by The global Virtual Shopping Assistant Market is estimated to be valued at US$624.7 Million In 2023 and is expected to exhibit a CAGR of 32.8% over the forecast period of 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Virtual shopping assistants are AI-powered chatbots or voice assistants that provide personalized shopping experiences to users. These assistants enhance the online shopping process, offering recommendations, answering queries, and aiding in product searches. The advantages of virtual shopping assistants include increased customer engagement, improved conversion rates, and enhanced customer satisfaction. The need for such assistants stems from the growing demand for convenient and personalized online shopping experiences.
Market Key Trends:
The key trend driving the virtual shopping assistant market is the growing adoption of AI-powered virtual shopping assistants by e-commerce platforms and retailers. These virtual assistants leverage machine learning and natural language processing algorithms to understand user preferences and provide tailored recommendations. Additionally, advancements in voice recognition technology have facilitated the integration of virtual shopping assistants with smart speakers and voice-enabled devices, further fueling market growth. These assistants not only simplify the shopping process but also offer personalized assistance, enhancing the overall customer experience. The increasing adoption of virtual shopping assistants is expected to revolutionize the e-commerce industry by providing efficient and personalized online shopping experiences.
Porter’s Analysis:
The Virtual Shopping Assistant market is expected to witness high growth over the forecast period, driven by various factors. First, the threat of new entrants is relatively low in this market due to the high barriers to entry. The development of virtual shopping assistants requires advanced technologies and expertise, which may deter new players from entering the market.
In terms of bargaining power, buyers have a moderate level of power in the Virtual Shopping Assistant Market. Buyers can compare and choose from various virtual shopping assistant providers, putting pressure on prices and service quality. However, virtual shopping assistants provide unique features and benefits, which can limit the bargaining power of buyers to some extent.
On the other hand, suppliers in the Virtual Shopping Assistant market have a relatively low bargaining power. The market has several suppliers of technologies and software solutions, giving buyers a larger pool of options. This reduces the power of any individual supplier to dictate terms or prices.
The threat of new substitutes in the Virtual Shopping Assistant market is low. Virtual shopping assistants offer unique features like personalized recommendations, product information, and a convenient shopping experience. Traditional shopping methods cannot replicate these benefits, making it difficult for substitutes to compete.
In terms of competitive rivalry, the Virtual Shopping Assistant market is highly competitive. Numerous key players operate in the market, offering their own virtual shopping assistant solutions. This intense competition drives innovation and the development of new features to gain a competitive edge.
Key Takeaways:
The global Virtual Shopping Assistant market is expected to grow significantly, exhibiting a CAGR of 32.8% over the forecast period from 2023 to 2030. This growth can be attributed to the increasing demand for personalized shopping experiences, enhanced customer engagement, and the convenience of virtual shopping assistants.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the Virtual Shopping Assistant market. This can be attributed to the presence of major retail players, a tech-savvy population, and the early adoption of innovative technologies. Additionally, the increasing adoption of e-commerce platforms further drives the demand for virtual shopping assistants in this region.
Key players operating in the Virtual Shopping Assistant market include Anthropic, Synthesia, Observe.AI, Tangiblee, Mode.ai, UneeQ, Avaamo, Cognigy, SoundHound, Replica, Pypestream, Artificial Solutions, Mobisoft Infotech, EdgeVerve, Nuance, Haptik, Solvvy, Ada, Yellow Messenger, and Kore.ai. These players offer a range of virtual shopping assistant solutions and compete based on advanced features, ease of use, and customer satisfaction.
Overall, the Virtual Shopping Assistant market is poised for significant growth in the coming years, driven by technological advancements and changing consumer preferences. Retailers and e-commerce platforms are increasingly adopting virtual shopping assistants to enhance their customer’s shopping experiences and stay competitive in the market.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
