Digital Transformation Is Happening at a Rapid Pace: Aakrit Vaish

The co-founder and CEO of Haptik believes that for businesses it becomes very critical to know about the customer experience and what does that experience looks like

Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

With the advent of COVID-19, most of the companies have seen an upheaval in the digital transformation and digitization, Aakrit Vaish, co-founder and CEO, Haptik, discussed all about the new scenario at Entrepreneur India’s Tech and Innovation Summit 2021.

Vaish said that in the US, in the first quarter of 2020 e-commerce had grown as much in the three months as it had grown in the past 10 years which means that the digital spending in 90 days grew as much as the past 10 years.

This statistics shows that the costumers today are on digital platforms and mediums and are able to interact and transact with the brands, and all of this has made customer experience real.

For businesses it becomes very critical to know about the customer experience and what does that experience looks like. He explained this very situation with the help of an example, he told that 60 per cent of the customers did not complete the purchase because of the poor customer experience they had; and another thing was that 83 per cent of the shoppers wanted help from the company and when that didn’t happen they end up dropping off the conversion fund.

The companies who make efforts in making the customer experience and service experience right can really win big; as they have the potential to do so. This proves the fact that 60 per cent of the customers will pay more or are willing to pay more if they get the right customer experience when they are doing online shopping.

One being asked what do brands need to do to operate and succeed in this new normal, he said the first thing is conversational AI which means chatbots and voice-driven AI. Now as we are living in the digital first world, customers also want their experience to be digitally first. Second, WhatsApp commerce which is the most important thing in this digitally first world as this WhatsApp commerce will enable the customer to communicate and to transact via WhatsApp, and this service is now being used by every emerging business in countries like India, Brazil, Southeast Asia and Africa. Now, with the help of WhatsApp channels, customers are now directly able to interact with the business. Third being, Voice Assistants, as using Voice Assistants is a lot more convenient and vernacular as now these Voice Assistants are available in regional language and that is what makes it a lot more convenient to communicate with the businesses. Moreover, accessibility, convenience and human touch are the three things which are provide by the Voice Assistants

“It is like 1913 and we are building cars,” said Vaish. As 1913 was the year when Ford put out the assembly line and even after 100 years we can see the impact it had on the Automobile industry similarly with the advent of COVID and digitization, the AI driven customer experience is going to be extremely real for the coming 100 years.

Talking about the sectors which has made the best use of the AI, are the new-age companies as these companies end up being the early stage adopters of this AI driven technology and these companies have their customers right at the digital touch point and these companies have better organized systems. Apart from this traditional companies like Fintech and Financial Services are also catching up to it.


This Doctor Uses Machine Learning to Identify Overlooked Causes of Infertility

The founder of Pregmune shares how his company is revolutionizing the treatment of fertility care.

The Four Tools Every Entrepreneur Must Implement to Grow Revenue and Save Time

Matt Gartland breaks down all the tools you need, and how much you should spend on them

Epic Investor Fail: Why These Entrepreneurs Got Thrown Out Of Our Boardroom

Don't miss this tense, new 'Entrepreneur Elevator Pitch' episode. Watch now!

What Is an Organic Growth Formula, and How Can It Help Your Business?

Lexie Smith started doing PR when she was 18 years old, and now she's teaching entrepreneurs around the world how to grow their businesses.

This Is Your Brain on Junk Food

In this video, we reveal what really happens to your brain when you eat junk food and how it could alter your cognitive performance for the worse.

How to Create an Authentic Brand

Branding expert Cloe Luv shares what she believes are the most important elements of authentic branding.

She Flew Around the World to Make This 60-Second Pitch

In the season 7 premiere of 'Entrepreneur Elevator Pitch,' the stakes could not be higher for one entrepreneur.

Top 4 Biohacking Secrets to Superhuman Focus

In this video, we answer the question, "Do smart drugs really work?"

This Entrepreneur Is Trying to Reinvent Big Data With Decentralized Networks and Cryptocurrency

The founder and CEO of Constellation Network talks about his company's five-year plan and where blockchain technology is headed.

The 3 Things All Entrepreneurs Should Consider Before Bringing a Partner Into Their Business

Keba Konte of Red Bay Coffee shares his best advice for entrepreneurs seeking partnerships.

This Entrepreneur Shares What You Can Do to Nail Your Investor Pitch Deck

Corporate Storyteller Donna Griffit explains how to construct the perfect investor pitch deck and shares tips for founders on how to prepare for meetings with investors.

Pat Flynn Explains How to Build and Monetize Your Online Audience

Learn how you can build a valuable online audience, even if you're an introvert.

Is Your Diet Making You Depressed?

In this video, you'll learn about five ways your diet is making you depressed, and how the right diet can help you heal.

Discover Entrepreneur Series

Whether you need advice on how to get your business off the ground or you’re just looking for inspiration, our video series have something for everyone. Browse our library below to find a series that speaks to you and your interests.

  • THEIR JOURNEY. Your decision. An original docuseries streaming weekly on premiering Fall 2021!
  • Your favorite pitch show is back with new entrepreneurs pitching Entrepreneur's investors.
  • Host Nicole Walters interviews small business founders to discuss their unique challenges and experiences running and growing a business. 
  • Jessica Abo covers the causes people care about, the powerful work they do and how they got to where they are in the first place.
  • Bestselling author, Ben Angel, takes his audience on a journey into the entrepreneurial mind to uncover why we do what we do through his powerful short films and educational videos so you can unleash your ideas and potential.
  • Watch our staff interview top entrepreneurs and report on location in these exclusive videos.