Mark Zuckerberg said during the company’s Q3 2023 earnings call that Meta is doubling down on its messaging business to generate revenue. Zuckerberg said the company wants to introduce generative AI-based bots into the enterprise for use cases such as customer support. According to Meta’s CEO, users and businesses interact more than 600 million times a day on the platform. This is the first time Meta has shared these numbers in an earnings call. It does not specify how many marketing or informational messages you will receive, such as from companies sending ticket information or order updates.
But Zuckerberg pointed out that more than 60 percent of WhatsApp users in India, the chat app’s biggest market with more than 500 million users, send messages from their business app accounts. It is worth noting that many sole business owners use a WhatsApp Business account, which gives them access to features such as company pages, product catalogs and messaging. Social media giants have several ways to monetize business messages. WhatsApp identifies different types of messages and charges the company based on chat sessions. It also offers click-to-message and click-through ads for WhatsApp. Earlier this year, Zuckerberg said that this type of advertising has reached $10 billion in annual revenue and is growing.
In recent months, WhatsApp has announced business products such as WhatsApp Streams and personalized messages sent to customers to improve the in-app purchasing experience. In September last year, the company announced plans for a verification system for WhatsApp with features like support for 10 devices connected to a personal account, support for custom web pages and more, which makes it easier to handle customer queries. Meta also wants to use generative AI to answer customer questions about business account purchases and support. “Now I think this is going to be a huge opportunity for the new business AI that I was talking about earlier, which will allow any company to create AI that people can send to help with commerce and support,” Zuckerberg said. . During the conversation.
Zuckerberg’s argument is that companies in some markets, such as Thailand and Vietnam, have less labor and can afford to respond to customers manually. However, other markets can use Meta’s AI trading bots. The growth and availability of generative AI models has led several AI-based customer support startups to launch products and attract the attention of investors and potential buyers.