If you though the art of conversation was, at times, difficult to grasp, then conversational commerce may have your head spinning.
However, there is nothing really to be afraid of.
Conversational commerce has been around since 2015, when by Chris Messina, the inventor of the hashtag, mentioned it in a short post on the Medium website.
It is a simple concept really.
Conversational commerce is about putting the conversation back into the customer experience.
The catch is, this is done via messaging services and technological means.
That’s not to say you shouldn’t have a conversation with your customers if they walk into your bricks and mortar store, however you should consider a tech function that also makes it easy for customers to relate to who you are what you are selling.
We now live in an era where communication is a technological experience, so it makes sense that conversational commerce is at the forefront of commercial thinking.
The increased use of messaging services have been proven to coincide with or improve the sales process as it enables customers to interact with businesses via chatting conversations instead of direct calls.
Customers generally interact via messaging and chat apps like Facebook Messenger, WhatsApp, or WeChat.
ASX listed Crowd Media (ASX: CM8) is a tech-based, vertically integrated social commerce business selling unique state-of-the-art products and services that are integral to the lives of its customers.
The company recently made a big play in the conversational commerce space, when it took a strategic stake in Forever Holdings Ltd, a London based voice-and-visual Interactive Digital Media company.
This was a touchstone development for CM8 as it supported both the thinking around the conversation commerce science and the vehicle that will eventually culminate in the product that the company believes is the Holy Grail of influencer marketing.
Crowd Media has long been considered a pioneer in influencer and social media marketing, leveraging influencers on a global basis with its own in-house products.
It’s a strategy that has evolved from a mobile technology and media company to a global social media house where campaigns can be executed with local market knowledge and cultural expertise.
It is now looking to utilise influencer marketing within the conversation commerce experience.
In essence, conversational commerce is emerging as the future of e-commerce.
CM8 has accelerated its push into that field via the beta launch of its first ‘’talking head’’ 12 months ahead of schedule is an important and pivotal development for the company.
This will help customers select the appropriate products from the www.MDComplete.eu brand.
Click here to view an example of how it works.
Crowd’s AI-driven Chatbot technology is unique in that it combines answers from both AI and real humans answering questions.
Crowd has also entered into two new partnerships in order to accelerate its stated Horizon 3 strategy, that has resulted in the instigation of a more focused business aimed at penetrating high value markets with more predictability around monetisation as it orchestrates a direct to consumer sales model.
The to acquire an 8% interest in Forever Holdings Ltd is consistent with the strategy outlined in 2019 as it serves to facilitate a platform that enables conversational commerce between follower and influencer, augmented with a digital visual “talking head” experience.
The 3-year binding Heads of Agreement (HOA) with UneeQ Limited for the creation of ‘Digital Ambassadors’ is designed to help power conversation commerce activity and influencer marketing.
UneeQ has created an AI-driven platform that is currently used across customer support and sales throughout a number of industries and the companies will collaborate to develop methods and technologies on the creation of ‘Digital Ambassadors’ to help power e-commerce and #conversationcommerce activity, as well as influencer marketing which includes the launch of Crowd’s first “talking head”.
Further to this, Crowd executed a binding HOA to form a joint venture with Israeli based VFR Assets and Holdings Ltd (www.Zoe01.com) for the creation of a platform which will allow the scalable creation of the “talking head” visuals which will power the next wave of conversational commerce and digital influencer one-to-one interactions.
The platform will allow Crowd to roll out many “talking heads” in days and at a fraction of the cost of current platforms.
The beta product will be showcased to prospective Crowd Direct brand partners, highlighting the commercial application of conversational commerce across multilingual markets.
This opens unlimited commercial opportunities across entertainment, sport, influencer marketing, health and educational fields.
“We believe conversational commerce is the future of e-commerce and are excited to have executed these various initiatives that bring forward the reality of one-to-one conversations between influencers and their respective followers,” CM8 CEO Domenic Carosa said.
“It takes us that much closer to our stated goal of actually changing the way products and services are sold via digital influencers.
“Our beta version was launched 12 months ahead of schedule and showcases our core AI-driven Chatbot technology and that of our partners.
“By launching this beta version, we can undergo the next level of testing, build on our artificial intelligence and data pools, and advance the technology to extend its commercial capabilities across different products, services and interactions.”