Conversational commerce (“c-commerce”) in a nutshell, is the process of acquiring goods and services through messaging apps. It is all set to be the third major pillar of commerce, joining ‘bricks-and-mortar’ retail with e-commerce by gluing together all channels.
C-commerce unlocks the full potential of personalisation by using channels and apps where customers already spend their time, like WhatsApp, Telegram or Line. C-commerce is fast becoming an essential component of an omnichannel sales strategy for brand owners. Recent research predicted that the total spend over c-commerce channels will increase by 590% to reach $290 billion by 2025.
The phrase “conversational commerce” is generally attributed to Chris Messina. His predictions have maybe taken a little longer than predicted but c-commerce is here and it is here to stay. C-commerce is probably in your life already: paid for parking in Dublin via SMS? That’s c-commerce. Received a reminder for an appointment via text? That’s on the c-commerce ladder. Bought coffee by WhatsApp from Badger & Dodo, Cloud Picker Coffee or Creed Coffee? C-commerce (and Cloda!).
Conversational sales have up to a 10x conversion success rate compared with regular e-commerce sales.
SMS and chat messages enjoy a 98% opening rate. SMS messages are generally opened within 90 seconds of receipt with a response rate of 45%, compared to just 8% for emails. Conversational sales have up to a 10x conversion success rate compared with regular e-commerce sales.
Cloda’s own figures are compelling with a customer retention rate of 48% and a multiple re-order rate of 32%. Cloda provides automated sales ‘out of the box’ and the Cloda portal allows clients to ‘assist’ in sales. Cloda is fully integrated with leading e-commerce platforms, WooCommerce and Shopify, so there is no additional set-up required for the business. All transactions are automatically fed into the e-commerce platform. Payment goes directly to the business.
Want to know a bit more? Keep an eye on chatstrat for more in the coming weeks.
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