Indian consumers increasingly adopt AI chatbots for finance and shopping

Indian consumers are increasingly integrating conversational AI into their financial and retail decision-making processes. According to a ServiceNow report, 80% of Indian consumers use AI chatbots for tasks like checking complaint statuses and obtaining product recommendations, while 78% utilize them to review investment options. This trend is extending into the insurance sector, where consumers use chatbots to navigate complex topics such as third-party versus comprehensive coverage.

Research indicates that trust is a primary driver for chatbot adoption. While users often perceive risks regarding the accuracy of AI, they maintain a calculated, risk-tolerant mindset, using these tools for convenience despite the potential for error.

In the retail sector, a Google-commissioned Ipsos study highlights the role of AI in festive shopping. Approximately 54% of unplanned festive purchases are influenced by Google and YouTube. The study found that more than half of festive shoppers utilize AI to assist in purchase decisions, consulting chatbots an average of 7.5 times during their shopping journey. These AI-guided journeys often involve extensive research across multiple online touchpoints, particularly in categories like electronics, appliances, and personal care.