Meta Partnered Bain & Company for India-based Report on Impact of Generative Al–powered Conversational Commerce

Meta has collaborated with Bain & Company to produce the "Win With Conversations" report, which offers valuable insights into the evolving landscape of digital platform conversations. The report highlights the transformative impact of generative AI-powered conversational commerce in India.

Key findings from the report include:

• A significant growth in digitization in India, with over 650 million active social media users, yet only 30% shop online.
• Among small merchants, only 15% of the formalized small businesses are selling online.
• There's a strong user preference for conducting transactions via conversational journeys, especially for high-frequency interactions like accessing bank statements, booking travel, and paying utility bills.
• Over 60% of large enterprises plan to increase spending on conversational platforms in the next 3–4 years, and 80% are planning to invest in generative AI within the next 1–2 years.

According to the report, GenAI-powered conversational commerce is set to significantly boost business growth in India. The integration of generative AI with conversational platforms is transforming the way businesses interact with customers, offering a more personalized and efficient shopping experience. Here are some additional insights:

1. Increased Consumer Reach: GenAI-powered conversational messaging platforms could bring an additional 450 Million Indian consumers to e-commerce.

2. Investment Surge: A substantial 60% of large enterprises plan to increase their spending on conversational platforms over the next 3–4 years, with 80% planning to invest in generative AI within the next 1–2 years.

3. Enhanced Customer Engagement: About 70% of surveyed large enterprises are already engaging with half of their customer base using conversational platforms.

4. Business Messaging Growth: Business messaging is seen as a key growth driver, with 60% of WhatsApp users in India messaging a business every week.

The "Win With Conversations" report by Bain & Company and Meta underscores the potential for conversational commerce to redefine customer engagement and provide businesses with a competitive edge. As digital adoption grows, leveraging GenAI in conversational commerce will be crucial for businesses aiming to tap into the vast, untapped market of online shoppers in India.

The report underscores the potential for conversational commerce to engage the next wave of consumers and the importance for businesses to adapt to this trend for sustained growth and customer engagement. It's a clear indication that businesses are recognizing the need to leverage AI and conversational platforms to build stronger connections with their customer base.

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