DUBLIN–(BUSINESS WIRE)–The “Australia 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.
The conversational commerce industry in Australia is expected to grow by 24.8% on annual basis to reach US$10,148.3 million in 2023.
The conversational commerce industry is expected to grow steadily over the forecast period, recording a CAGR of 20.0% during 2022-2028. The conversational commerce transaction value in the country will increase from US$10,148.3 million in 2023 to reach US$25,229.5 million by 2028.
The Australian conversational commerce industry is still in its nascent stages of development. However, the industry is expected to record robust growth over the next five years, owing to the growing presence of global players in the domestic market. Furthermore, the industry will also receive growth support from factors such as robust internet infrastructure and smartphone penetration.
The tech-savvy population and the rising trend of online shopping will also aid the growth of the conversational commerce industry in Australia from the short to medium-term perspective. As the market continues to grow, the publisher also expects innovative startups to emerge in the market and attract venture capital and private equity funding, driving the competitive landscape and innovation in the market.
Australian consumers are interested in receiving text and personalized recommendations from brands
Conversational commerce is gaining strong momentum among consumers across Australia, as it is able to develop interactive and people-driven experiences. From text and personalized product recommendations, shoppers are increasingly comfortable interacting with brands in Australia. Increasing number of consumers are open to receiving text from brands and businesses in Australia. This shows that there is a significant opportunity for retailers and merchants to leverage conversational commerce to better engage their customers while attaining higher sales and revenue growth in the country.
With its ability to better engage customers and close the revenue gap with online retailers through personalized recommendations, many offline retailers are projected to tap into the capabilities of conversational commerce from the short to medium-term perspective. This will subsequently aid the growth of the industry in Australia over the next three to four years. Furthermore, as the market continues to grow, the publisher also expects more global conversational commerce providers to enter the Australian market.
Global firms are seeking to build their presence in the Australian conversational commerce industry
With the industry projected to record strong growth over the next three to four years in Australia, global firms are seeking to enter the Australian market to build a strong foothold and capitalize on the high-growth potential market.
In March 2023, Attentive, the global conversational commerce platform, announced that the firm is continuing its global expansion with an office launch in Australia. In the Asia Pacific region, Australia is the first market where the firm has developed its presence. Over 8,000 brands are currently working with Attentive. In 2022, the firm had powered marketing programs that drove more than US$15 billion for these brands and businesses.
Alongside Attentive, many others have also announced their plans to expand in the Australian market. Bikayi, the Indian conversational commerce firm, announced that it is planning to launch its Bik.ai conversational commerce product in the more global market including in Australia and New Zealand. Notably, the firm enables end-to-end commerce on social channels.
From the short to medium-term perspective, the publisher expects more global conversational commerce providers to enter the highly lucrative growth market in Australia. The presence of global players, coupled with innovative domestic startups in the space, will keep driving the competitive landscape and innovation in the Australian conversational commerce industry over the next three to four years.
Scope
Australia Conversational Commerce Industry Market Size and Future Growth Dynamics by Key Performance Indicators
Australia Conversational Commerce Industry Market Size and Forecast by Virtual Assistant Type
Australia Conversational Commerce Industry Market Size and Forecast by Virtual Assistant Type
Australia Conversational Commerce Industry Market Size and Forecast by Chatbots
Australia Conversational Commerce Industry Market Size and Forecast by Key Sectors
Australia Conversational Commerce Industry Market Size and Forecast in Key Sectors by Product Offering
Australia Conversational Commerce Industry Market Size and Forecast by Organization Size
Australia Total Spend on Conversational Commerce Market
Australia Conversational Commerce Industry Market Size and Forecast by Spend on Application
Australia Conversational Commerce Spend on Key Sectors
For more information about this report visit https://www.researchandmarkets.com/r/5dg5la
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