Conversational Commerce, a game-changing retail trend, utilizes messaging apps, chatbots, and artificial intelligence (AI) technologies to facilitate consumer interactions with businesses. At its core, conversational commerce prioritizes having a conversation and putting the client first. Consumer retention in today's competitive market is directly linked to a great user experience. As Deloitte's 2022 retail tech report states, "Digital tools must elevate the consumers' human experience for an interaction to lead to loyalty and drive future business."
Juniper Research predicts that global spending on conversational commerce across over-the-top (OTT) platforms, such as WhatsApp and WeChat, will skyrocket from $13.3 billion in 2022 to $25.1 billion in 2023—an 89% increase. Retail and eCommerce verticals that prioritize next-level online customer experience are propelling this explosive growth of conversational commerce.
Embracing Human Conversational Commerce:Human conversational commerce, a subset of conversational commerce, involves human-powered conversations for online transactions and customer service interactions. This includes live chat or video chat with customer service representatives and social media interactions with brands. The advantage of human conversational commerce is its ability to provide a more personalized, human-like experience for customers, as human agents can understand and respond to inquiries and concerns in ways that AI-powered technologies may struggle to.
Optimizing User Experience with AI and Human Agents in Conversational Commerce:
By incorporating both AI and human agents in their conversational commerce strategy, businesses can offer a more efficient, personalized shopping experience for their customers.
The Emergence of Video Commerce in the Conversational Commerce Landscape:One-to-one (1:1) video commerce connects customers with personal shoppers or sales representatives via video chat for personalized assistance with their purchases. This includes product recommendations, post-purchase help, virtual try-ons, and other interactive features that enrich the shopping experience within the realm of conversational commerce.
Merging Conversational Commerce and Video Commerce for Enhanced Customer Experience:Combining conversational and video commerce creates a more interactive, personalized shopping experience for customers. Here are a few ways businesses can seamlessly integrate these approaches in their conversational commerce strategy:
The fusion of conversational commerce and video commerce is revolutionizing the retail industry by providing a personalized, interactive, and efficient shopping experience. Businesses that embrace and optimize this combination in their conversational commerce strategies will be well-positioned to meet consumer demands and foster long-lasting customer relationships.