Exotel, a customer engagement platform, has released its survey-led report today, on the increasing impact of generative AI across various industries and business functions. The report has been built upon the insights gained from their previous survey conducted in February 2023.
According to this previous survey Exotel conducted, 65% of marketers highlighted the significance of delivering an optimal customer experience as the key to success in 2023. The survey being announced today builds on this pivotal finding and explores how marketing leaders across diverse industries are strategically adapting and responding to the rapid emergence of generative AI. The results shed light on the urgency of harnessing generative AI for enhanced customer engagement, satisfaction, improved efficiency and increasing revenues.
According to the report, 84% of marketers feel right at home harnessing the capabilities of AI in their processes, reporting that they are ‘very familiar’ with its use for marketing. They are positive about its potential and capabilities, expressing that they see AI’s benefits for increasing efficiency (87%), improving customer insights (83%), providing better customer experience (84%) and even increasing revenue (78%).
37% of respondents have confirmed a budget of over 50 lakhs dedicated to AI in 2023, while 10% are planning to spend more than 1 crore on the technology this year, the report stated.
Commenting on the finding of the survey, Udit Agarwal, VP and global head of marketing at Exotel said, “The rapid adoption of advanced AI-based tools in marketing indicates a significant transformation within the industry. Marketing leaders in India are embracing the potential of AI, prioritising automated chat as a key focus for businesses. As language models continue to evolve, we expect this trend to endure. Intelligent chatbots capable of delivering immediate and personalised customer communications are poised to become a pervasive phenomenon, revolutioniisng customer engagement and driving growth across industries.”
The substantial increase in AI investment within marketing budgets reflects a strong sense of optimism for its future impact. The report further stated that 70% of marketers firmly believe that AI will revolutionise the marketing landscape within the next 3-5 years. However, 4% of respondents emerged as more skeptical, expressing doubts about the technology’s potential impact on the industry.
Chat taking the lead over voice is gaining momentum in the marketing automation space. 36% of marketers have been leveraging generative AI tools through the use of chatbots to enhance customer experiences by providing efficiency and comprehensiveness. While 24% of marketers believe that predictive analysis will help in better understanding of consumer behavior, followed by personalisation algorithms (21%) and voice recognition technology (17%).
As per Exotel, the growing popularity of chat can be attributed to factors such as lower upfront investments, the convenience for users to engage with bots on popular platforms like WhatsApp, and the ability to generate accurate written records of conversations for sentiment analysis. With the incorporation of more advanced large language models (LLMs) into chatbots for customer conversations, the trend of chat-based communications is expected to continue its growth.
The report asserts that the chatbot industry is projected to expand significantly, driven by the increasing demand for AI-powered customer interactions.
Talking about hurdles of AI adoption, the report cites that 41% of marketers feel that the initial investment required for AI implementation is the primary hurdle for companies. While there may be some resistance to change among team members (13%), marketing leaders are embracing AI advancements and driving its adoption. This positive attitude fosters collaborative efforts to address concerns and maximize the benefits of AI in marketing operations.
Exotel received responses from 300 marketers in an online survey that was conducted in May 2023. CMOs, VP Marketing, and chief customer experience officers responded to this survey from mid to large organizations across verticals of Tech, BFSI, E-commerce, Telecom, and Automotive.