New Delhi: GenAI-powered conversational messaging platforms (such as through WhatsApp) have the potential to attract more social media users to shop online, according to a report by Bain & Company and Meta.
The report also highlighted the growing user preference for leveraging conversation platforms in their daily work.
“Of the 650 million Indians active on social media, only around 200 million shop online today, but conversational messaging platforms powered by GenAI will help the next 400 million It has the potential to bring 50 million consumers into e-commerce,” said Arpan Sheth, partner at Bain & Company.
The report also incorporates a survey of 7,800 consumers and 150 businesses, including interviews with over 25 senior executives across various industry verticals in India.
According to the report, 60% of large companies surveyed intend to increase their investment in conversational experiences over the next three to four years.
“As more users leverage conversational platforms in their daily work, enterprises are also increasing their spending and investment in generative AI to power end-to-end journeys on these platforms,” said Sheth. added.
Among digital users, both experienced and inexperienced, more than half of respondents said they prefer to participate in transactions through conversational interfaces. This is especially true for frequent tasks like checking bank statements, making travel arrangements, and paying utility bills.
Sandhya Devanathan, head and vice president, Meta, said GenAI will be at the heart of this vision, enabling businesses of all sizes, especially Indian SMEs, to tap into their vast potential.
According to the report, 95 percent of large companies are familiar with the generative AI landscape.
“Generative AI has emerged as a top priority for enterprises, with around 95% of Indian enterprises surveyed being aware of generative AI and over 80% planning to invest in generative AI solutions in the next 1-2 years,” it added.
Published May 23, 2024 14:15 IST
