You can even purchase tickets for the Bengaluru metro on WhatsApp, scan the e-ticket to board the train, and even hire an Uber vehicle, according to Ravi Garg, Director of Business Messaging-India at Meta! Conversational commerce is the word for these kinds of messaging app purchases, and it is thought that Chris Messina, the creator of the hashtag, originated it in 2015. What is conversational commerce, exactly?
Everything you need to know about WhatsApp and JioMart deal!
Data indicates that global spending on conversational commerce channels will increase from $41 billion in 2021 to $290 billion in 2025. In India, the market is still in its infancy, but it has enormous potential. The major conversational commerce enablers’ consumer bases are concentrated in India. India is far away from China, but it still has a sizable addressable market for conversational commerce with over 200 million online users, 65 million MSMEs, and $100 billion in gross merchandise value.
Meta states that conversational commerce is the next big thing. Given that JioMart has more than 2 million merchant partners and WhatsApp has more than 500 million users in India as of a February 2021 IT ministry statement, the partnership with JioMart is significant for the country.
Following the service’s launch in late August, many companies have contacted Meta and expressed interest in developing a comparable experience. All of Meta’s platforms can be used for business communications, and according to Ravi Garg, the company is considering three different revenue streams for its messaging platform. The first is the WhatsApp Business Application, which small firms can use for free. Now, Meta is aiming to add a subscription layer, giving customers access to additional services. Second, it has an API for medium-sized and large organizations called WhatsApp Business Platforms. Ads that link to messaging services can be accessed by clicking on them on Instagram or Facebook.
Research supports Meta’s optimism about corporate communications in India. According to a study commissioned, more than 70% of Indians asked indicated they prefer texting businesses to send emails, call, or visit their website, and 75% stated they are more inclined to conduct business with or buy from a firm that they can message. According to Ravi Garg, company messaging gives clients a personalized experience, which is something that internet buying typically lacks. If an AI-powered chatbot is at work, it may give customers a customized experience that even a brick-and-mortar business cannot, as the bot must interact with an individual customer while a shop assistant must attend to many.
To increase client interaction, AI chatbots can be integrated into already-existing websites or apps. Using conversational AI turnkey solutions, which recognize speech and text inputs and translate their meanings between languages utilizing machine learning, data, and natural language processing can be accomplished. India’s market is expected to expand quickly, however, there are obstacles to overcome.
Because of the requisite accuracy and the difficulty of customizing and training an interactive AI product in a nation with around 22 official languages. The next problem is providing security and privacy for users of conversational AI products in a way that complies with local regulations, and another significant challenge is ensuring that human bias and instances of unethical behaviour do not enter the AI from the training data.
FAQs
