Juniper Research releases conversational commerce market outlook
Total spend over conversational commerce channels will reach $290 billion by 2025; rising from $41 billion in 2021, according to Juniper Research.
Chatbots will process $145 billion of spend by 2025, with China, Japan and South Korea leading the way.
Messaging apps popular in these countries, such as WeChat, LINE and Kakao Talk, have all established chatbot ecosystems in which retailers play a significant role in the development of chatbot and conversational commerce functionality.
Juniper Research says that emerging conversational commerce channels should emulate this.
To maximise the potential of the likes of voice commerce and RCS messaging, retailers and communications platforms should explore the possibility of a revenue sharing model.
Juniper Research’s Sam Barker comments: “This will enable conversational commerce channels to monetise their services by levying costs on brands and enterprises, rather than the end users themselves.”
“This revenue can be used to improve commerce channels to generate further investment from brands and enterprises.”