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
<strong><em>JioMart and WhatsApp are similar to chatbot?</em></strong>
Yes!!JioMart’s WhatsApp chatbot makes it easy for users to discover the products they want and add them to their cart in just a few clicks. Users can seamlessly confirm delivery information and pay using any payment method.
<strong>What are the potential benefits of adopting chatbots, JioMart, and WhatsApp for businesses?</strong>
Adopting chatbots, JioMart, and WhatsApp can offer businesses various benefits, including improved customer engagement, increased sales, reduced operational costs, and access to valuable data insights for optimizing marketing strategies and product offerings.
<strong>How do chatbots, JioMart, and WhatsApp contribute to the future of e-commerce?</strong>
Chatbots, JioMart, and WhatsApp are expected to play a significant role in the future of e-commerce by driving innovation, enhancing customer experiences, fostering deeper brand engagement, and shaping the evolution of online shopping trends.
<strong>What are the future trends for chatbots, JioMart, and WhatsApp in e-commerce?</strong>
Future trends may include further advancements in AI and natural language processing for chatbots, expansion of services offered by JioMart beyond groceries, and deeper integration of WhatsApp into e-commerce workflows, such as catalog browsing, payments, and customer service.
<strong>What does the future hold for e-commerce with these advancements?</strong>
With the continued advancements in chatbot technology, the growth of platforms like JioMart, and the integration of WhatsApp into e-commerce ecosystems, the future of e-commerce looks increasingly digital, interactive, and personalized. These innovations are expected to drive further growth and innovation in the industry.
<strong>What impact do chatbots and JioMart/WhatsApp e-commerce platforms have on the future of online shopping?</strong>
Chatbots and JioMart/WhatsApp e-commerce platforms represent the future of online shopping by offering seamless, personalized, and convenient experiences that cater to the evolving needs and preferences of consumers
<strong>How do JioMart and WhatsApp leverage chatbots for order processing?</strong>
JioMart and WhatsApp integrate chatbots to facilitate order processing, allowing users to browse products, place orders, track shipments, and receive order updates directly through chat interfaces.
<strong>Why are e-commerce chatbots becoming popular on messaging apps?</strong>
Messaging apps like WhatsApp have a vast user base and are already integrated into the daily routines of millions. E-commerce chatbots on these platforms make shopping more accessible and convenient by bringing the shopping experience directly to a familiar app.
