DUBLIN–(BUSINESS WIRE)–The “Asia Pacific Conversational Commerce Market Intelligence and Future Growth Dynamics Databook – 75+ KPIs on Conversational Commerce Trends by End-Use Sectors, Operational KPIs, Product Offering, and Spend By Application – Q1 2023 Update” report has been added to ResearchAndMarkets.com’s offering.
Conversational commerce industry in Asia Pacific is expected to grow by 29.9% on annual basis to reach US$1,459.1 billion in 2023.
The conversational commerce industry is expected to grow steadily over the forecast period, recording a CAGR of 23.3% during 2022-2028. The conversational commerce transaction value in the region will increase from US$1,459.1 billion in 2023 to reach US$4,155.3 billion by 2028.
The conversational commerce industry in Asia Pacific is one of the fast-growing markets worldwide. Led by China, the market is projected record strong growth over the next five years in the Asia Pacific region. With robust internet and digital infrastructure expanding in countries like India and other Southeast Asian countries, more and more shoppers and brands are expected to adopt conversational commerce over the next five years.
This, coupled with the innovative startup ecosystem and the growing e-commerce market, will keep aiding the industry growth. As the market continues to expand and reach more consumers, the publisher also expects a higher amount of venture capital and private equity funding to enter into the Asia Pacific conversational commerce market over the next three to four years. This will also drive the competitive landscape leading to further innovation and market growth.
Indian e-commerce players are seeking to leverage conversational commerce to unlock further growth
Over the last five years, e-commerce market in India has recorded strong growth. Driven by rising internet and smartphone penetration and the growing adoption of digital payments has accelerated online shopping trends in India. However, amid the market growth, the competition in the space has also intensified significantly. Consequently, to reach the next 100s of millions of users and compete with industry giants, new players in the segment are seeking to leverage conversational commerce to unlock further growth.
In March 2023, Meesho, one of the new players in the e-commerce market in India, announced the firm is running a pilot project with WhatsApp for conversational commerce. Through the initiative, the firm is positioning itself to launch a personalized conversational platform for the next 200 million consumers in India. With curated product recommendations, Meesho aims to deliver a tailored shopping experience for its shoppers through conversational commerce capabilities.
With over half a billion people using WhatsApp in the country, the collaboration with WhatsApp can bring several million new shoppers for Meesho from the short to medium-term perspective. In 2022, WhatsApp also collaborated with JioMart allowing Indian consumers to shop for groceries and other daily products through the messaging platform. With conversational commerce gaining rapid momentum in India, the publisher expects more such strategic collaborations between e-commerce players and WhatsApp in 2023. This will accelerate the growth of the conversational commerce market in India over the next three to four years.
Singapore consumers are willing to make purchases through WhatsApp and other chat messaging apps
In the Southeast Asian region, conversational commerce is also gaining strong momentum in the Singaporean market. More and more consumers are showing the willingness to make purchases through messaging apps, such as WhatsApp and Facebook Messenger. Over 38% of the Singaporean consumers have stated that they would consider making product purchases directly through conversational messaging applications.
These findings shows that digital commerce is moving beyond traditional e-commerce platforms. Consequently, for businesses that are seeking to remain competitive in the ever-changing commerce landscape, they need to consider conversational commerce to reach new customers. With these numbers projected to further grow in 2023, the publisher expects conversational commerce industry to record strong growth in Singapore and other Southeast Asian countries from the short to medium-term perspective.
A Bundled Offering: 13 Reports – 1 Regional Report and 12 Country Report
1. Asia Pacific Conversational Commerce Market Intelligence and Future Growth Dynamics (Databook)
2. Australia Conversational Commerce Market Intelligence and Future Growth Dynamics (Databook)
3. China Conversational Commerce Market Intelligence and Future Growth Dynamics (Databook)
4. India Conversational Commerce Market Intelligence and Future Growth Dynamics (Databook)
5. Indonesia Conversational Commerce Market Intelligence and Future Growth Dynamics (Databook)
6. Japan Conversational Commerce Market Intelligence and Future Growth Dynamics (Databook)
7. Malaysia Conversational Commerce Market Intelligence and Future Growth Dynamics (Databook)
8. South Korea Conversational Commerce Market Intelligence and Future Growth Dynamics (Databook)
9. Philippines Conversational Commerce Market Intelligence and Future Growth Dynamics (Databook)
10. Singapore Conversational Commerce Market Intelligence and Future Growth Dynamics (Databook)
11. Taiwan Conversational Commerce Market Intelligence and Future Growth Dynamics (Databook)
12. Thailand Conversational Commerce Market Intelligence and Future Growth Dynamics (Databook)
13. Vietnam Conversational Commerce Market Intelligence and Future Growth Dynamics (Databook)
Scope for each Report
Conversational Commerce Industry Market Size and Future Growth Dynamics by Key Performance Indicators
Conversational Commerce Industry Market Size and Forecast by Virtual Assistant Type
Conversational Commerce Industry Market Size and Forecast by Virtual Assistant Type
Conversational Commerce Industry Market Size and Forecast by Chatbots
Conversational Commerce Industry Market Size and Forecast by Key Sectors
Conversational Commerce Industry Market Size and Forecast in Key Sectors by Product Offering
Conversational Commerce Industry Market Size and Forecast by Organization Size
Total Spend on Conversational Commerce Market
Conversational Commerce Industry Market Size and Forecast by Spend on Application
Conversational Commerce Spend on Key Sectors
For more information about this report visit https://www.researchandmarkets.com/r/26yl8i
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