How digital threads are weaving future of fashion
From smart fabrics to AI-driven design, cutting edge innovations are transforming how clothes are created, marketed and consumed. Nowadays you can bring out a collection in 2-3 months, whereas previously it took 9-12 months. This is due to technologies like 3D design tools, AI-powered trend forecasting, and agile manufacturing processes. AR & VR are allowing customers to try on new clothes ‘Virtually’, both online and in stores. Smart mirrors and interactive fitting rooms are enhancing the in-store experiences. Seamless omnichannel integration is blurring the lines between online and offline shopping. There is a surge in both physical and online shopping. Fashion retailers are combining user inputs, product reviews and behavioural data to make customers’ experience more personal. Thus they build sophisticated recommendation engines. But these steps also raise concerns about data privacy. Fashion retailers are also factoring in ‘Sustainability’ through technology. AI and automation help reduce waste. Digital sampling and 3D design tools are cutting down on prototypes. Blockchain and IoT sensors are improving supply chain transparency and traceability.
Twitter, Youtube leading web publishers of ads
More than 21k advertisers and 28k brands exclusively advertised on digital during Jan-March 2024. Top 10 sectors together 83% of ad impressions with ‘Services’ dominating the list. Twitter emerged as the web publisher with 39% of ad impressions alone, followed by Youtube (15%), Indiatimes (1%), Anandabazaar(1%), Times of India(1%), Indian Express (1%) and more. Twitter Display was the top Digital Platform with 39% share of ad impressions followed by InAPP Displaywith 17% share. Programmatic was the most popular method for promoting ads on Digital Platforms adding 85% of total ad impressions, followed by ad network with 6% during Jan-March 2024. Ad impressions of digital advertising grew by 1% between Jan-March 2023 till Jan-March 2024.
Meta unveils Meta verified subscription plans for Indian businesses
The basic Standard plan starts at INR 639 per month for a single app, while the Max goes all the way up to INR 30,000 per month for two apps. Meta Verified is a subscription service that helps brands enhance credibility with new audiences with a verified badge, enhanced account support, among others. The development comes a month after Meta Verified service was rolled out for WhatsApp business users in India for INR 1,240 to INR 9,940 per month.
Commercial messaging market set to reach $3.2 bn by 2028
India’s commercial messaging market is expected to more than double to $3.2 BN by 2028 from $1.3 BN in 2023, with global advanced messaging channels such as Google’s RCS (rich communication services) and Meta’s WhatsApp Business intensifying their competition for a bigger share of this growing market. WhatsApp currently has a head start over Google’s RCS with some enterprises saying they have deployed a majority of their messaging on that platform. However, both are set to reach a combined market of $1.6 BN and capture 50% of value share of India’s commercial messaging market, according to research firm Gartner. While basic messaging channels in India such as SMS are set to grow at an annual rate of 12% through 2028, advanced channels such as RCS and WhatsApp will grow at 58% at the fastest pace for any country globally, Gartner said.
83% of Indian brands invest in conversational AI to deliver superior customer experience
A new report from global cloud communications platform, Infobip revealed that brands prioritize customer interaction by increasing budget allocations to improve the overall experience. In India, 83% of businesses in ‘IDC’s Future of Customer Experience Survey 2023’ are investing heavily in customer service/support interactions to deliver superior customer satisfaction. The Infobip report “Driving Meaningful Customer Engagement with Conversational AI” features insights from leading IT market research and advisory firm IDC. The research highlights that customer expectations have evolved in today’s digital age. They now demand authenticity and more personalized attention from brands. However, many organizations still lack the capabilities to deliver unique experiences. As per the IDC survey, 60% of the organizations in India do not have the tools to maintain customer context across the customer journey and channels. The rising demand for omnichannel communication and the need for scalability and flexibility are encouraging businesses to adopt unified platforms with conversational capabilities. According to IDC research, companies are investing in conversational apps — such as live collaboration tools, intelligent digital assistants, and digital avatars — to provide more effortless and seamless customer experiences. In India, 82% of businesses surveyed plan to maintain or increase their spending on conversational applications. The report further highlights the increasing relevance of unified AI-powered conversational solutions in India and the Asia Pacific region. The industry’s shift towards improved customer experience (CX) is not surprising. Previously, customers had to wait for a service agent to respond to their queries. Now, APAC businesses are enabling customers to independently find answers, request services, and complete transactions using omnichannel communication solutions powered by conversational AI. Generative AI has reshaped conversational experiences. Having a single source of truth across interactions and channels powers customer context. This customer context allows for more relevant and intelligent conversations and raises the bar for personalization,” said Lavanya Jindal of IDC Asia/Pacific. Messaging apps have become increasingly popular across Asia, as customers prefer to communicate and purchase through digital channels. Recognizing this trend, brands in retail, digital commerce, financial services, and telcos are swiftly establishing their brand presence on popular platforms like WhatsApp and Viber, ensuring their services are readily available where their customers are most active. According to Infobip’s latest messaging trends report, there was a 509% increase in WhatsApp messages in Indonesia, a 226% increase in chat apps in Vietnam, and a 34% increase in Viber messages in the Philippines. In India, there was a 43% year-on-year rise in WhatsApp messaging, a 155% increase in mobile app messaging, a 166% on social media, and a 36% on email.The IDC Business Value Engineering 2023 Survey revealed that about 39% of businesses in the APAC region consider conversational AI to be a critically important investment priority in the next two years. The primary business motivators for investing in AI-powered apps for improving CX are mainly to improve customer success, loyalty, and advocacy, as well as products/services that reflect customer’s needs. Chatbots are one of the top two areas that APAC businesses are planning to integrate with GenAI, according to IDC’s Future Enterprise Resiliency & Spending Survey Wave 1, January 2024. Conversational AI chatbots today are capable of quickly pulling contextual data relevant to customers and using it to offer not only delivery updates and product recommendations but also simple personalized greetings to make customers feel more welcome.
Indian consumers prefer to pay less in exchange for watching ads
Moloco, an operational machine learning (ML) company, and YouGov, a performance advertising company, together have announced the findings of the Consumer Perceptions of Ads on Streamers Survey 2024. From what it’s understood, more than 1,000 consumers in India were surveyed for their perspective on advertising on streaming media platforms, along with 1,000 consumers in the US. According to the survey, 60% of Indian consumers reported that a mobile phone is the device most commonly used for personal streaming, compared with 26% for smart TV, 11% for laptops/PCs, and 3% for tablets. Moreover, 34% of Indian consumers reported that they are cutting the cord with traditional TV services, with an additional 27% considering it but are yet to do so, and that 66% of Indian consumers have shown preference towards choosing lower fees in exchange for watching ads. With regard to preferences for ad formats, 44% of Indian consumers believe that ads, which are interesting and relevant, enhance the viewing experience, and that pre- and post-roll ads are ranked most acceptable compared with mid-roll and banner or display ads. The report also highlighted that 41% of Indian consumers have cancelled a subscription, specifically, because of the ads experience. Seemingly, the majority of consumers in India prefer personalized ads, with 78% indicating a preference. Of the 78% total, 48% prefer personalized ads based on viewing habits alone and 30% prefer personalized ads based on viewing habits and personal data. Ads on streaming platforms are considered influential in the decision-making process for product or service purchases, with 83% reporting some level of influence.
After years of uncertainty, Google says it won’t be ‘deprecating third-party cookies’ in Chrome
After much back and forth, Google has decided to keep third-party cookies in its Chrome browser. Turns out all the fuss over the years wasn’t in vain after all; the ad industry’s cries have finally been heard. In an “updated approach” announced in a blog post today, Google revealed it won’t be “deprecating third-party cookies.” Instead, it’s introducing a “new experience in Chrome” that lets users make an informed choice across their web browsing, which they’d be able to adjust at any time. Google executives are already discussing this pivot with regulators including the U.K.’s Competition and Markets Authority (CMA) and Information Commissioner’s Office (ICO) and plan to do the same with the industry soon. For now, details on what this actually means remain light. And as for a timeline, Google seems to have learned its lesson from the numerous delays to its cookie-killing plans — there isn’t one. “As this moves forward, it remains important for developers to have privacy-preserving alternatives,” Anthony Chavez, vp of the Privacy Sandbox, said in the blog post. “We’ll continue to make the Privacy Sandbox APIs available and invest in them to further improve privacy and utility.” For those who have poured time and effort into third-party cookie alternatives, fear not: Google will keep the APIs in the Sandbox. Your work isn’t going to waste. In fact, the plan is to continue to invest in them, continued Chavez, to further improve “privacy and utility.” Plus, additional privacy controls, like the recently announced IP Protection (i.e. IP masking for privacy protection) in Chrome’s Incognito mode, will be added to the Sandbox.