Conversational Commerce in FMCG (Fast Moving Consumer Goods) - Thematic Research
Conversational commerce describes an evolving marketplace based around popular messenger apps, artificially intelligent (AI) text and voice assistants (or “conversational platforms” as they are defined by GlobalData). These are key social media tools in an era where consumers engage more in real-time interaction than the message boards of the past. However, conversational apps are undergoing an evolutionary phase, aided by the advancement of AI into more natural language skills, and ability to detect sentiment and nuance in consumers’ communications.
Conversational commerce is forecast to have widespread significance for customer relations and the consumer experience via social media; this will fuel its growth as consumers increasingly expect a dialogue (even if with a sophisticated, learning AI) and the ability to seamlessly buy the products and services they want within that medium. For FMCG, retail, and foodservice, this means opportunities to brand build and grow sales, but also challenges them to integrate such tools successfully.
Reasons to Buy
- A more conversational commerce ecosystem, building on the current technological trajectory, is seen as a major, possibly revolutionary, potential disruptor to eCommerce. From the consumer side, it fits within the context of an FMCG base who continue to expect more from the brands they chosoe.
- Thanks to the pandemic, consumers are online more, going out less, and substituting online ordering and interactions for store-based ones. This has turbo-charged the online marketplace and the need for actors at all levels and sectors to deliver effective, easy, and personally relevant services within a few clicks.
- For industry, it means the need to invest significantly in conversational platforms and artificial intelligence. The latter not only for its potential in conversational customer service, but also as a tool for managing resources, supply chains, and even product formulation.
- With mobile messaging apps already ubiquitous across most age groups, the commercialization of the medium continues to have compelling appeal to brands and developers alike, with the emphasis on expanding and refining their usefulness as sales channels.
- GlobalData’s thematic research ecosystem is a single, integrated global research platform that provides an easy-to-use framework for tracking all themes across all companies in all sectors. It has a proven track record of identifying the important themes early, enabling companies to make the right investments ahead of the competition, and secure that all-important competitive advantage.
- Understand the current trends within conversational commerce today and how these will escalate in the near future.
- Assess how conversational commerce technologies are being used in the FMCG marketplace today and how these can drive consumer engagement and sales, as well as benefit internal processes.
- Acknowledge both the advantages and disadvantages of conversational commerce, identifying why it is critical to develop strategic actions that best utilise the technology within the context of your business's specific needs.
- Discover recommendations that will help you service the next generations of digitally native consumers and their expectations of mobile access, convenience, and one-to-one brand engagement.
- Executive summary
- Related reports
- Report type
- Technology briefing
- From assistant, to advisor, to agent: the conversational commerce continuum may define the evolution of voice-based AI
- What is conversational commerce?
- The arrival of "conversational commerce" and the related role of AI
- Products in the conversational commerce market
- Table Products in the conversational commerce market
- Technology trends
- Macroeconomic trends
- Table Macroeconomic trends
- Regulatory trends
- Consumer trends
- Table Consumer trends
- Table Figure 1: Brand engagement has a strong influence on purchase choice, especially among Millennials and Gen Z
- Industry analysis
- Table Industry analysis
- Table Industry analysis
- Conversational commerce has potential macroeconomic consequences
- Food, beverage, and other FMCG sectors
- Foodservice stands to benefit from enhanced ordering flexibility and consumer lifestyle alignment from conversational app commerce
- Table Issues are significant in terms of the impact and opportunities associated with conversational platforms and commerce in the foodservice channel
- Mergers and acquisitions
- Table Mergers and acquisitions
- Table Figure 2: The conversational commerce story
- Value chain
- Table Figure 3: The conversational commerce value chain
- Consumer drivers
- Brand and product attributes
- Recommendations for FMCG companies
- Table Recommendations for FMCG companies
- Further reading
- Our thematic research methodology
- Table Figure 4: Our five-step approach for generating a sector scorecard
- About GlobalData
- GlobalData is a leading provider of data, analytics, and insights on the world's largest industries.