DUBLIN, June 14, 2023 /PRNewswire/ — The “United Kingdom 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 Kingdom is expected to grow by 31.5% on annual basis to reach US$72,361.9 million in 2023.
The conversational commerce industry is expected to grow steadily over the forecast period, recording a CAGR of 25.5% during 2022-2028. The conversational commerce transaction value in the country will increase from US$72,361.9 million in 2023 to reach US$225,111.4 million by 2028.
The conversational commerce industry is gaining rapid growth momentum in the United Kingdom market. An increasing number of Brits are willing to receive text messages from the brands. Consequently, more and more retailers are seeking to incorporate conversational commerce sales channels into their marketing mix. This trend has resulted in a high-growth environment for conversational commerce tool providers in the United Kingdom.
Attentive, since launching its services in the United Kingdom in April 2022, has reported strong growth and traction among brands. HYPE, Astrid & Miyu, and Moda in Pelle are among the hundreds of brands that are using the conversational commerce capabilities offered by Attentive in the United Kingdom.
Overall, the industry is poised to record strong growth, as more and more retailers and brands flock to conversational commerce capabilities to boost customer engagement and revenue growth.
European video e-commerce platforms are launching video shopping services in the United Kingdom
Live streaming and shopping are still in the early stages of development in the United Kingdom. However, the market is projected to grow at a steady rate over the next five years, as consumers are looking for a more interactive and enhanced shopping experience. To capitalize on the high-growth potential, European video e-commerce platforms are launching their services in the United Kingdom.
In November 2022, Voggt, the European provider of video shopping services, announced that the firm is launching its video e-commerce platform in the United Kingdom. This will enable Brits to shop and collect comic books, sports memorabilia, playing cards, fashion products, and sneakers, among others.
The platform is seeking to drive consumer engagement and enhance shopping experiences for Brits. Consequently, Voggt is also offering a chat feature for shoppers where they can share views and ideas. From the short to medium-term perspective, the publisher expects more such video shopping platforms to launch in the United Kingdom market, thereby driving the competitive landscape and industry growth.
TikTok is conducting conversational commerce events to support sales growth for small and medium-sized businesses in the United Kingdom
To drive sales for small and medium-sized businesses, who have been struggling to drive the macroeconomic environment, conversational commerce providers are running campaigns to aid sales and revenue growth in the United Kingdom.
In November 2022, TikTok, one of the leading players in the conversational commerce industry, announced that the firm is running a campaign through TikTok Shop for supporting small and medium-sized businesses in the country. Through live shopping sessions, TikTok sold several products across different categories, including beauty, home, leisure, fashion, and electronics, from November 21 to November 28.
The move and campaign from TikTok came after the firm revealed that 80% of consumers are likely to buy products from social platforms if they watch the live stream or participate in conversational commerce. Some of the brands that participated during the event include Pink Honey, Sumayah, MadeByMitchell, Maters And Co, and Wax And Unwind, among others.
In 2023, TikTok is expected to conduct more such conversational commerce events, thereby driving the popularity of the sales channel among retailers. This will subsequently aid the growth of the conversational commerce industry in the United Kingdom over the next three to four years.
Scope
United Kingdom Conversational Commerce Industry Market Size and Future Growth Dynamics by Key Performance Indicators
- Transaction Value
- Transaction Volume
- Average Value Per Transaction
United Kingdom Conversational Commerce Industry Market Size and Forecast by Virtual Assistant Type
- AI-Based Virtual Assistants
- Non-Intelligent Chatbot
United Kingdom Conversational Commerce Industry Market Size and Forecast by Virtual Assistant Type
- Chatbots
- Digital Voice Assistants
- OTT Messaging
- RCS Messaging
United Kingdom Conversational Commerce Industry Market Size and Forecast by Chatbots
- Web-Based
- App-Based
United Kingdom 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 Kingdom 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 Kingdom Conversational Commerce Industry Market Size and Forecast by Organization Size
- Large Enterprise
- Medium-Sized Enterprise
- Small Enterprise
United Kingdom Total Spend on Conversational Commerce Market
United Kingdom Conversational Commerce Industry Market Size and Forecast by Spend on Application
- Software Application
- IT Services
- Consulting Services
United Kingdom 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/31barh
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