80% of Indian Companies to Invest in Generative AI by 2026 – News9 LIVE

The latest report by Bain & Company and Meta reveals a significant shift towards generative AI and conversational commerce in India. With 80% of enterprises planning to invest in AI and a strong preference among users for chat-based interactions, the future of customer engagement looks promising. Both large and small businesses are poised to benefit from this transformative technology.

Conversational Commerce: The Future of Customer Engagement in India

The future of shopping in India is about to change, thanks to the rise of conversational commerce powered by generative AI. According to a new report by Bain & Company and Meta, businesses are set to increase their investment in conversational platforms and generative AI, revolutionizing how they interact with customers.

Here’s a quick look at some of the findings:

Transforming Business with AI-Powered Conversations

The report titled “Win with Conversations” highlights the transformative power of generative AI in business messaging. Sandhya Devanathan, Head and VP of Meta in India, emphasized the role of AI, stating, “As the adoption of business messaging grows on WhatsApp, we’re investing in tools and solutions for businesses to establish a strong presence and deliver engaging in-thread experiences.”

Unlocking a New Market

Arpan Sheth, Partner at Bain & Company, added, “While only about 200 million of the 650 million Indians active on social media currently shop online, GenAI-powered conversational messaging platforms have the potential to bring the next 450 million consumers to e-commerce.” This underscores the potential for a massive market expansion as businesses leverage AI to attract more online shoppers.

User Preferences and Business Trends

India stands at a pivotal point where future online shoppers and sellers are already digitally engaged. More than half of the surveyed users prefer conducting transactions via conversational journeys, especially for frequent interactions like:

• Accessing bank statements
• Booking travel
• Paying utility bills

Businesses Adopting Conversational Platforms

Both large and small businesses are quickly integrating conversational platforms to enhance customer interactions. These platforms, powered by generative AI, allow for creating personalized and efficient customer journeys. According to the report:

• 70% of large enterprises use conversational platforms for marketing, customer service, and transaction updates.
• 60% of large enterprises plan to increase their investment in conversational platforms over the next few years.

The Impact on Small Businesses

Conversational platforms are not just for large enterprises. Small and medium-sized businesses (SMBs) are also finding value in these tools. The report highlights that:

• 90% of non-tech-savvy users prefer to interact with SMBs through conversational platforms for daily needs.
• 70% of users prefer connecting with local grocery stores via chat to place orders.
• 65% of users like to receive offers and place orders with local restaurants through chat.
• 80% of users prefer using chat for raising service tickets and managing warranties.

The Road Ahead

The potential of generative AI and conversational commerce is vast and transformative. For businesses to succeed, they must focus on reimagining customer journeys, scaling personalization, and embedding generative AI into their operations. The report suggests six key imperatives for businesses:

1. Reimagine customer journeys
2. Scale personalization
3. Establish new markers of trust
4. Embed generative AI
5. Scale experimentation
6. Define a measurement framework for conversations

Generative AI is set to transform conversational commerce in India. With businesses planning significant investments in this technology, both large enterprises and small businesses are poised to benefit from more personalized and efficient customer interactions. The next decade promises exciting developments as AI transforms how we shop and interact with businesses.

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