Australia Conversational Commerce Market Intelligence and Future Growth Dynamics Databook Q1 2023 Update: Sector to Reach $25.2 Billion by 2028 at a 20% CAGR

DUBLIN, April 27, 2023 /PRNewswire/ -- The "Australia 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.

According to the publisher, conversational commerce industry in Australia is expected to grow by 24.8% on annual basis to reach US$10,148.3 million in 2023.

The conversational commerce industry is expected to grow steadily over the forecast period, recording a CAGR of 20.0% during 2022-2028. The conversational commerce transaction value in the country will increase from US$10,148.3 million in 2023 to reach US$25,229.5 million by 2028.

The Australian conversational commerce industry is still in its nascent stages of development. However, the industry is expected to record robust growth over the next five years, owing to the growing presence of global players in the domestic market. Furthermore, the industry will also receive growth support from factors such as robust internet infrastructure and smartphone penetration.

The tech-savvy population and the rising trend of online shopping will also aid the growth of the conversational commerce industry in Australia from the short to medium-term perspective. As the market continues to grow, the publisher also expects innovative startups to emerge in the market and attract venture capital and private equity funding, driving the competitive landscape and innovation in the market.

Australian consumers are interested in receiving text and personalized recommendations from brands

Conversational commerce is gaining strong momentum among consumers across Australia, as it is able to develop interactive and people-driven experiences. From text and personalized product recommendations, shoppers are increasingly comfortable interacting with brands in Australia. Increasing number of consumers are open to receiving text from brands and businesses in Australia. This shows that there is a significant opportunity for retailers and merchants to leverage conversational commerce to better engage their customers while attaining higher sales and revenue growth in the country.

With its ability to better engage customers and close the revenue gap with online retailers through personalized recommendations, many offline retailers are projected to tap into the capabilities of conversational commerce from the short to medium-term perspective. This will subsequently aid the growth of the industry in Australia over the next three to four years. Furthermore, as the market continues to grow, the publisher also expects more global conversational commerce providers to enter the Australian market.

Global firms are seeking to build their presence in the Australian conversational commerce industry

With the industry projected to record strong growth over the next three to four years in Australia, global firms are seeking to enter the Australian market to build a strong foothold and capitalize on the high-growth potential market.

• In March 2023, Attentive, the global conversational commerce platform, announced that the firm is continuing its global expansion with an office launch in Australia. In the Asia Pacific region, Australia is the first market where the firm has developed its presence. Over 8,000 brands are currently working with Attentive. In 2022, the firm had powered marketing programs that drove more than US$15 billion for these brands and businesses.
• Alongside Attentive, many others have also announced their plans to expand in the Australian market. Bikayi, the Indian conversational commerce firm, announced that it is planning to launch its Bik.ai conversational commerce product in the more global market including in Australia and New Zealand. Notably, the firm enables end-to-end commerce on social channels.

From the short to medium-term perspective, the publisher expects more global conversational commerce providers to enter the highly lucrative growth market in Australia. The presence of global players, coupled with innovative domestic startups in the space, will keep driving the competitive landscape and innovation in the Australian conversational commerce industry over the next three to four years.

This report provides a detailed data centric analysis of conversational commerce industry, covering market opportunities and risks. With over 50+ KPIs at country level, this report provides a comprehensive understanding of conversational commerce market dynamics, market size and forecast, and market share statistics.

The research methodology is based on industry best practices. Its unbiased analysis leverages a proprietary analytics platform to offer a detailed view on emerging business and investment market opportunities.

Scope

This report provides in-depth, data-centric analysis of conversational commerce in Australia. Below is a summary of key market segments:

Australia Conversational Commerce Industry Market Size and Future Growth Dynamics by Key Performance Indicators

• Transaction Value
• Transaction Volume
• Average Value Per Transaction

Australia Conversational Commerce Industry Market Size and Forecast by Virtual Assistant Type

• AI-Based Virtual Assistants
• Non-Intelligent Chatbot

Australia Conversational Commerce Industry Market Size and Forecast by Virtual Assistant Type

• Chatbots
• Digital Voice Assistants
• OTT Messaging
• RCS Messaging

Australia Conversational Commerce Industry Market Size and Forecast by Chatbots

• Web-Based
• App-Based

Australia 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

Australia 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

Australia Conversational Commerce Industry Market Size and Forecast by Organization Size

• Large Enterprise
• Medium-Sized Enterprise
• Small Enterprise

Australia Total Spend on Conversational Commerce Market
Australia Conversational Commerce Industry Market Size and Forecast by Spend on Application

• Software Application
• IT Services
• Consulting Services

Australia 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

Reasons to buy

• In-depth Understanding of Conversational Commerce Market Dynamics: Understand market opportunities and key trends along with forecast (2019-2028).
• Insights into Opportunity by end-use sectors - Get market dynamics by end-use sectors to assess emerging opportunity across various end-use sectors.
• Develop Market Specific Strategies: Identify growth segments and target specific opportunities to formulate conversational commerce strategy; assess market specific key trends, drivers, and risks in the industry.

For more information about this report visit https://www.researchandmarkets.com/r/bcxg48

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