Finance:Conversational commerce

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Short description: E-commerce done via various means of conversation

Conversational commerce is e-commerce done via various means of conversation (live support on e-commerce Web sites, online chat using messaging apps,[1] chatbots on messaging apps or websites, voice assistants[2]) and using technology such as: speech recognition, speaker recognition (voice biometrics), natural language processing and artificial intelligence.[3][4]

Development

WeChat in China

During this time, in China, e-commerce via WeChat – at its core a messaging app, but also letting merchants display their goods in mobile Web pages and via social feeds – grew strongly. By 2013 e-commerce in China had overtaken that of the U.S.[5]

Facebook Messenger

In 2016, Facebook announced its Facebook Messenger chatbot platform, heralding the arrival of conversational commerce via the most widely used messaging app in the world outside China. More than 34,000 businesses had opened shop on Messenger by August 2017.[6]

Early cited examples of conversational commerce chatbots on Facebook Messenger include 1-800-FLOWERS with an IBM Watson artificial intelligence-powered chatbot/assistant,[7][8] and Mexican airline Aeroméxico, whose chat platform running on Yalochat lets customers search, book, track, or check in for flights; ask any question, using A.I. and NLP to provide answers;[9][10] or pull the chatbot into a group chat.

Apple Business Chat

In June 2017, Apple announced its Apple Business Chat[11] product, allowing consumers and businesses to message each other via the Messages app.

WhatsApp

In September 2017 WhatsApp announced the pilot of its new Enterprise solution, the first time large companies would be able to attend to large groups of customers in an approved WhatsApp solution, after WhatsApp banned earlier unofficial solutions. Companies who piloted the solution included airlines Aeromexico, KLM,[12][13][14][15] Latin American online travel agency Despegar[16] and online retailer Linio.[17]

Enterprise solutions for WhatsApp have been available since 2015 from a variety of third-party vendors, and though unofficial, they have been used by major companies and governments including the Governments of Colombia and Costa Rica.

Podium

In March 2020, Podium announced a contactless payment solution[18] allowing local businesses to accept payments through two-way SMS text message conversations with customers. Outside of traditional instore card-present transactions, there existed only a few options for businesses to accept payments, most of which were not secure, PCI compliant, or convenient. Through Podium Payments, businesses can engage with customers and securely close sales all within the same convenient channel.[19]

Telegram

In May 2017 Telegram supported basic payments in chats using bots and in April 2021, the payment 2.0 that supports payment in more than 200 countries via integration with 9 different payment providers.[20]

Alexa and Google Assistant

Both Amazon and Google are providing APIs to enable payment via voice chat using stored payment credentials in Google Pay or Amazon Pay.[21] [22]

Web chat

Although, they do not have any functionalities to facilitate actual transactions within the conversation, companies like LiveChat Software, CM.com, and LivePerson have powered live conversations between customers and live agents as far back as the 2000s,[23] before retail businesses used messaging apps to communicate with customers.

References

  1. ↑ Taylor, Glenn (5 March 2018). "Retail's Big Opportunity: 87% Of U.S. Consumers Grasp The Power Of Conversational Commerce - Retail TouchPoints". https://www.retailtouchpoints.com/topics/omnichannel-cross-channel-strategies/retail-s-big-opportunity-87-of-u-s-consumers-grasp-the-power-of-conversational-commerce. 
  2. ↑ "How to prepare your products and brand for conversational commerce". 6 March 2018. https://venturebeat.com/2018/03/06/how-to-prepare-your-products-and-brand-for-conversational-commerce/. 
  3. ↑ Miller, Dan (2013-12-13). "10 Trends to Watch: Conversational Commerce 2014 |" (in en-US). https://opusresearch.net/wordpress/2013/12/13/10-trends-to-watch-conversational-commerce-2014/. 
  4. ↑ Messina, Chris (2016-01-19). "Conversational commerce" (in en). https://medium.com/chris-messina/conversational-commerce-92e0bccfc3ff. 
  5. ↑ "How savvy, social shoppers are transforming Chinese e-commerce - McKinsey". https://www.mckinsey.com/industries/retail/our-insights/how-savvy-social-shoppers-are-transforming-chinese-e-commerce. 
  6. ↑ Tiersky, Howard (1 August 2017). "Success secrets for conversational commerce". https://www.cio.com/article/3211490/success-secrets-for-conversational-commerce.html. 
  7. ↑ Caffyn, Grace (20 February 2017). "What 1-800 Flowers has learned from its Watson-powered concierge". https://digiday.com/uk/1-800-flowers-learned-watson-powered-concierge/. 
  8. ↑ "1-800-FLOWERS.COM CEO: A 'fifth wave' of retail is emerging". https://finance.yahoo.com/news/1-800-flowers-com-ceo-explains-consumers-will-interact-brands-fifth-wave-retail-152522874.html. 
  9. ↑ "Aeromexico taps Yalochat.com and IV.AI to build first advanced AI Customer Service Chatbot". https://www.traveldailynews.com/post/aeromexico-taps-yalochatcom-and-ivai-to-build-first-advanced-ai-customer-service-chatbot. Retrieved 4 August 2017. 
  10. ↑ "Aeroméxico comienza a utilizar Aerobot, el primer chatbot de una aerolínea en el continente" [Aeroméxico begins to use Aerobot, the first airline chatbot in the continent]. prnewswire.com (Press release) (in Spanish). Aeroméxico. Retrieved 5 January 2017.CS1 maint: unrecognized language (link)
  11. ↑ "iOS - Business Chat" (in en-US). https://www.apple.com/ios/business-chat/. 
  12. ↑ "Building for People, and Now Businesses". https://blog.whatsapp.com/10000633/Building-for-People-and-Now-Businesses. 
  13. ↑ "AM Lab 7 on LinkedIn: "Yesterday, WhatsApp announced WhatsApp for…". https://www.linkedin.com/feed/update/urn:li:activity:6311153917581418496. 
  14. ↑ López, Andrea (30 October 2017). "Ahora, gracias a Yalo, podrás chatear con Aeroméxico vía Whatsapp". https://tecreview.tec.mx/pronto-gracias-a-yalo-podras-chatear-aeromexico-via-whatsapp/. 
  15. ↑ "Yalo, la tecnología mexicana que lleva Whatsapp a Aeroméxico". 30 October 2017. https://expansion.mx/tecnologia/2017/10/30/yalo-la-tecnologia-mexicana-que-lleva-whatsapp-a-aeromexico. 
  16. ↑ 20Minutos (2 February 2018). "Despegar comienza a brindar servicios por WhatsApp". https://www.20minutos.com.mx/noticia/327572/0/despegar-comienza-a-brindar-servicios-por-whatsapp/. 
  17. ↑ Maza, Paulina (26 January 2018). "Linio primer retailer en implementar WhatsApp Enterprise". https://blog.linio.com.mx/linio-primer-retailer-en-implementar-whatsapp-enterprise/. 
  18. ↑ "Podium Expands Interaction Management Platform to Now Include Payments" (Press release).
  19. ↑ "Payments Product Page 2021". https://www.podium.com/payments/. 
  20. ↑ Hanna, M. "Telegram Payment API". https://core.telegram.org/bots/payments#. 
  21. ↑ Hanna, M. "Amazon Alexa Pay my gas". https://www.amazon.com/b?ie=UTF8&node=20975392011. 
  22. ↑ Hanna, M. "Google Assistant Payment". https://support.google.com/googlenest/answer/7276665?hl=en. 
  23. ↑ "LiveChat Founders Buy Out Investor Naspers, Regain 60% Stake" (in en-US). http://social.techcrunch.com/2011/10/24/livechat-founders-buy-out-investor-naspers-regain-60-stake/. 



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