Global cloud communications platform Infobip has commissioned the latest market research ‘IDC Infobrief titled Revolutionizing Customer Experience through the Power of Conversational Commerce’*, prepared by the leading IT market research and advisory firm IDC. The report highlights the rising role of AI-powered conversational commerce and omnichannel communication platforms in India and the Asia Pacific region.
According to the survey findings, 59% of Indian businesses across various sectors have already adopted CPaaS solutions within their organisation. Additionally, a remarkable 63% of these businesses plan to increase their communications platform spending over the period of 2023-24. Furthermore, the report stated that Digital transformation of business, Reduced overall cost structure, and Creation of new revenue streams are the top three drivers of CPaaS investments in India.
The InfoBrief emphasizes the importance of customer-centric strategies and guides brands to adopt and leverage conversational commerce successfully to maximize value for both businesses and customers.
Some key insights from the report include:
- Businesses in India are increasingly investing in technology to gain a competitive edge in the business landscape.
- Increased mobile and internet penetration has made conversational commerce pivotal for the digital strategies of brands, enabling them to build stronger connections through enhanced interactions with customers.
- Key sectors that can leverage CPaaS solutions include Retail, Banking & Insurance and Healthcare.
- In the retail sector, conversational commerce enables retailers to provide personalized shopping experiences, automate customer service, and drive sales through messaging channels like WhatsApp, Messenger, and SMS.
- Conversational AI empowers banks and financial institutions to enhance customer experience and provide basic and mandatory video KYC services. Insurance companies are streamlining policy issuance, claims processing, and renewals by using Conversational AI.
- The Indian healthcare industry is leveraging conversational platforms and CPaaS solutions to enhance the patient experience, increase engagement, and streamline healthcare delivery.
“Presently, technology plays a pivotal role across all industries, and customers are strongly inclined towards personalized communications delivered through their preferred channels. The market research also shows that Indian companies are fully prepared to adopt the digital revolution. Our advanced and comprehensive suite of conversational solutions and CPaaS offerings will empower Indian enterprises to transform their customer experience, propelling them to unprecedented success in their respective sectors,” said Harsha Solanki, VP GM Asia, Infobip.
“As businesses embrace the potential of conversational commerce, they position themselves to forge ahead, leveraging AI technology to create meaningful connections and unlock new growth opportunities. Organizations need an actionable, customer-centric strategy and the ability to invest in the right set of tools to grow the business and keep customers happy. By aligning their strategies with conversational commerce, businesses can proactively meet customer expectations, enhance engagement, and establish long-lasting relationships. This transformative approach empowers organizations to stay ahead in a dynamic marketplace,” said Velid Begovic, Vice President of Revenue at Infobip.
“CPaaS solutions are increasingly recognized as crucial catalysts for enabling conversational commerce experiences. In fact, 44% of businesses in Asia Pacific are actively partnering with CPaaS platform providers to deliver contextualized customer interactions that not only boost profitability but also foster emotionally fulfilling engagements. This trend highlights the increasing importance of leveraging these technologies to meet customer demands and achieve business success,” said Nikhil Batra, Research Director, Telecommunication, IDC Asia/Pacific.
Organizations planning to embark on their conversational commerce journey will need a good, experienced partner as not all solutions are equal. Platforms with omnichannel capabilities are ideal as they are essential for building meaningful, high-quality customer engagement. Easy integration capabilities are also necessary because these ensure better customer experience as well as compliance with security and audit policies.
To learn more about the benefits of conversational commerce and how it has influenced industries across India and Asia Pacific region, please visit this link.
*Source: IDC InfoBrief, commissioned by Infobip, Revolutionizing Customer Experience through the Power of Conversational Commerce, Doc #AP241426IB, July 2023.
