The jury could still be out on the future of ecommerce in the coming years however Bobble AI has already taken its next gamble: chat commerce.
The heart of this brand new product is the keyboard that is used by over the 83 million people who use it.
The AI-powered company Bobble AI Bobble AI offers Indic keyboards that let the users to use Indian languages. It supports more than 120 dialects and languages, comprising Hindi, Bangla, Marathi, Malayalam, Tamil along with Punjabi.
With an increasing number of users, Bobble AI saw the chance to expand its product to include a powerful keyboard.
After tapping the Super Assist icon and the Bobble keyboard changes into a super keyboard , which offers ideas for often-used services, such as shopping, payments or traveling, Ankit Prasad Co-founder Ankit Prasad tells Econemic Pitch
For the user, this means being able to book a taxi or purchase products using the keyboard of Bobble. The app, in response to the conversation, recommends and directs users to the specific application. It lets users choose an item or book a cab by an easy tap to the keyboard.
We are embedding these services within the space of a keyboard our platform and making them more conversational for consumption, Ankit says.
Conversational commerce is a variation of social commerce. It is used by large tech companies like Facebook, Instagram, and Twitter as a means to advertise and sell goods and services.
Up until now, Bobble was personalising conversations by offering suggestions from artificial intelligence, GIFs, stickers, Emojis, among others.
Today, instead of offering the intelligent suggestions, it would like users to use its keyboards to conduct e-commerce transactions. It recommends the keyboard. Bobble makes a profit for every transaction that is directed by its keyboard.
The keyboard was introduced a few months ago the Bobble keyboard comes from five partners across sectors including direct-to-consumer (DTC) merchandise, commute, news and Horoscope.
The company’s main partner in this is Uber.. The company didn’t reveal any other names.
A conversation platform to help with E-commerce
Ankit is an IIT dropout Ankit is the CEO of the company and his brother Rahul Prasad co-founded and CTO. In the past, they co-founded the network platform Touchtalent.
Bobble imagines itself as a platform for media conversations over the keyboard service similar to the way Instagram is an online social media platform that has cameras as the basis. The company wants users to use the keyboard not only for functionality but rather as an option for business as well.
Ankit states that a lot of these ideas are generated in conversations.
Since it was founded the year 2015. Bobble created technology that recognizes the intention and context of conversations and offers suggestions in real-time.
The theory is that a large number of the intents are created during conversations that are held through WhatsApp, Telegram, and Instagram. These conversations can lead to hundreds of potential intents to a specific consumer, Ankit says.
The next question was: Can we proactively serve those goals through the integration of third-party services inside (the keypad)?
As WhatsApp, Telegram, Facebook and Instagram increasing in number of users messaging has now become one of the main methods of communicating with one others.
India is WhatsApp’s biggest market with more than 500 million active users. Facebook has around 240 million users within the country. The ease of use and familiarity with the user experience of the apps make it simpler for users to stream videos or read the latest news.
Bobble intends to capitalize on these users and their habits.
Bobble’s keyboard is able to closely reflect this intention and is at the “right place” to respond to these desires. Bobble claims that this will also make it less necessary to utilize multiple applications for a single feature, which Bobble will aggregate and make available via its keyboard.
The total amount of money spent on conversationsal commerce channels is expected to rise to 290 billion dollars by the year 2025 up from $40 billion in 2021 according to a study by Juniper Research.
Bobble AI is supported by investors like SAIF Partners, Xiaomi Inc. as well as Affle India.
Generating insights and gaining intelligence
One of the reasons that Gurugram-based startups are in a position to offer this service is due to how it measures engagement and the algorithms for machine learning that it has developed throughout the years.
In the beginning, Bobble enabled users to transform their selfies into caricature-themed stickers. Over time, it transformed into a comprehensive keyboard and content app.
Once installed after installation, Bobble keyboard is downloaded. Bobble keyboard is used each time the user wishes to enter a word. Bobble records user information in the event of something and then uses that information to provide suggestions for text as well as personalised emojis and stickers. More than 20 million users use its platform at all times of the day, Bobble states.
It analyzes this user information to produce information and data, and then earns a profit profits from it. It offers market intelligence to help clients comprehend the market or competitors. Additionally, it uses data to give pre-scripted audience cohorts to certain businesses to assist them in advertising and increase their effectiveness.
We don’t have consented to first-party data, and we’re GDPR-compliant. We use this data to create value for companies in an aggregated, anonymised way, Ankit says.
The year before, Bobble launched a conversational media marketing product that lets brands leverage messaging platforms and promote themselves while consumers talk about taxi rides, pizza, and many more. This is accomplished through branded labels, GIFs, memes, or emoticons..
Ankit claims that both are mature and are growing. The startup boasts over 50 different brands that include Cadbury, Starbucks, and Patanjali as customers.
Bobble boasts over 70 billion text messages including more than 10 billion Emojis, and 700 million animated GIFs and stickers. They which are sent out each day through its keyboards.
This company boasts a high retention and engagement rate, with a an active daily users ratio of 78 percent. The 90-day retention rate for the company is around 75%.
The concept was in place since the beginning, but we didn’t get to work on the commercial aspect of it until the current period, Ankit says. Because in order for this business strategy to work it is first necessary to have the best product and a huge users base, that is very engaged and well-retention.
“It’s the ideal time, as chatbots have been gaining momentum the attention of brands, who have also had some experience with bots, He says.
Bobble is able to reach its customers through its marketing campaigns. Since the beginning of 2019, the company’s total users have increased by over 1,000 percent. This is due to the spread of the pandemic, an increase in more internet-connected users as well as the shift of behavior toward chats that are text-based.
“When people are spending the majority of their time in the home, they tend to spend more time on their phones and consequently spend more time in conversations, due to an absence of physical interaction,
The company introduced the service in April. The company plans to offer more features in the coming weeks, Ankit says.
About 4 to 5 percent of its customers are from Indonesia The country where it plans to launch its service in the near future depending on when it’s able to increase its user base.
In other areas that have users, like in the Middle East, North Africa and Europe it’s enabling chat-based commerce companies to license its technology.
Bobble’s staff has increased to include a total of 250 employees.
Conversational commerce is a rapidly growing segment for the business and has grown to the point that it was the biggest 40% contributor to the company’s revenue in the this month.
The data-as a service model was a popular model that historically generated the majority of revenues, has come lower to 25% from over 50%..
Branded media accounts for about 15 per cent of revenues. The remainder comes from licensing patent-pending technology for keyboards and languages to corporations, which includes chatbots and dating apps.
In the fiscal year 2022, Bobble AI reported a revenue of around $2.8 million (Rs 18 crore). The next year, it is aiming to hit $11.5 million (about Rs 119 crore).
While not yet profitable However, the goal is to expand further and also increase costs when revenue increases.
It competes with Gboard from Google, Gboard as well as Microsoft SwiftKey keyboard in terms of features, but it differentiates by offering localized content. In terms of revenue streams, it is in competition with third-party information aggregators. In terms of terms of content, Snapchat and Bitmoji offer similar services.
As Bobble strives to expand its users’ base and engagement to a higher level and engagement, the company is making preparations to launch an initial public offering (IPO). This includes forming its management team and reaching the highest levels of corporate governance. It is planning to conduct its IPO in India within two to three years subject to when it is in a favorable position.