69 pc of Consumers Prefer Using Chat Interfaces

Businesses and consumers around the world are beginning to recognise that growth can come from a focus on sustainability
69 pc of Consumers Prefer Using Chat Interfaces

69 percent of consumers prefer using chat interfaces as they deliver real-time answers and personalization. Furthermore, 82 percent of consumers claimed that instant responses to their questions play a significant role in the buying process when contacting brands. 

While only 20 million of 210 million TVs in India are connected TVs, sales are growing at around 20-30 percent year on year, as per a report produced in collaboration with MMA India and GroupM. 

Data suggests there will be more than 40 million connected TVs (CTVs) in Indian households by 2025. Connected TVs are taking the role of household entertainment centers, where viewers can engage with a variety of premium content through streaming apps. Subscription video on demand (SVOD) offerings such as Netflix, Disney+ Hotstar, and Amazon, together with YouTube, and Facebook accounts for 85 percent of the $1.4 billion in revenue made by online video in 2020.

The report states that the physical and digital worlds are merging with emerging technologies. Among wireless, 4G dominated Indian subscriptions, accounting for 68 percent of all subscriptions. However, this is expected to change by 2027, when 5G is estimated to reach 39 percent of subscriptions, but 4G will remain the dominant technology. As per ICUBE 2020 report, the number of active internet users is projected to reach over 900 million in 2025. The internet penetration in urban India is 67 percent and in rural India is 31 percent. Additionally, the number of smartphone users reached 503 million in 2021. While smartphone telecom subscriptions are expected to reach 810 million in 2021 from 760 million in 2020.

Again, as per the report, India is witnessing a positive response with creators’ reach being twice over brand reach, and creator conversion rate nearly threefold that of brands. While 312 million Indian consumers are expected to make a purchase online in 2022. This is a steep rise from 208 million online buyers in 2019. India’s e-com penetration is only 28.4 percent of the population and remains significantly behind most of the developed and developing markets.

The report also claims that among data types and uses, 71 percent of Indian organizations use a blend of first-party (1P) and third-party (3P) data for marketing. However, 58 percent believe that gaps in data breadth, depth, and quality needed to be addressed to enable optimal use of data for decision making, while only 30 percent of the respondents of the ‘Leveraging consumer data for marketing’ survey believe they use and activate personal level consumer data optimally.

Businesses and consumers around the world are beginning to recognize that growth can come from a focus on sustainability. 74 percent of consumers believe that buying sustainable products shows others who they are and what they believe in, while 77 percent of consumers are prepared to invest time and money to support companies that do good, as per the report.

Interestingly, India is also a significant contributor to ad fraud in the world. A report by Techarc stated that India accounts for one in ten digital ad frauds globally, with bots and fake users, indicating the impact of a campaign and robbing advertisers of precious advertising money.

READ MORE: How Artificial Intelligence and Blockchain are Becoming the Key Drivers in 2022

(To know more about what is happening in the retail, D2C, and e-commerce industry, please attend IReC.)  

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