | Rationale |
| Robust and sustained growth forecasted | An annual growth rate of 28.8% signifies that the US conversational commerce industry isn’t just expanding; it’s accelerating at a formidable pace. |
| Conversational commerce is becoming mainstream | Such a consistent high growth rate indicates that conversational commerce is rapidly transitioning from a niche to a staple in the US market. |
| Businesses need to be proactive, not reactive | In the face of such rapid expansion, companies must anticipate and embrace this shift early, lest they scramble to catch up later. |
Source: Business Wire
73% Buyers Prioritize Experience in Purchase Decisions.
Important takeaway:
| Insight from Data | Rationale |
| Experience is a dominant purchase influencer | With 73% of customers valuing experience, it’s evident that the buying process goes beyond just product specifications or pricing. |
| Companies can’t afford to neglect customer experience | Such a high percentage means businesses that disregard this factor may jeopardize customer loyalty and miss out on potential sales. |
| Holistic strategies are crucial | The data suggests a need for businesses to adopt a comprehensive approach, integrating both product quality and exceptional customer experiences. |
Source: Medallia
Live Chats Propel Average Order Values by 10%.
Important takeaway:
| Insight from Data | Rationale |
| Live chat boosts purchasing confidence | The 10% increase in average order value implies that customers gain more assurance and clarity through live interactions, leading to larger purchases. |
| Direct engagement is a value enhancer | This data accentuates the tangible financial benefits businesses can achieve by facilitating real-time conversations with customers. |
| Live chat isn’t just support; it’s a sales tool | Beyond addressing concerns, live chat appears to serve as a catalyst, nudging customers towards making more substantial buying commitments. |
Source: Super Office
More Data: https://www.onlinedasher.com/ecommerce-statistics/
