With a majority of global customers, 91%, preferring real-time assistance, conversational commerce is gaining momentum, resulting in a 10% revenue increase for businesses within six months and slashing customer service costs by 30%. 

Given this undeniable relevance, let me share the most crucial conversational commerce statistics you should be aware of right away. 🌍💬📊

Conversational Commerce Statistics: The Key Data

  • Conversational commerce businesses saw a 10% increase in revenue in the first six months.
  • Conversational commerce reduces customer service costs by 30%. 
  • 91% of customers globally want real-time assistance.
  • 1.4 billion people regularly use chatbots.
  • Live chat can increase conversion rates by 82%.
  • The global conversational commerce market is expected to be worth $26,301.8 million by 2032, up from $5,345.5 million in 2021.
  • Conversational commerce on OTT channels like WhatsApp and WeChat is expected to grow from $13.3 billion in 2022 to $25.1 billion in 2023.
  • The US conversational commerce industry is expected to grow 28.8% annually.
  • 73% of customers consider experience an important part of their buying decision.
  • The average order value increases by 10% when customers live chat before buying.

Sources: (Kindly, Hootsuite, Zendesk, Simplr, Intercom, Future Marketin Sights, Business Wire, Medallia, Super Office.)

Conversational Commerce Revenue Surges 10% in Half-Year Span.

Important takeaway:

Insight from DataRationale
Significant growth in revenueThe 10% increase over just half a year suggests strong momentum and positive market reception.
Conversational platforms are effectiveIf they weren’t, businesses wouldn’t observe such a notable uptick in their revenue over a short span.
Increased adoption by consumersA revenue increase usually indicates a rise in consumer engagement and reliance on conversational channels.

Source: Kindly

Conversational Methods Slashes Customer Service Costs by 30%.

Important takeaway:

Insight from DataRationale
Substantial decrease in service expensesA reduction of 30% in customer service costs showcases the significant financial benefits of adopting conversational commerce.
Conversational platforms are cost-effectiveThe savings reflect the efficiency and automation capabilities of these platforms, requiring less manual intervention.
Potential for higher ROILower service costs can lead to better resource allocation, allowing businesses to invest in growth and achieve higher returns.

Source: Hootsuite

91% Global Customers Demand Immediate Assistance.

Important takeaway:

Insight from DataRationale
Overwhelming demand for immediacyWith 91% of customers desiring real-time help, it’s evident that today’s consumer expects and values instant responses and solutions.
Traditional support may be lackingSuch a high percentage suggests that many existing customer service platforms may not be meeting the speed and accessibility standards customers seek.
Business differentiation potentialCompanies that can offer real-time assistance are positioned to stand out and potentially gain a competitive edge in the market.

Source: Zendesk

Chatbots Engage 1.4 Billion Users Regularly.

Important takeaway:

Insight from DataRationale
Mass adoption of chatbot technologyWith 1.4 billion people engaging with chatbots, it underscores the global acceptance and integration of this technology into daily routines.
Platforms need to ensure scalabilityThe sheer volume of users suggests businesses must ensure their chatbot solutions are robust and capable of handling vast interactions seamlessly.
Opportunity for tailored experiencesWith such a large user base, there’s a potential for businesses to offer personalized and data-driven experiences to retain and engage users.

Source: Simplr

Live Chat Skyrockets Conversion Rates by a Whopping 82%.

Important takeaway:

Insight from DataRationale
Monumental boost in conversionsAn 82% rise in conversion rates signifies the undeniable power of live chat in influencing purchase decisions and driving sales.
Live chat is a primary conversion toolSuch a significant increase indicates that live chat is not just an add-on but a pivotal element in the modern e-commerce landscape.
Direct communication fosters trustThe success of live chat suggests that real-time, human-like interactions can effectively address customer hesitations and promote trust.

Source: Intercom

Global Conversational Market to Soar: $5.3 Billion in 2021 to $26.3 Billion by 2032.

Important takeaway:

Insight from DataRationale
Conversational commerce is on a meteoric riseA projected market value increase from $5,345.5 million in 2021 to $26,301.8 million in 2032 illuminates the rapid and substantial growth.
Businesses must prioritize conversational strategiesWith such a significant forecasted market size, companies that fail to adopt conversational commerce risk missing out on a dominant market trend.
Consumers’ preferences are evolvingThe exponential growth signifies a shift in how consumers prefer to interact, purchase, and receive support, leaning towards more conversational methods.

Source: Future Marketin Sights

Conversational Commerce via WhatsApp, WeChat Set to Double from $13.3B to $25.1B in a Year.

Important takeaway:

Insight from DataRationale
Explosive growth in a short time spanThe jump from $13.3 billion in 2022 to $25.1 billion in 2023 underscores the rapid adoption and effectiveness of OTT channels for commerce.
OTT platforms are emerging commerce giantsThis substantial growth emphasizes the prominence and potential of platforms like WhatsApp and WeChat as primary commerce avenues.
Brands must integrate OTT in their commerce strategyGiven the pace of this market expansion, businesses that do not leverage OTT channels risk being left behind in the conversational commerce revolution.

Source: Business Wire

US Conversational Commerce Poised for 28.8% Annual Growth.

Important takeaway:

Insight from DataRationale
Robust and sustained growth forecastedAn annual growth rate of 28.8% signifies that the US conversational commerce industry isn’t just expanding; it’s accelerating at a formidable pace.
Conversational commerce is becoming mainstreamSuch a consistent high growth rate indicates that conversational commerce is rapidly transitioning from a niche to a staple in the US market.
Businesses need to be proactive, not reactiveIn the face of such rapid expansion, companies must anticipate and embrace this shift early, lest they scramble to catch up later.

Source: Business Wire

73% Buyers Prioritize Experience in Purchase Decisions.

73% of customers consider experience an important part of their buying decision

Important takeaway:

Insight from DataRationale
Experience is a dominant purchase influencerWith 73% of customers valuing experience, it’s evident that the buying process goes beyond just product specifications or pricing.
Companies can’t afford to neglect customer experienceSuch a high percentage means businesses that disregard this factor may jeopardize customer loyalty and miss out on potential sales.
Holistic strategies are crucialThe data suggests a need for businesses to adopt a comprehensive approach, integrating both product quality and exceptional customer experiences.

Source: Medallia

Live Chats Propel Average Order Values by 10%.

Important takeaway:

Insight from DataRationale
Live chat boosts purchasing confidenceThe 10% increase in average order value implies that customers gain more assurance and clarity through live interactions, leading to larger purchases.
Direct engagement is a value enhancerThis data accentuates the tangible financial benefits businesses can achieve by facilitating real-time conversations with customers.
Live chat isn’t just support; it’s a sales toolBeyond addressing concerns, live chat appears to serve as a catalyst, nudging customers towards making more substantial buying commitments.

Source: Super Office

More Data: https://www.businessdit.com/ecommerce-statistics/