You’ve heard of e-commerce but have you ever known a new tech field called c-commerce?
Conversational commerce is a type of e-commerce that is done through various means of communication, using technology. It can incorporate tech aspects such as speech recognition, and artificial intelligence.
Elloe, a US-based conversational commerce (c-commerce) has raised $1 million in pre-seed funding. The startup is focused on Kenya and other emerging markets, with a keen eye to expand into the Asian countries next year.
The funding was led by Philippines Mad Ventures, Inc and other undisclosed investors.
Elloe is an AI-powered, conversational commerce platform which allows SMEs to buy and sell products online across any messaging platform. It was founded by Owen Sakawa, a Cambridge graduate together with entrepreneurs Abhijay Rao and Aaron Madolora.
Conversational commerce allows businesses to sell products in a personalized way through messaging apps by bridging the proximity of the physical world with the convenience of digital commerce.
According to a Gartner report, c-commerce is already a $35 billion market with the potential to reach $130 billion by 2025 in emerging markets.
Messaging is becoming the primary way consumers and businesses communicate. 75% of consumers would want to message a business. But businesses currently lack a digital solution tailored to their business to handle a large volume of conversations and fail to effectively integrate shopping and booking in chat.
“Our technology is platform-agnostic and can be embedded in any messaging app, making it extremely convenient for businesses to be where consumers are,” said Owen.
The subscription service is especially helpful for micro-SMEs who wish to sell their products and services online without having to pay high commissions to middlemen.