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Conversational commerce is the empowerment of consumers to make purchase decisions.
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It is estimated that e-commerce will grow at a rate of between 10 percent in five years.
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The global market for conversational commerce was worth an estimated $5.3 billion in 2021.
The application of new strategies, especially the technological ones in the sales part, continues to generate good results for small and large companies in the world. One of these is the new data that highlights how conversational commerce is helping small Latin American entrepreneurs and distributors to increase their online sales and customer loyalty.
Currently, the use of Artificial Intelligence is increasing and with that new terms have emerged, such as conversational commerce, which refers to any type of real-time conversation that occurs between brands and customers in messaging applications, either through chatbots, artificial intelligence or real people, with the aim of selling or buying.
Given that premise, it is expected that conversational commerce is designed to satisfy our most natural human tendencies, such as tendencies to connect, converse, and invest in products and services after gaining the proper trust and context to do so.
All this is demonstrated in data revealed by Future Market Insights, which indicates that the global market for conversational commerce had an estimated value of 5.3 billion dollars in 2021, and it is estimated that this figure will grow to 26.3 billion dollars. in 2032, with a CAGR of 15.6 percent between 2022-2032.
For its part, Gartner Research, shows that 85 percent of customer service will be in charge of chatbots. And it is no secret to anyone that WhatsApp is the preferred messaging application in Latin America and that it is making inroads into conversations.
Benefits of conversational commerce
Research from Yalo highlights how small business owners, tiendas, are not only boosting their sales and increasing the efficiency of their orders, but they can also do it without leaving their favorite messaging platform.
The data signed by Phil Sebok, CRO of Yalo, refers that the conversation is currently moving commerce, where according to the 1.3 million active points of sale that use Yalo’s technology, including both small entrepreneurs and their suppliers throughout Latin America, the company and its clients have achieved impressive results.
“Conversational commerce has enabled our clients to achieve a 22 percent increase in sales ticket frequency, with an average ROI increase of more than 300 percent for our clients,” he adds.
Likewise, the company explains that this is a market that is growing rapidly, so for small businesses and suppliers, conversational commerce is a way to revive the traditional relationship between seller and retailer, but enhanced and deepened through the intimacy of real conversations combined with the power of intelligent data platforms.
But the benefits are not only in the sales part, but these companies also generate more loyalty with their customers. “What conversational commerce does is strengthen this bond, offering a highly personalized and customer-focused interaction that is also intimate, spontaneous and does not involve any onboarding by the provider and is 100 percent focused on the comfort of our customers. partner retailers.
The research indicates that only in Mexico, where 40 percent of users make their first purchase online through instant messaging channels and 50 percent of consumers have made impulse purchases after receiving personalized attention, companies Conversational commerce have seen conversion rates from WhatsApp up to four times higher than from websites.
In short, conversational commerce allows entrepreneurs much more flexibility to contact suppliers outside of business hours.
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