Brands
YSTV
Discover
Events
Newsletter
More

Follow Us

twitterfacebookinstagramyoutube
Yourstory

Brands

Resources

Stories

General

In-Depth

Announcement

Reports

News

Funding

Startup Sectors

Women in tech

Sportstech

Agritech

E-Commerce

Education

Lifestyle

Entertainment

Art & Culture

Travel & Leisure

Curtain Raiser

Wine and Food

Videos

ADVERTISEMENT
Advertise with us

Over 80% of enterprises plan to invest in Gen AI solutions within 1-2 years: Report

The study surveyed around 7,800 end users (consumers) and 150 enterprises, along with interviews with over 25 senior executives across numerous verticals in India.

Over 80% of enterprises plan to invest in Gen AI solutions within 1-2 years: Report

Thursday May 23, 2024 , 3 min Read

Generative AI is a major focus for businesses, with more than 80% of companies planning to invest in Gen AI solutions within the next 1-2 years, as per a joint report by Bain & Company and Meta

The report titled ‘Win with Conversations’ highlighted that large enterprises recognise various benefits from using conversational platforms, such as high engagement rates and personalised interactions at scale. Approximately 60% of enterprises plan to boost their spending on conversational journeys over the next 3–4 years. 

Findings further revealed around 70% of large enterprises are already engaging with half of their customer base through conversational platforms.

The report shed light on conversational journeys across enterprises, small businesses, and digital users. The study surveyed around 7,800 end users (consumers) and 150 enterprises, along with interviews with over 25 senior executives across numerous verticals in India.

“As the adoption of business messaging grows on WhatsApp, we're investing in tools and solutions for businesses to establish a strong presence, connect with the right audience with tailored messaging, and deliver engaging in-thread experiences that convert into higher customer engagement and return on investment. 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 coming decade presents a unique opportunity for technology, particularly generative AI, to revolutionise how businesses of all sizes operate,” said Sandhya Devanathan, Head and VP, Meta in India. 

Additionally, the report revealed that around 60% of surveyed users in India message a business account every week, and over 50% of users strongly prefer conversational journeys for everyday use across industry verticals.

The report also highlighted that India, with most future online shoppers and sellers already within the digital funnel, indicates a huge untapped opportunity for conversational commerce. 

Across both savvy and non-savvy digital users, over 50% of users would prefer conducting transactions through conversational journeys, especially for high-frequency interactions such as accessing bank statements, booking travel, and paying utility bills.

GenAI
Also Read
India Fintech 3.0: UPI, lending, compliance, and GenAI with Sanjay Swamy, Srikanth Rajagopalan and Anshul Rai

A game-changer for SMBs

The impact of conversational platforms extends beyond large enterprises, showcasing striking consumer interest in engaging with small- and medium-sized businesses (SMBs) using conversational platforms. Around 90% of non-savvy digital users prefer to interact with SMBs for their day-to-day needs via conversational platforms, said the report. 

“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. 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. We expect both small and large businesses to experiment with conversational commerce to redefine customer engagement and gain a competitive advantage,” said Arpan Sheth, Partner, Bain & Company. 

It also stated that conversational platforms can help SMBs by tackling challenges such as discoverability, cataloguing, order management, payments, and customer engagement. 

In addition, around 70% of users prefer to send a list and place orders with local grocery stores and 65% would want to connect with local restaurants for offers and orders.

Large online platforms will lead the way in adopting conversation journeys through proprietary chatbots and AI-enhanced experiences on conversational platforms. In contrast, offline players, including organised and unorganised SMBs, will drive a significant portion of conversational commerce. Existing conversational platforms will enable these businesses to transition into digital commerce, potentially bypassing traditional marketplace routes.


Edited by Affirunisa Kankudti