New Delhi: GenAI-powered conversational messaging platforms, like through WhatsApp, have the potential to bring 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 conversational platforms for daily tasks.
"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," Arpan Sheth, Partner, Bain & Company said.
The report also incorporated a survey of 7,800 consumers and 150 enterprises, including interviews with over 25 senior executives across various Indian industries.
It said 60 per cent of the large companies surveyed intended to boost their investment in conversational experiences over the next 3 to 4 years.
"We are seeing a growing user preference for leveraging conversational platforms for daily tasks, along with increased spending and investment by businesses in Generative AI to enhance end-to-end journeys on these platforms," Sheth added.
Among digital users, both experienced and inexperienced, over half of the respondents indicated a preference for engaging in transactions through conversational interfaces. This preference is especially notable for frequent tasks like checking bank statements, making travel arrangements, and settling utility bills.
Meta Head and VP Sandhya Devanathan said GenAI will be central to this vision and will empower businesses of all sizes, especially small businesses in India, to leverage its vast potential.
The report said 95 per cent of large enterprises are familiar with the Generative AI landscape.
"Generative AI emerges as a top-of-mind priority for businesses, with around 95 per cent of surveyed enterprises in India familiar with it, and over 80 per cent plan to invest in Generative AI solutions within the next 1–2 years," it added.
Published 23 May 2024, 14:15 IST