Conversational commerce isn’t a new idea. It’s been discussed for quite some time, especially by brands like Andrea Giacomini and Ilja Gorelik’s Mitto. Brands like Mitto are at the forefront of the growth of digital communication, especially when it comes to conversational commerce. From Mitto’s perspective, an effective conversational commerce campaign depends upon a practical approach.
Conversational commerce integrates retail systems and payment platforms into communications channels like Facebook Messenger, Instagram Messages, and WhatsApp, among others. Most people have run across a brand advertisement on social media platforms, and many people might have even interacted with these platforms in a transactional way.
Transactionally-based messaging is the very near future of commerce. Companies must move fast to make sure they aren’t behind the curve in the West. China is already leading the market in conversational commerce — millions of Chinese customers are taking advantage of the technology on WeChat, owned by Tencent, one of China’s mightiest tech giants.
Growth For Companies, Growth For Communication
According to Juniper Research, sales made via conversational commerce channels will grow more than seven-fold, from $41 billion in 2021 to $290 billion by 2025. This is likely going to come about due to more developed countries adopting conversational commerce practices.
There are four key conversational commerce channels:
- OTT (over-the-top) messaging apps
- RCS (rich communication services) messaging
- voice assistants.
By 2025, says Juniper, half of the money going through informal commerce channels will be handled by chatbots.
Applying a conversational commerce strategy via an omnichannel provider like Mitto creates an end-to-end customer purchasing experience, enabling businesses to guide a shopper just as they would in a physical store. You can answer their questions in real-time, provide recommendations, and ultimately process payment within a single communication channel.
Friction-free Conversations & Transactions
Mitto’s CTO, Ramon Kania, says: “Anyone in marketing, customer experience, or sales knows that even the slightest friction along the buyer’s journey can result in an abandoned purchase. So, let’s remove any friction by delivering an end-to-end experience within, for example, Facebook Messenger or Instagram.
“Consumers are already using these channels daily to interact with brands, whether through ads or organic content, and forcing them to move to another channel to purchase something may lead to abandonment. Why not expand this engagement to include purchasing?”
Kania calls for conversational commerce advocates to adopt the approaches of some e-commerce masters. “Ease of use is key to any successful business. Look at Amazon and Netflix. Their entire business models are centered around convenience and frictionless experiences, and that’s a large part of why they’re so successful. Customers want ease of use.”
Personalization Is The Future Of Tech
There’s no doubt tech, in general, is becoming more personal. Kania notes personalization is key too.
“We find that customers are searching for more personalization. A conversational commerce strategy facilitates a highly personalized dialogue between your brand and a customer. These intimate interactions can build a relationship, deepen trust and loyalty, and ultimately facilitate business growth.”
Be more strategic, Kania says.
“Paired with the power of omnichannel communications, conversational commerce allows your brand to offer consumers 24/7 purchasing support, no matter where they are. This level of service undoubtedly will result in increased growth, enhanced customer experience, and sustained loyalty.”
About Mitto AG:
Mitto is the brainchild of telecommunications experts Andrea Giacomini and Ilja Gorelik. In 2013, they and several other telecommunications experts joined together in Zug, Switzerland, to create the future of Business to customer communication. With a keen eye for evaluating cost vs. expenditure and coupling those analytics with consumer data, Mitto AG aims to smooth the seams in purchasing products – for a happier workforce, corporate culture, and world.