Dublin, May 12, 2023 (GLOBE NEWSWIRE) -- The "Europe 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 Europe is expected to grow by 27.8% on annual basis to reach US$230.0 billion in 2023.

The conversational commerce industry is expected to grow steadily over the forecast period, recording a CAGR of 22.5% during 2022-2028. The conversational commerce transaction value in the region will increase from US$230.0 billion in 2023 to reach US$635.2 billion by 2028.

To improve customer relationships, engagement, and experience, retailers in Europe are seeking to leverage conversational commerce tools such as WhatsApp. This, coupled with the high internet and smartphone penetration rate in the region, is projected to aid the growth of the conversational commerce industry in Europe from the short to medium-term perspective.

In Europe, innovative startups are also entering the conversational commerce space to capitalize on the high-growth sector. Furthermore, global giants such as TikTok are also planning to expand their presence in the conversational commerce industry in Europe. All of these factors will keep driving the competitive landscape and innovation in the market over the next three to four years.

Retailers are forging alliances with WhatsApp to optimize the shopping experience of French consumers

To reach more customers and enhance their shopping experience and brand engagement, retailers have turned to WhatsApp to leverage conversational commerce capabilities in France.

In December 2022, Carrefour, one of the leading retailers in Europe, announced that the firm had entered into a strategic collaboration with WhatsApp, enabling consumers to order gifts through the messaging app during Christmas.

The pilot project, launched between December 5 to December 21, allowed customers to purchase products across different non-food categories, such as gaming, household appliances, toys, and high-tech. The collaboration with WhatsApp is part of the firm's strategy to boost customer engagement and provide them with innovative shopping experiences.

From the short to medium-term perspective, the publisher expects Carrefour to launch more such initiatives in France and in other markets where it is operating.

Furthermore, the publisher also expects more retailers to forge alliances with WhatsApp, as conversational commerce continues to grow in popularity among customers in Europe. This will keep aiding the growth of the market from the short to medium-term perspective.

Venture capital and private equity funding are expected to grow in the European conversational commerce market

As the market continues to grow, innovative startups are expected to raise multi-million-dollar deals from venture capital and private equity firms over the next three to four years in the European market. In 2022, startups have already gained widespread traction from venture capital and private equity players. For instance,

In July 2022, Charles, the conversational commerce-focused German startup, announced that the firm had raised US$20 million in its Series A round, which was led by Salesforce Ventures. HV Capital and Accel, who led the seed funding round in 2021, also participated in the Series A round. The 2022 funding round makes Charles one of the leading players in the conversational commerce space.

The firm is planning to use the capital to further expand its presence in the European conversational commerce industry. The firm, which enables brands and businesses to sell products and send newsletters via chat, is targeting a higher and larger enterprise client base in Europe in 2023. While Charles has gained widespread traction in its domestic firm, it also gaining a strong foothold in other European countries such as Italy, Spain, France, and the United Kingdom.

With its intention to bring conversational commerce to WhatsApp across Europe, the publisher expects Charles to keep aiding the growth of the market from the short to medium-term perspective. Furthermore, higher capital investment from venture capitalists and private equity firms will also aid the competitive landscape and industry growth 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.

A Bundled Offering: 16 Reports - 1 Regional and 15 Country Reports

Scope for Each Report

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

Conversational Commerce Industry Market Size and Forecast by Virtual Assistant Type

Conversational Commerce Industry Market Size and Forecast by Virtual Assistant Type

Conversational Commerce Industry Market Size and Forecast by Chatbots

Conversational Commerce Industry Market Size and Forecast by Key Sectors

Conversational Commerce Industry Market Size and Forecast in Key Sectors by Product Offering

Conversational Commerce Industry Market Size and Forecast by Organization Size

Total Spend on Conversational Commerce Market

Conversational Commerce Industry Market Size and Forecast by Spend on Application

Conversational Commerce Spend on Key Sectors

Reasons to buy

For more information about this report visit https://www.researchandmarkets.com/r/idz444

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