Exotel, a leading AI-powered communication platform for businesses, has released results from a new survey about tech investments for the upcoming festive season. The survey gathered insights from over 350 top executives across various industries, including technology, banking, e-commerce, telecommunications, and automotive.

The findings highlight that many businesses are changing their strategies to improve customer engagement using the latest technologies. A significant 70% of the executives surveyed plan to increase their tech spending compared to last year. This shows that companies are getting ready for what could be a record-breaking festive season.

Key Insights from the Survey:

  • Adoption of AI Technologies: 43% of business leaders are already using Generative AI technologies. Another 45% plan to adopt them within the next year. This trend underscores AI’s growing role in predicting customer behavior and offering personalized experiences.
  • Enhancing Payment Security: 40% of executives are boosting security for payment gateways to handle the expected increase in transactions. This move emphasizes the importance of protecting data and preventing fraud.
  • Focusing on Scalability and Integration: 35% of respondents mentioned that integrating systems and scaling up are major challenges. To address this, they are investing more in cloud solutions and tools that help manage high demand during peak times.

Udit Agarwal, Vice President and Global Head of Marketing at Exotel, commented on the survey results: “This festive season is a crucial time for businesses to use advanced communication technologies to strengthen customer relationships and drive growth. Our survey shows that business leaders are prioritizing secure, scalable, and integrated solutions to meet rising demands. At Exotel, we’re committed to providing the tools businesses need to succeed during this important economic period.”

As companies adopt new technologies, they are focusing on providing smooth experiences for the increasing number of festive shoppers. With 48% of executives actively looking into new tech solutions, there’s a strong emphasis on scalability, integration, and engaging with customers in real time.

The study also revealed that tracking customer engagement and satisfaction (41%) is the most popular way to measure the return on investment from AI technologies. This is followed by looking at direct sales and conversion rates (35%).

As India’s festive season grows into a major economic event, businesses are putting more focus on AI and data security to enhance customer experiences and significantly increase revenue. Exotel’s report shows how companies are preparing for the surge in demand, addressing key challenges, and choosing technologies that will shape the future of customer engagement.

Methodology:

Exotel conducted this online survey in June 2024, gathering responses from over 350 top executives. The participants included Vice Presidents of Marketing and Chief Customer Experience Officers from medium to large organizations in sectors like Technology, Banking, E-commerce, Telecommunications, and Automotive.