As generative artificial intelligence (GenAI) becomes a focal point for businesses, more than 80% of Indian enterprises are planning to invest in GenAI within the next one to two years, according to a new report released on Thursday.
The report, a collaboration between Bain & Company and Meta, highlights that most large companies intend to implement GenAI-powered conversational platforms to facilitate end-to-end customer journeys.
This technology will revolutionize customer engagement, particularly in marketing, promotions, customer service, and transaction updates.
Approximately 70% of large enterprises are currently engaging with over half of their customer base through these conversational platforms.
Over the next three to four years, more than 60% of these companies are planning to increase their spending on such technologies.
“We are witnessing a significant shift towards the use of conversational platforms for everyday tasks. Businesses are increasingly investing in GenAI to enhance these platforms and improve customer journeys,” said Arpan Sheth, Partner at Bain & Company.
The report, which surveyed both consumers and businesses, provides valuable insights into the role of conversational platforms across various types of organizations, including small businesses and digital users.
It indicates that the impact of these platforms extends beyond large corporations.
Around 90% of less digitally savvy users prefer to interact with small and medium-sized businesses (SMBs) through conversational platforms for their daily needs.
This trend underscores the widespread acceptance and utility of conversational AI across different user segments.
“The coming decade presents a unique opportunity for technology, particularly generative AI, to transform the operations of businesses of all sizes,” stated Sandhya Devanathan, Head and VP of Meta in India.
Additionally, the report notes that 70% of users prefer to connect with local grocery stores through conversational platforms to send shopping lists and place orders, highlighting the practical applications of this technology in everyday consumer interactions.
