New Delhi: 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.
- Digital Transformation, Reduced Cost & Creation of New Revenue Streams Drive CPaaS Investments in India
- The report states conversational commerce is pivotal for brands’ digital strategies to forge stronger connections and deliver enhanced customer interactions.
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 emphasises the importance of customer-centric strategies and guides brands to adopt and leverage conversational commerce successfully to maximise 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 brands’ digital strategies, 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 personalised 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. Using Conversational AI, insurance companies are streamlining policy issuance, claims processing, and renewals.
- 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 personalised 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. Organisations 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 organisations to stay ahead in a dynamic marketplace,” said Velid Begovic, Vice President of Revenue at Infobip.
“CPaaS solutions are increasingly recognised 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 contextualised customer interactions that boost profitability and 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.
Organisations 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.
Infobip is a global cloud communications platform enabling businesses to build connected experiences across all customer journey stages. Accessed through a single platform, Infobip’s omnichannel engagement, identity, user authentication and contact centre solutions help businesses and partners overcome the complexity of consumer communications to grow business and increase loyalty. With over a decade of industry experience, Infobip has expanded to 75+ offices globally. It offers natively built technology with the capacity to reach over seven billion mobile devices and ‘things’ in 6 continents connected to over 9,700+ connections, of which 800+ are direct operator connections. Infobip was established in 2006 and is led by its co-founders, CEO Silvio Kutić, Roberto Kutić and Izabel Jelenić.