Case study of Haptik Start-up….

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Haptik

About:

Haptik is an enterprise conversational AI platform established in August 2013 and purchased in 2019 by Reliance Industries Limited. The company is developing technologies to allow businesses to create conversational AI solutions that empower consumers to converse with apps and mobile devices in free format, natural language, voice, or text.

The company has won several awards including the Frost & Sullivan Prize, the Al Game Changer Prize from NASSCOM, and represents Fortune 500 companies worldwide in markets such as banking, insurance, healthcare, telecommunications, and communications.

Haptik was created in August 2013 by Aakrit Vaish and Swapan Rajdev, both engineering alumni at the University of Illinois. The company released its first device in March 2014, the Haptik app, which is a personal chat-based assistant that lets its users get things done for Android and iOS platforms in India.

Funding by Investors:

  • Times Internet acquired a majority stake in the company in April and invested $11.2 million in the company.
  • Haptik raised $11.2 M in its Series B Times Internet investment round in April 2016. The firm earlier obtained $1 million in financing from Kalaari Capital in September 2014.
  • Haptik is part of the Reliance Group of Companies, which in April 2019 purchased a controlling interest in the Company in a $100 million transaction.
  • Partnership:

Haptik created Covid-19’s world’s largest WhatsApp chatbot. This was India’s official helpline used by over 21 million people around the globe. The MyGov Corona Helpdesk was built to counter rumors, inform the public and add a sense of peace to the pandemic. Haptik built the ground-up Helpdesk using official Government-shared data.

Kotak Life collaborated with Haptik to create an AI-driven conversational assistant called KAYA that offers customer assistance 24X7. The business has collaborated with Amazon Pay, HDFC Live, Ola Cabs, Uber, Times Internet, Mumbai City FC, Coca-Cola, Ziman, Zomato, BookMyShow, Cleartrip, Goibibo, UrbanClap, Via.com, Dineout, Flipkart and Kotak Live to run campaigns on the Haptik platform.

Business goal:

Haptik produces Conversational AI, which understands the meaning and is built to provide ROI. The Intelligent Virtual Assistant (IVA) technology helps companies to boost their consumer service while reducing costs and raising revenue.

Business model:

Haptik was at the forefront of the paradigm change from smartphones to chatbots, having served in different cases of chatbot usage such as e-commerce, customer support, functionality, and lead generation. It has an underlying development framework that enables users to manage and build a chatbot. “On top of that, we have different goods and strategies for different market areas,” says Vaish, noting, “We ‘re bundling all the tools and bringing them into other projects.”

Haptik ‘s consumers exploit this approach to improve their interaction with the app and to expand the potential for monetization. The advertiser’s solution helps advertisers to engage users through chatbots on Haptik’s publisher network. The third feature, the enterprise tool kit from Haptik makes it easy for companies to deploy chatbots to simplify customer service through their website, Facebook messenger, or smartphone phones. There is also another usage case of the Haptik app; one for customers in which it serves as a personal assistant focused on 24X7 chat to help people get things done. Via the one-stop app, one can set reminders, book a taxi or flight tickets, recharge phones, pay utility bills, or find spots in their vicinity. All over the one-stop app.

The unique Bot:

The Haptik team claims that length and scope differentiate it from the rest of the market players; breadth in terms of the form of technology and architecture that drives that products (such as AI, Natural Language Processing & Machine Learning) and scope in terms of its experience. The organization currently builds more than 100 bots for various use cases in a year. “No-one better understands the process of bot-building than we do. That experience is important in dealing with any form of consumer or company, “he declares.

Challenges faced by Haptik :

  • Our associate at the company faced the following problems:
  • The bot has had poor incoming traffic.
  • A high number of drop-offs occurred at different stages of the chat flow.
  • Cumulatively both these issues resulted in a low number of leads as well as dissatisfied end-users.

The successive factor of Haptik:

The following key ideas emerged from the bot optimization efforts of our study of the Customer Success Team:

  • The order of duties must be arranged according to the use. In the first look, most users should be getting what they were looking for.
  • Bot architecture, colors, and components will also be coordinated with the native website.
  • The CTA’s will match themselves with the bot ‘s goal. It allows users greater control, which raises the chance of finishing the mission dramatically.
  • It can be used to follow up calls. This helps get back the customer to the discussion and maintain the flow, thus reducing drop-offs. In this situation, consumers are less likely to be confused.

One should also aim at creating a confidence factor in Lead generation campaigns — because the target is to cause monetary activity on the part of the customer. This can be achieved by accurately showing the size the company works in or certifications/awards that demonstrate the customer’s reputation.

Result :

Haptik had a great future in nearly every generation with Jio reliance the sale greatly bloomed. Haptik turned its business with Jio reliance. Customers enjoying the services gratefully.

References*:
Information was taken from Google, Wikipedia, and particularly from their startup website and app.*

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