United States Conversational Commerce Market Intelligence Report 2023: Market is Expected to Grow by 28.8% to Reach $347.47 Billion in 2023 - Forecasts to 2028 - ResearchAndMarkets.com

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The conversational commerce industry in United States is expected to grow by 28.8% on annual basis to reach US$347,470.9 million in 2023.

Metadata
Provider: 
Business Wire, Inc.Business Wire, Inc.
Retrieved on: 
Wednesday, June 28, 2023
Information
Tags: 
Software, Technology, Retail, Online Retail, Spend, WhatsApp, The, Partnership, KFC, Meta, Operational definition, Razer, Marketing, The Habit Burger Grill, Taco Bell, Pizza Hut, Application, Commerce, Growth, Yum! Brands, Vonage, Social media, Fast food, Salesforce
Geotags: 
UNITED STATES, NORTH AMERICA, ASIA, US
⚠ generated by AI ↴
Organisation: 
RESEARCH AND MARKETS, RESEARCHANDMARKETS.COM
Summary
Key Points: 
  • The conversational commerce industry in United States is expected to grow by 28.8% on annual basis to reach US$347,470.9 million in 2023.
  • With over 50+ KPIs at country level, this report provides a comprehensive understanding of conversational commerce market dynamics, market size and forecast, and market share statistics.
  • The conversational commerce industry is expected to grow steadily over the forecast period, recording a CAGR of 23.7% during 2022-2028.
  • The conversational commerce transaction value in the country will increase from US$347,470.9 million in 2023 to reach US$1,007,206.3 million by 2028.


The "United States 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 United States is expected to grow by 28.8% on annual basis to reach US$347,470.9 million in 2023.

This report provides a detailed data centric analysis of conversational commerce industry, covering market opportunities and risks. With over 50+ KPIs at country level, this report provides a comprehensive understanding of conversational commerce market dynamics, market size and forecast, and market share statistics.

The conversational commerce industry is expected to grow steadily over the forecast period, recording a CAGR of 23.7% during 2022-2028. The conversational commerce transaction value in the country will increase from US$347,470.9 million in 2023 to reach US$1,007,206.3 million by 2028.

Conversational commerce is gaining strong momentum in the United States and the trend is projected to further continue in 2023. The rise of interactive marketing messages is driving the growth of the industry. Consumers are also inclined towards conversational commerce in the North American market.

With consumers willing to share their personal information in exchange for higher-value, conversational commerce is poised to record strong growth in the United States market over the next three to four years.

Global firms are partnering with US-based conversational commerce providers to drive customer engagement

More and more businesses are seeking to leverage conversational commerce capabilities to drive customer engagement and revenue. To incorporate such capabilities, businesses are forging strategic alliances with United States-based conversational commerce providers.

In November 2022, Razer, one of the leading lifestyle brands for gamers, announced that the firm had entered into a strategic collaboration with Vonage to access its conversational commerce application, Jumper.ai. Through Jumper.ai, Razer is seeking to engage its customers in the Asia Pacific region. Furthermore, it also plans to drive purchases of gaming gear and accessories on social media platforms through its collaboration with Vonage.

With the prominence of conversational commerce growing among brands and businesses across industry verticals, the publisher expects more such strategic collaborations between global firms and United States-based conversational commerce providers. This will keep driving the growth of the market from the short to medium-term perspective.

Conversational commerce is driving the digital customer base for quick-service restaurants in the United States

With growing digitalization, quick-service restaurants are also leveraging new-age commerce capabilities to drive their revenue and sales growth in the United States. This has led to growing investment in the conversational commerce space over the last few years. This investment in the space is driving positive results for quick-service restaurant giants. For instance,

Yum Brands, the parent firm that operates KFC, Pizza Hut, Taco Bell, and The Habit Burger Grill, announced that its conversational commerce platform Tictuk is driving the digital customer base and sales. With millions of orders processed in 2022, the firm is planning to further launch conversational commerce capabilities in more stores worldwide. At the end of 2022, the technology was live in more than 3,200 stores across 49 markets.

From the short to medium-term perspective, the publisher expects more players in the quick-service restaurant industry to implement conversational commerce strategy into their marketing mix to drive revenue and sales growth, while also enhancing engagement with customers.

Strategic collaborations between industry giants to boost conversational commerce growth in the United States

With commerce changing at a rapid rate in the United States, firms are constantly innovating with their products and services to deliver more value for their customers. To enhance their value offering, firms are also entering into strategic collaborations in the conversational commerce space.

In September 2022, Meta and Salesforce, two of the leading businesses in their verticals, entered into a strategic collaboration to deliver more value for their customers and drive their business growth. As part of the partnership, all businesses that make use of Salesforce's platform will be able to use WhatsApp Business messages to run marketing campaigns, answer customer questions, and sell products through messages.

The collaboration between the two industry giants will not only deliver more value for Salesforce's customers and drive growth for Meta, but the partnership will also aid the growth of the conversational commerce industry in the United States from the short to medium-term perspective.

Scope

United States Conversational Commerce Industry Market Size and Future Growth Dynamics by Key Performance Indicators

  • Transaction Value
  • Transaction Volume
  • Average Value Per Transaction

United States Conversational Commerce Industry Market Size and Forecast by Virtual Assistant Type

  • AI-Based Virtual Assistants
  • Non-Intelligent Chatbot

United States Conversational Commerce Industry Market Size and Forecast by Virtual Assistant Type

  • Chatbots
  • Digital Voice Assistants
  • OTT Messaging
  • RCS Messaging

United States Conversational Commerce Industry Market Size and Forecast by Chatbots

  • Web-Based
  • App-Based

United States 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

United States 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

United States Conversational Commerce Industry Market Size and Forecast by Organization Size

  • Large Enterprise
  • Medium-Sized Enterprise
  • Small Enterprise

United States Total Spend on Conversational Commerce Market

United States Conversational Commerce Industry Market Size and Forecast by Spend on Application

  • Software Application
  • IT Services
  • Consulting Services

United States 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/fa1r6n

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