Dublin, May 15, 2023 (GLOBE NEWSWIRE) -- The "India 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 transaction value in the country will increase from US$21,902.0 million in 2023 to reach US$51,970.9 million by 2028.
The conversational commerce industry is expected to grow steadily over the forecast period, recording a CAGR of 18.9% during 2022-2028.
In India, the conversational commerce market is poised to record strong growth over the next five years. Ever since the pandemic outbreak, the industry has been recording consistent growth in the country. Driven by increased smartphone and internet penetration, WhatsApp and Instagram are projected to further lead the growth of the conversational commerce industry in India from the short to medium-term perspective.
Furthermore, the rise of e-commerce and online marketplaces has made it easier for businesses to reach a wider audience and sell their products and services online. This has led to increased competition, which has incentivized businesses to adopt new technologies like conversational commerce to differentiate themselves from their competitors.
With the continued growth of e-commerce and the increasing importance of customer experience in the digital age, the publisher believes conversational commerce will continue to thrive in India in the next five years.
Conversational commerce startups are raising funding rounds from venture capital and private equity firms
Although in the early stages of development, the conversational commerce market has also attracted the eyes of venture capital and private equity firms. To improve their product offering and drive growth and scalability, conversational commerce startups are seeking to raise funding rounds in India.
In November 2022, Gall box, the conversational commerce platform, announced that the firm had raised US$1.2 million in a seed funding round, which was led by Prime Ventures and included participation from the 100x Entrepreneur Fund. The no-code conversational commerce platform enables small and medium-sized businesses to increase their sales through WhatsApp.
Since its inception in 2021, the conversational commerce platform has processed approximately 50 million messages. Although it currently offers support for WhatsApp, the firm is also exploring the possibility to extend the service to other social media platforms such as Instagram and Messenger. This will enable the firm to target a higher base of small and medium-sized enterprises.
From the short to medium-term perspective, the publisher expects more such innovative conversational commerce firms to raise funding from venture capital and private equity firms in India. This will also aid innovation and the competitive landscape in the growing conversational commerce sector.
Conversational media platforms are launching conversational commerce capabilities to tap into the high-growth market
With the conversational commerce industry in India projected to record strong growth over the next five years, driven by increasing smartphone and internet penetration, more and more firms are entering the space by incorporating conversational commerce capabilities into their existing product lines.
In March 2023, Bobble AI, the conversational media platform, announced the launch of a conversational commerce offering, Bobble Super. The new offering provides users with a highly personalized and real-time shopping experience on its keyboard application. The firm has made the conversational commerce offering available to more than 10 million users currently.
Through Bobble Super, the conversational commerce offering, users can avail of various services such as travel and ticket booking, food ordering, and online gifting, among others. The firm had partnered with more than 100 brands across product categories. Some of its partners include Redrail, Swiggy, Garnier, Happilo, Boult Audio, and Maybelline.
Over the next few quarters, Bobble AI is also planning to integrate gamification into its product offerings. Furthermore, it plans to add more merchant partners to create an effective ecosystem for its users, where customers can purchase products and services without leaving their keyboard environment. These innovative startups are aiding the growth of the conversational commerce market in India and the trend is projected to further continue from the short to medium-term perspective.
Scope
India Conversational Commerce Industry Market Size and Future Growth Dynamics by Key Performance Indicators
- Transaction Value
- Transaction Volume
- Average Value Per Transaction
India Conversational Commerce Industry Market Size and Forecast by Virtual Assistant Type
- AI-Based Virtual Assistants
- Non-Intelligent Chatbot
India Conversational Commerce Industry Market Size and Forecast by Virtual Assistant Type
- Chatbots
- Digital Voice Assistants
- OTT Messaging
- RCS Messaging
India Conversational Commerce Industry Market Size and Forecast by Chatbots
- Web-Based
- App-Based
India Conversational Commerce Industry Market Size and Forecast by Key Sectors
- Retail Shopping
- Travel & Hospitality
- Online Food Service
- Media and Entertainment
- Healthcare and Wellness
- Financial Services
- Technology Products and Services
- Other Sectors
India Conversational Commerce Industry Market Size and Forecast in Key Sectors by Product Offering
- Retail Shopping Market By Chatbots
- Travel & Hospitality Market By Chatbots
- Online Food Service Market By Chatbots
- Media and Entertainment Market By Chatbots
- Healthcare and Wellness Market By Chatbots
- Financial Services Market By Chatbots
- Technology Products and Services Market By Chatbots
- Other Sectors Market By Chatbots
- Retail Shopping Market By Digital Voice Assistants
- Travel & Hospitality Market By Digital Voice Assistants
- Online Food Service Market By Digital Voice Assistants
- Media and Entertainment Market By Digital Voice Assistants
- Healthcare and Wellness Market By Digital Voice Assistants
- Financial Services Market By Digital Voice Assistants
- Technology Products and Services Market By Digital Voice Assistants
- Other Sectors Market By Digital Voice Assistants
- Retail Shopping Market By OTT Messaging
- Travel & Hospitality Market By OTT Messaging
- Online Food Service Market By OTT Messaging
- Media and Entertainment Market By OTT Messaging
- Healthcare and Wellness Market By OTT Messaging
- Financial Services Market By OTT Messaging
- Technology Products and Services Market By OTT Messaging
- Other Sectors Market By OTT Messaging
- Retail Shopping Market By RCS Messaging
- Travel & Hospitality Market By RCS Messaging
- Online Food Service Market By RCS Messaging
- Media and Entertainment Market By RCS Messaging
- Healthcare and Wellness Market By RCS Messaging
- Financial Services Market By RCS Messaging
- Technology Products and Services Market By RCS Messaging
- Other Sectors Market By RCS Messaging
India Conversational Commerce Industry Market Size and Forecast by Organization Size
- Large Enterprise
- Medium-Sized Enterprise
- Small Enterprise
India Total Spend on Conversational Commerce Market
India Conversational Commerce Industry Market Size and Forecast by Spend on Application
- Software Application
- IT Services
- Consulting Services
India Conversational Commerce Spend on Key Sectors
- Retail Shopping
- Travel & Hospitality
- Online Food Service
- Media and Entertainment
- Healthcare and Wellness
- Financial Services
- Technology Products and Services
- Other Sectors
For more information about this report visit https://www.researchandmarkets.com/r/zeqq7v
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