The growth of Omni-retail channels and the overall customer journey in the digital arena has resulted in supporting multiple integrated messaging apps, websites, and voice channels that enhance the commerce experience of the customer. The research has tried assessing future opportunities within the OTT-based conversational commerce market and online customer experience by analyzing various channels and vertical opportunities.
According to Juniper Research, global spending on OTT-based conversational commerce is anticipated to get growth from $13.3 billion in 2022 to $25.1 billion in the coming 2023. The overall market growth is expected to be around 89%.
OTT-based conversational commerce includes OTT communication services like WhatsApp, Signal, and WeChat that enable users to purchase or transfer money directly through the OTT messaging apps.
The report also found that e-comm and retail will account for 35% (approximately) of spending via OTT commerce channels in coming years accounting for around $9 billion of spending globally. It has also been identified that regional fragmentation in the messaging space is a major obstacle to growth. The research platform has also suggested ideas to overcome the issue. To resolve the issue, it urges conversational commerce vendors to onboard every messaging app individually while sticking to the financial regulations in the respective country.
Research author at Juniper Research, Elisha Sudlow-Poole said that supporting an adequate number of communication channels is no longer able to ensure the success of experiences. Vendors need to include value-added services in the business model to create depth in the communication channel.