Latest news | GenAI-powered conversational platforms could attract more consumers to e-commerce: report

New Delhi, May 23 (PTI) GenAI-powered conversational platforms such as WhatsApp have the potential to encourage more social media users to shop online, according to a report by Bain & Company and Meta.

The report also highlighted users’ growing preferences for using conversational platforms for everyday tasks.

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“While only about 200 million of the 650 million Indians active on social media currently shop online, GenAI-powered conversational platforms have the potential to attract another 450 million consumers to e-commerce,” said Arpan Sheth, partner at Bain & Company.

The report also includes a survey of 7,800 consumers and 150 enterprises, including interviews with over 25 senior executives from various Indian industries.

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It was found that 60 percent of large companies surveyed intend to increase their investment in conversational solutions over the next 3-4 years.

“We are seeing increasing user preference to use conversational platforms for everyday tasks, as well as increased spending and investment by companies in generative AI to improve the end-to-end journey on these platforms,” Sheth added.

Among digital users, both experienced and inexperienced, more than half of respondents indicated that they preferred transacting via conversational interfaces. This preference is especially true for frequent tasks such as checking bank statements, arranging travel, and settling utility bills.

Meta Head and Vice President Sandhya Devanathan said that GenAI will be central to this vision and enable enterprises of all sizes, especially small businesses in India, to realize its enormous potential.

The report shows that 95 percent of large enterprises are familiar with the generative AI landscape.

“Generative AI is becoming a top priority for enterprises, with approximately 95 percent of surveyed enterprises in India familiar with it, and over 80 percent planning to invest in generative AI solutions in the next 1-2 years.” added.

(This is an unedited and auto-generated story from a Syndicated News channel, LatestLY staff may not have modified or edited the content)