In 2016, there were more than 100 conversational AI companies in India. But today, only a handful of companies are there. Everyone believes that automating a few queries for customers on an app is conversational AI. However, the industry is now redefining a CRM from being just a store of customer data to manage interaction, to making software the central point to handling every detail about the customer. Speaking about conversational AI at YourStory’s flagship event TechSparks 2020, Raghavendra Kumar Ravinutala, Co-founder of Yellow Messenger, said:
“A cognitive enterprise uses machine learning and AI to drive interactions with its stakeholders. Customers will come from various social media channels and applications and all these conversations need to be personalised. The software has to serve the customer in a customised manner.”Raghavendra Kumar Ravinutala, CEO Yellow Messenger
According to MarketsandMarkets, the global conversational AI market size is expected to grow from $4.8 billion in 2020 to $13.9 billion by 2025 at a Compound Annual Growth Rate (CAGR) of 21.9 percent during the forecast period. The upcoming customer engagement through social media platforms and increasing integration of advanced AI capabilities are the major factors adding value to the conversational AI offerings, which is expected to provide opportunities for enterprises operating in various verticals in the market.
Conversational AI startup Yellow Messenger helps companies increase their revenue by using data. Bajaj Finance used Yellow Messenger to provide personalised support to help millions of its users. According to Raghavendra, the company began cross selling and up selling using the Yellow Messenger platform and the leads for new products began to increase. They not only solved customer support but also began to get revenues from the platform. “We drove down costs for many corporates. Most companies have huge teams handling customers, which is costly. But with the power of data, they can enable better productivity for their employees by preparing them better to answer the customer. With the pandemic, a lot of new use cases came up. The entire distribution layer disappeared overnight for many retailers during the pandemic. Many people began to interact on WhatsApp and we enabled many enterprises to connect with their ecosystem on such communication platforms,” said Raghavendra.
Raghavendra also spoke about how agritech companies use WhatsApp to make farmers productive, and these conversations are data points can be used to customise for farmers based on their needs. Yellow Messenger takes data from all these communication platforms to make decision making easier.