Dublin, Sept. 18, 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 - Q2 2023 Update" report has been added to ResearchAndMarkets.com's offering.
Conversational commerce industry in India is expected to grow by 22.2% on annual basis to reach US$22.6 billion in 2023.
The conversational commerce industry is expected to grow steadily over the forecast period, recording a CAGR of 18.9% during 2022-2028. The conversational commerce transaction value in the country will increase from US$22.6 billion in 2023 to reach US$53.5 billion by 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.
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.
Reasons to buy
- In-depth Understanding of India Conversational Commerce Market Dynamics: Understand market opportunities and key trends along with forecast in India.
- Insights into Opportunity by end-use sectors: Get market dynamics by end-use sectors to assess emerging opportunity across various end-use sectors.
- Insights into Opportunity by products: Get market dynamics by key products of conversational commerce.
- Develop Market Specific Strategies: Identify growth segments and target specific opportunities.
- Develop proactive and lucrative business strategies through market intelligence and forward-looking analysis of conversational market opportunities in India.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 115 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $22.56 Billion |
| Forecasted Market Value (USD) by 2028 | $53.53 Billion |
| Compound Annual Growth Rate | 18.8% |
| Regions Covered | India |
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 By Chatbots
- Travel & Hospitality By Chatbots
- Online Food Service By Chatbots
- Media and Entertainment By Chatbots
- Healthcare and Wellness By Chatbots
- Financial Services By Chatbots
- Technology Products and Services By Chatbots
- Other Sectors By Chatbots
- Retail Shopping By Digital Voice Assistants
- Travel & Hospitality By Digital Voice Assistants
- Online Food Service By Digital Voice Assistants
- Media and Entertainment By Digital Voice Assistants
- Healthcare and Wellness By Digital Voice Assistants
- Financial Services By Digital Voice Assistants
- Technology Products and Services By Digital Voice Assistants
- Other Sectors By Digital Voice Assistants
- Retail Shopping By OTT Messaging
- Travel & Hospitality By OTT Messaging
- Online Food Service By OTT Messaging
- Media and Entertainment By OTT Messaging
- Healthcare and Wellness By OTT Messaging
- Financial Services By OTT Messaging
- Technology Products and Services By OTT Messaging
- Other Sectors By OTT Messaging
- Retail Shopping By RCS Messaging
- Travel & Hospitality By RCS Messaging
- Online Food Service By RCS Messaging
- Media and Entertainment By RCS Messaging
- Healthcare and Wellness By RCS Messaging
- Financial Services By RCS Messaging
- Technology Products and Services By RCS Messaging
- Other Sectors 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/18xe3u
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