The rise of QR codes in Customer Experience Management
Technology advancements have made QR codes a more integral part of client experience. The usage of QR codes for payments is expanding across industries, including quick-service restaurants and retail. As QR codes continue to gain popularity, companies now have a chance to promote new technology to enhance the entire customer experience. With pandemic hitting our world and increase in focus on health and safety precautions, a decline in user adoption for manual methods of getting customer feedback was witnessed. Simultaneously, a significant comeback of the software tool that links the real and digital worlds was prompted by the necessity to reduce physical contact during the Coronavirus outbreak. It’s because of these societal customs that discourage close physical contact in our day-to-day life, manual methods of data collection may become obsolete in time to come. To follow this norm and encourage the use of QR codes, brands are now embracing the technology and building native features that will further help them improve and streamline the consumer experience. Gathering Consumer Feedback: By connecting QR codes to feedback surveys, businesses will be able to monitor client sentiment, act quickly to address issues, and comprehend purchasing behaviour and patterns. People are extremely concerned about their health and safety from the 2020 Covid 19 pandemic to the present, and they are extremely cautious before touching anything; at this time, QR codes are a lifeline. It not only looks after the customers’ safety, but it also has several advantages in improving the customer experience. QR Codes are incredibly affordable and simple to deploy. The cost of printing QR Codes on products, posters, bills and tent-cards is far lesser than capturing feedback through SMS and Email channels. QR codes can scale numerous campaigns in a way that traditional advertising couldn’t because analytics with QR code scans are so far more beneficial. Businesses can use QR codes to gauge consumer satisfaction in detail and convert it into sales. The shorter the time it takes a customer to adopt something, the better the customer experience will be. Hence, QR codes that are hassle-free, convenient, and timesaving can be the best way to provide the best customer experience. By using QR codes, companies can now get useful customer information that can be used to pinpoint customer problems and improve the overall smoothness, depth, and efficiency of the customer experience.
Chatbot firms in India to generate over 20% of digital customers’ revenue
With a rising number of digital commerce firms employing their services, chatbots may generate about $12 BN in business revenue in three years. This is according to Swapan Rajdev, the chief technology officer and co-founder of Jio Haptik, a leading player in the chatbot world. Digital commerce firms range from companies engaged in e-commerce and insurance to financial services, banking, travel, hotels, and gaming. Over the next three years, chatbot companies in India are projected to generate over 20 percent of business revenues of their customers that run digital commerce platforms, thanks to technologies such as the artificial intelligence (AI)-based ChatGPT. With the use of ChatGPT, the conversations that bots have with customers will become more natural, conversational, and sympathetic. “In the next three years, the India average could easily hit 20 percent,” says Rajdev. “We also believe that in the same period globally, chatbots will generate over $40 BN of business revenue and about 30 percent of that will come from India. Companies like us are already global with businesses in the US and Southeast Asia. So are others.”
Fintechs Paytm, PhonePe, Google Pay eye advertising revenues from D2C brands
Direct-to-consumer (D2C) brands are now focusing more on fintech and payment platforms for their business. These platforms including Paytm, Walmart-owned PhonePe and Google Pay are gaining traction amongst the D2C brands as they are reportedly being considered advertising destinations and customer acquisition engines. D2C brands are now more interested to advertise on these fintech apps as these platforms have been successful in capturing a large user base. These apps also witness higher daily user engagement rates for common use cases like digital payments. For example, Paytm was one of the first payment platforms to bring large-scale advertising revenue from different brands. Paytm claims that it has 89 MN monthly transacting users on its platform. Meanwhile, other rival players like PhonePe claim to have 440 MN overall customers. With higher brand demand and limited ad inventory supply, the price of advertisements on platforms like Google and Meta-owned Facebook has increased. This is one of the major reasons for the brands to continue running offers on these fintech and payment platforms. The price spent for 1,000 ad impressions is denoted using a marketing term called the average cost per mile. This cost for fintech apps including PhonePe and Paytm is in the Rs 70-150 range for clients daily. Moreover, 60-65% of total advertising spending that is arriving on these platforms is through direct brand partnerships. The rewards and coupons that fintech apps offer their users are also being used actively by D2C and consumer brands for advertising.
35% of Indian SMBs will shift one-third of their core workloads to cloud
By 2024, 35% of small and medium-sized businesses (SMBs) in India will shift one-third of their core workloads to the cloud to drive business agility and future resilience, according to a report published by the market research firm International Data Corporation (IDC). For most small and mid-sized organizations, the reality of moving to the cloud has been a gradual transition of on-premises resources to the cloud, with many now running hybrid environments. A study by cybersecurity firm Sophos published in November 2022 highlighted that the cloud is a growing target for cyber-attacks. Nearly two-thirds of SMB organizations experienced attacks such as phishing and ransomware attacks, it said. Nonetheless, IDC reasoned that SMBs have survived pandemic shutdowns and supply chain disruptions by leveraging technology and providing their clients with online services through various digital channels. But with the rising inflationary impact, customers have become more cost-centric, pressuring SMBs and making it more challenging to achieve business resiliency – and therefore a growing number of these businesses will see a significant shift to the cloud. Notably, IDC predicts in the next five years, the total budgets dedicated to IT investments and connectivity services at Indian SMBs will increase by 20% as SMBs turn to technology to compete with larger businesses.
Rollable displays, satellite networks, AR glasses define tech trends at the ‘Mobile World Congress 2023’ in Barcelona
The most obvious of the lot are rollable displays — headlined by the Moto Rizr collapsible smartphone. To be sure, smartphone makers have been looking to experiment with phone displays for a while, with Samsung’s Galaxy Z series dedicated to folding displays, and other brands such as Oppo also launching foldable phones. The Moto Rizr can expand from a compact clamshell device to an expanded smartphone at the click of a button, while Lenovo’s expandable laptop takes the form of a vertical tablet at the touch of a button. A key trend at MWC 2023 rose in the form of satellite connectivity. Motorola, in partnership with UK’s Bullitt, showcased a mobile phone accessory called Motorola Defy, which can be linked to your smartphone to add satellite connectivity to it. MWC 2023 was full of AR glasses looking to give users an experience of lightweight, almost normal-looking spectacles that science fiction has frequently promised. On display at the show were devices such as Oppo’s wireless Air Glasses 2 with a light frame and responsive gesture controls built into their arms, TCL’s wired NextWear S with swappable frames, dual speakers and OLED displays with vision correction, ZTE’s Nubia Neovision Glass screen mirroring AR lenses, and Xiaomi’s Wireless AR Glass Discovery Edition. Also at the show was Tooz, a company that makes white-label AR glasses for various brands (including Xiaomi). At the show, Xiaomi unveiled the Xiaomi 13 Pro, a smartphone that uses a 1-inch type image sensor within a mainstream smartphone form factor. The reason why this is a big deal is because it finally makes an image sensor more suited to the size and dimensions of a dedicated compact camera integrated within a smartphone body. Like Motorola Defy and the host of AR glasses, MWC 2023 was as much a show of smartphone accessories, as the devices themselves. On show were the likes of OnePlus’ 45W liquid cooling adapter, which looks like a clip attached to the back of a phone. There was also Huawei Watch Buds — a smartwatch that has all the standard wearable functionalities.
Parliamentary standing committee has approved data protection bill
The parliamentary standing committee on IT has examined and approved the draft digital personal data protection bill (DPDPB), Union Minister Ashwini Vaishnaw said. “I would like to share some good news that the Parliamentary Standing Committee on IT and communications, which is the committee which deals with this subject, before the bill is taken to the Parliament, have in advance examined it, and then given a big thumbs up,” Vaishnaw said at the Nasscom Technology Leadership Forum (NTLF) 2023. The government published the much-awaited draft digital personal data protection bill in November 2022. The revised bill focuses only on personal data, thereby doing away with regulating the use of non-personal data. The draft bill requires a data fiduciary — ie an entity that processes user data — to give an itemized notice to users on data sought to be collected in clear and plain language. It also mandates that the user should be allowed the right to give, manage, and withdraw consent from sharing information. Apart from this, the bill states that the data fiduciary shall not undertake tracking or behavioural monitoring of children or advertising directed at children. It mandates penalties of up to Rs 500 crore for non-compliance. This bill was necessitated due to the recent withdrawal of the PDP Bill, which had garnered a lot of criticism since its first draft was formulated by the Justice BN Srikrishna Committee in 2018.
Startups Collective Eye Legal Action to Challenge Google
Indian startups are exploring various legal options, including approaching the antitrust regulator to challenge Google’s User Choice Billing system, which they termed a ‘violation of the CCI verdict.’ Representatives from matrimony, dating, fintech, edtech and gaming sectors discussed the implications of the billing system, where Google said it would reduce the fee only by 4% if a user pays through an alternative billing system. The collective said it was in the process of exploring “all avenues to challenge the said policy as being in violation of the CCI order and Competition Act,” according to a statement by policy think tank, Alliance of Digital India Foundation (ADIF). The Competition Commission of India (CCI) had last year ordered Google not to restrict app developers from using any third-party billing/payment processing services, either for in-app purchases or for purchasing apps. “(The participants) brainstormed at length on the various aspects as a way forward in response to Google’s recent announcement of reducing the fee by just 4%,” ADIF said. “Despite not using any service from Google, app developers will be forced to pay commissions (11%-26%) to Google. The startup community agreed that Google’s non-compliance will impact the Indian startup ecosystem negatively.”
Indian Short form video market monetisation, a $8-12 bn opportunity
Indian short-form video (SFV) market monetisation is on the cusp of a breakout and could potentially be an opportunity of $8–12 BN by 2030, according to the latest report by Redseer Strategy Consultants. Indian SFV apps have seen constant growth in adoption and engagement. Leading players have come close to global players in terms of scale while having similar engagement levels. The report highlighted that with a large and growing population of smartphone users, SFV apps have already gained significant popularity in India. The content library for Indian SFVs is in line with India’s needs – linguistically and culturally diverse. Indian apps compare well with global short-form apps and have a lead on content depth in 3 of the 5 top content genres. There is a significant difference in offerings around music, dance and dialogue and acting content. The report showed that the preferred language for content consumption in metro and tier 1 cities is Hindi, followed by English and other regional languages. While regional languages find an audience across India, it’s of key preference in tier 2+ cities only. The report projected the marketing spend on influencers to be worth $2.8-3.5 BN in 2028, from the current level of $0.35-0.4 BN. The report also observed that user-generated content (UGC) platforms are developing creator marketplaces that can become a centralized network for creators to connect with brands. In India, the report also said that video commerce has just started, with short form video platforms expected to capture about 40 percent of the $8-11 BN video commerce market in 2030.
Indian tech sector to hit $245 bn in FY23; headwinds seen in FY24
The Indian tech industry has remained resilient despite an uncertain macroeconomic environment and is expected to hit $245 BN in revenue terms in FY23, said a Nasscom report. Chief executive officers (CEOs), however, are “cautiously optimistic” about FY24 because of headwinds such as demand contraction, emerging tech regulations, skilling gaps, and delayed decision-making. These headwinds are already weighing on FY23 numbers: The incremental increase in net revenue is estimated at $19 BN this financial year, against $30 BN in FY22. It expects industry revenue to touch $500 BN by 2030. The review noted growth in FY23 has been across segments. These include IT services, BPM (business process management), software products, ER&D (engineering research & development), and domestic market. The positive trends are robust deal pipeline of over $18 bn announced by top 5 tech firms About 10% growth in clients base in 2022 over 2021 6-7% utilization headroom, lower attrition. A silver lining amid news of mass layoffs is that the IT industry remains a net employer with over 5.4 MN in the workforce; it created 290,000 new jobs in FY23, Nasscom said. With a 36 percent digitally skilled workforce, the industry remains on the top in terms of AI skills penetration, second-largest globally in terms of AI/ML BDA talent pool, third in the world in terms of installed supply of cloud professionals. The proportion of digital tech in the overall technology services revenue has been increasing. From only around 26-28 percent in FY20, it leapfrogged to over 32-34 percent in FY23.
UIDAI rolls out AI-based security mechanism for fingerprint authentication
The Unique Identification Authority of India (UIDAI) rolled out a new security mechanism based on Artificial Intelligence for Aadhaar-based fingerprint authentication and faster detection of spoofing attempts. The new two-factor/layer authentication has added extra checks to validate the genuineness (liveness) of the fingerprint to further cut down the chances of spoofing attempts. The mechanism uses a combination of both finger minutia and finger image to check the liveness of the fingerprint captured. This will make Aadhaar authentication transactions even more robust and secure, the UIDAI said. By the end of December 2022, the cumulative number of Aadhaar authentication transactions had crossed 88.29 BN and clocking an average per day transactions of 70 MN. A majority of them are fingerprint-based authentications, indicative of their usage and utility in daily lives. Authentication transactions have been witnessing an upward trend and they facilitate several welfare benefits and services. “The move will be of immense use in segments including banking and financials, telecom and government sectors. It shall also benefit the bottom of the pyramid as it will further strengthen the Aadhaar-enabled payment system and curb malicious attempts by unscrupulous elements,” the UIDAI said. The rollout and migration happened after months of discussion and hand-holding by UIDAI of its partners and user agencies.
Subscription Video-on-demand may Grow Faster than Ad-led Platforms
Revenue of subscription video-on-demand (SVOD) platforms is expected to grow at a faster pace than advertising-led VOD, or AVOD, platforms between 2022 and 2027, says a Deloitte report. As per the Technology, Media, and Telecommunications Predictions report, SVOD revenue is expected to grow at a compound annual growth rate (CAGR) of 19% to reach $2.9 BN in 2027 from $1.2 BN in 2022. AVOD revenue, on the other hand, is projected to grow at a slightly lower CAGR of 16% to reach $2.42 BN in the same period from $1.15 BN. SVOD growth is expected to be driven by OTT aggregation, hybrid offerings by OTT service providers, and localized content offerings by regional providers, the report said. It added that OTT accounts for 7-9% of the overall media and entertainment industry with this share expected to accelerate further. Jehil Thakkar, partner, media and entertainment sector leader, Deloitte India, said, “The hybrid model offers a balancing act, providing access to a high monetisation user base and a wider audience that may eventually convert into monetizable users.”
