Recently, conversational tools leveraging instant messaging platforms like WhatsApp have become the essential bridge between brands and their customers. In this article, we’ll share a wealth of data that you need to know about conversational commerce, which is redefining customer experience and transforming the corporate landscape in 2024.
The unstoppable rise of technology has drastically changed how companies interact with their customers. While WhatsApp has become a vital piece in these strategies, as we always confirm on this blog through various case studies, the reality is that a new digital landscape is taking shape where chatbots have established themselves as key players for many companies.
These virtual agents, powered by artificial intelligence, not only provide instant responses but also offer personalized and contextual experiences, creating a direct bridge between brands and their audiences.
In 2024, conversational commerce is presented as an indispensable tool for business competitiveness, transforming how sales are conducted, customer support is provided, and lasting relationships are built. And it’s as simple as activating WhatsApp Business and leveraging its full potential with exponential technologies.
It is well known that the Asian continent is the epicenter of innovation and growth, driving the chatbot revolution in the market. With rising industrialization, the Asia-Pacific region has triggered an explosive demand for chatbots, driven by the burgeoning retail business and e-commerce in emerging economies such as China, India, Indonesia, Vietnam, Malaysia, the Philippines, and Thailand.
Source: [Mordor Intelligence](https://www.mordorintelligence.com/industry-reports/global-chatbot-market)
The COVID-19 pandemic accelerated this momentum, catapulting the adoption of chatbots in the region. The increase in COVID-19 cases and lockdown measures in major Asian economies led to a rapid expansion in the deployment of chatbots to provide remote healthcare, facilitating patient consultations and connections with doctors from distant locations.
Chatbots, now more than ever, are evolving into conversational experiences that offer immediate and personalized responses through a variety of messaging channels. This transformation has led to significant investments in the chatbot market in Asia-Pacific, with the goal of providing comprehensive solutions tailored to customer needs.
Additionally, the exponential growth in the use of messaging services, projected to surpass social networks in terms of users, along with notable advances in natural language processing, is paving the way for an increasingly robust and promising chatbot market.
So, what facts about conversational commerce in 2024 should companies be aware of? We invite you to explore this compendium of 50 essential facts that illustrate the impact and evolution of this revolutionary form of commerce.
50 Facts About Global Conversational Commerce in 2024
The Contribution of WhatsApp to Conversational Commerce
Las últimas estadísticas de WhatsApp 2023 demuestran porqué debes tener Chat Center en tu empresa.
– The latest WhatsApp statistics for 2023 demonstrate why you should have Chat Center in your company.
– WhatsApp tops the app download charts and dominates its category in the mobile app market.
– WhatsApp’s user base exceeds 2 billion globally, establishing it as an omnipresent force in the digital landscape.
– WhatsApp is the third most used social network worldwide, only behind Facebook and YouTube, reflecting its global impact.
– WhatsApp’s presence extends to 180 of the world’s 195 countries, highlighting its international reach and penetration.
– With over 1 billion daily active users, WhatsApp remains an essential communication platform in people’s daily lives.
– The app processes an astounding 100 billion messages daily, underscoring its popularity and utility in instant communication.
– WhatsApp Business, the version aimed at enterprises, has a user base exceeding 50 million, offering specific tools for the business sector.
– WhatsApp Business speeds up customer service by 225%, according to Tintech.
– The same source validates that it increases sales by 27%.
– It also improves conversion rates by 20%, demonstrating its impact on commerce.
– The message open rate on WhatsApp Business reaches 99%.
– The response rate is close to 50%, highlighting the effectiveness of this platform in interacting with customers.
Why Are Chatbots Used in 2024?
– Hootsuite mentions three main reasons framing at least the behavior of U.S. consumers:
– To know business opening hours (18%)
– To ask questions about products (17%)
– To communicate with customer service (16%)
– Globally, countries like the United States, India, Germany, the United Kingdom, and Brazil stand out as users of chatbots for business.
The Market Share of Artificial Intelligence for Conversational Commerce
– While it was expected that by 2023 the global AI market value would exceed $500 billion, Statista confirms it reached $135.9 billion, but by 2030, it will surpass $800 billion.
– In line with the previous data, it is expected to cross the $300 billion mark by 2026.
Source: Statista (2024)
– It is relevant to recognize the market value in 2020, to identify the significant leap it made in 2021 as a consequence of the pandemic, and its subsequent decline in 2022, a curve expected to rise during 2024 thanks to user and company adoption.
The Influence of Chatbots on Consumer Behavior
– With approximately 40% of young people using chatbots daily, it is clear that these digital assistants are redefining expectations and shaping the future of customer-company relationships.
– 27% of adults in the U.S. express willingness to purchase basic products via chatbot.
– At least 13% of U.S. adults have made high-value product purchases through chatbots at some point.
– In 2022, 91.0% of adults using voice assistants do so through their smartphones.
– According to the same source, most voice assistant users in the U.S. employ this technology to navigate and search for products.
– Only 39% of U.S. respondents trust AI voice assistants to make phone calls on their behalf.
– 67% of U.S. millennials who use the Internet would buy products or services from a brand that implements chatbots.
– Positive experiences with chatbots reach 70% among millennials.
– 60% of U.S. customers aged 35-44 feel that companies are rushing to replace human workers with chatbots, indicating an already integrative view of technology and people.
– As early as 2018, two-thirds of respondents saw a travel-related chatbot as useful.
– 84% of people who interacted with the GRT Hotels & Resorts chatbot provided their contact information.
– According to a 2019 survey, approximately 40% of U.S. consumers have interacted with retail companies through chatbots.
– 80% of customers consider using chatbots to solve problems a positive experience.
Conversational AI at the Corporate Level
– Using chatbots results in an average sales increase of 67%.
– Conversational commerce agent interactions have grown up to 250% in several companies since the pandemic began.
– 90% of companies using chatbots for customer service save up to 4 minutes per query, with a cost of only $0.70 per interaction.
– According to MIT, about 90% of companies using conversational AI tools can manage more calls and claims more quickly.
– 57% of companies consider robots provide a high return on investment (ROI) with little effort.
– Implementing conversational AI can enable companies to save between 15% and 70% in costs, depending on the number of customer interactions redirected to AI-enabled channels.
– In 2023, it is projected that the retail, banking, and healthcare sectors will collectively save $11 billion in annual business costs thanks to conversational AI implementation.
– Each use of a chatbot in the banking sector saves an average of 60 seconds.
– JP Morgan has saved over 360,000 work hours by using its COIN robot to quickly review complex back-end contracts.
– 43% of people in the U.S. using digital banking prefer to interact with a live chat or a bot to resolve issues.
– In 2023, more than 70% of chatbots will be used in the retail sector.
– Retail sales assisted by chatbots are expected to grow 98% annually and reach $112 billion in 2023.
– 87% of users would be willing to use a travel chatbot if it saves them time and money.
– The five sectors that benefit most from chatbots are real estate (28%), travel (16%), education (14%), healthcare (10%), and finance (5%).
– Clothing represents 22% of online sales assisted by chatbots, being the main category, followed by health items and furniture, each with 9%, and electronics and jewelry, both with 8%.
– In 2019, the global chatbot market in banking, financial services, and insurance (BFSI) was valued at $586 million.
– According to the same source, by 2030, it will reach $6.83 billion.
– In a survey conducted in 2023, 37% of advertising or marketing professionals in the U.S. had used AI for job-related tasks.
– Even recruitment companies like XOR have reported that their solution speeds up the hiring process by 33%, increases resume screening capacity by 85% with the same budget, and reduces the cost per hire by 50%.
– According to technology company Nextmsc, chatbot adoption in the corporate world is growing rapidly: currently, 22% of micro-enterprises, 20% of small businesses, 11% of medium-sized businesses, and 12% of large businesses use chatbots. However, these figures are expected to increase to 43%, 60%, 80%, and 71% in the coming years, respectively.
All these data provide an exceedingly favorable outlook for the development of conversational commerce, supported by chatbots as appropriate technological resources and by generative and augmented artificial intelligence, as the other part of a duo that promises to enhance strategies by achieving more learning, accuracy, and personalization of the experience.
At Chat Center, we are aware that the information we share is constantly changing and that there are more than 50 data points that can reference the multiple opportunities offered by a messaging service like WhatsApp for companies that have understood that the secret to making their businesses profitable comes from listening to and interacting with their customers.
