This social commerce platform using AI to help customers make smarter choices

The e-commerce market in India is projected to grow at a CAGR of 31 per cent and reach $200 billion by 2026. Nonetheless, critical gaps persist, including a lack of informed buying, trust, and guidance for customer purchase intent. Enter Froker, the pioneering social commerce platform driven by AI, poised to bridge these gaps.

Froker empowers customers to make well-informed purchases through AI assistance and offers opportunities to generate discounts via social media engagement. Leveraging Gen-AI, Froker integrates domain experts who curate and disseminate information on top-quality products, fostering trust through personalized recommendations and expert reviews.

In an exclusive interview with Bizz Buzz, Akshat Saxena, CEO of Froker, elaborates on their innovative strategies, market vision, and plans for global expansion

How was the company conceptualized? How has the company evolved in the last year?

Froker, founded by Amogh and Akshat Saxena, seasoned experts from Amazon and global quick commerce firms, aims to redefine quick commerce by integrating AI-driven social media for informed buying decisions. This innovation addresses the sector's gap in customer loyalty and purchase intent. Since its launch, Froker introduced a short video feature, increasing daily active users from 100 to 2,000. Operating in four cities across two countries, the company has seen a steady increase in daily orders, outperforming competitors in delivery times through partnerships with multiple delivery services. Froker is set to launch a social-first app complemented by an AI chatbot to enhance customer engagement and provide contextual assistance.

How do you see the company evolving?

As Froker's CEO, I foresee our evolution into a pioneering force in quick commerce. Our commitment to AI-driven social commerce will extend beyond the food sector, exploring high-margin verticals like cosmetics and electronics. Upcoming AI-driven enhancements, personalized profiles, and a social-first design will revolutionize our customer app, providing an engaging, tailored experience.

Strategic initiatives, including the Froker Subscription and Loyalty Program, will boost customer retention. Emphasizing organic growth through word-of-mouth and referrals, we aim to foster a community-focused approach. Froker's role as a holistic ecosystem connecting customers, Frokers, and merchants will solidify, becoming a trusted advisor, lucrative platform, and strategic partner, respectively. As we move forward, Froker will exceed stakeholder expectations, establishing itself as an innovative and mutually beneficial entity in the quick commerce domain.

How big is the scope for India as a market?

The scope for Froker in India is immense. With our strategic focus on the food sector, India's high-frequency nature of food purchases provides an ideal foundation for Froker's expert-driven social media platform. As we expand into cities like Bangalore, Lucknow, and Manipal, we tap into diverse markets with varying culinary preferences.

The rapid digital adoption in India, coupled with a growing tech-savvy population, aligns perfectly with Froker's AI-driven approach. The ability to offer a curated selection of quality products and streamline multi-restaurant deliveries caters to the evolving needs of Indian consumers.

Moreover, our unique initiatives, such as user-driven discounts and influencer marketing, resonate well with the vibrant and socially connected Indian consumer base. As Froker continues to innovate and adapt, India's vast market not only serves as a launchpad but also as a key driver for our growth, ensuring Froker becomes an integral part of the Indian quick commerce landscape.

Which countries globally have the biggest scope for your kind of solutions?

Froker's solutions have significant global potential, especially in countries with a dynamic and digitally engaged consumer base. The scope is substantial in countries where quick commerce is a growing trend, and there's a high frequency of online purchases. Nations with a diverse and competitive food sector, similar to our current focus, present ideal opportunities for Froker's expert-driven social commerce platform.

Regions with a tech-savvy population, a robust e-commerce infrastructure, and a culture of social media influence are particularly promising. Countries in Southeast Asia, Europe, and parts of the Middle East could offer fertile ground for Froker's expansion, given their varying culinary preferences and rapidly evolving digital landscapes.

Adapting to local preferences and market dynamics will be crucial, but Froker's AI-driven approach and emphasis on creating a holistic ecosystem could resonate well in diverse international markets, making it a global player in the evolving landscape of quick commerce and social commerce.

Which are your product verticals?

Presently, Froker is strategically concentrating on the food sector, establishing a robust presence in cities like Bangalore, Lucknow, Manipal (India), and Kathmandu (Nepal). However, we're actively experimenting in the apparel sector, gearing up for expansion. Soon, Froker will diversify its product verticals, venturing into high-margin sectors like cosmetics and electronics.

Our vision is to become a comprehensive AI-driven social commerce platform, addressing a broad spectrum of consumer needs and preferences. Ultimately, Froker aims to be a key player in all verticals of commerce, creating a holistic and dynamic ecosystem for our users.

Can you tell us more about each of your verticals?

While Froker's primary focus currently lies in the food sector, our vision extends across multiple e-commerce verticals. Here's a glimpse into each:

Food Sector (Current Focus): Froker has successfully penetrated the food sector, providing users with a diverse and convenient platform for ordering from multiple restaurants in one transaction. Our AI-driven social commerce model enhances the food ordering experience, making it not just transactional but a part of our users' lifestyles.

Apparel Sector (Experimentation): We are actively experimenting in the apparel sector, gearing up for expansion. The aim is to bring the same level of convenience, curated selection, and AI-driven engagement to clothing and fashion, enhancing the overall shopping experience.

Future Verticals (Cosmetics, Electronics, and Beyond): Froker envisions venturing into high-margin sectors like cosmetics and electronics. The goal is to create a comprehensive AI-driven social commerce platform that caters to a broad range of consumer needs. As we continue to innovate, Froker's ecosystem will expand to cover various verticals, ensuring a holistic and dynamic shopping experience for our users.

Can you give us the dynamics of the quick commerce market in India and its further evolution?

The quick commerce market in India is flourishing, driven by rapid digitization and changing consumer behaviors. With a high-frequency nature, the food sector stands out as a key focus, offering on-demand access to diverse culinary options. Platforms like Froker, integrating AI-driven social commerce, respond to the evolving landscape, providing curated selections and personalized recommendations.

As digital adoption expands beyond metros, the quick commerce market is reaching tier 2 and tier 3 cities. The future involves diversification into various product verticals, aligning with Froker's strategy. Continued growth will hinge on advanced technology integration, personalized experiences, and strategic merchant partnerships, adapting to evolving consumer expectations.

The sector is poised for further innovation, ensuring convenience and tailored solutions for the diverse needs of the Indian market.

What are the Implications of AI/Gen-AI in the evolving e-commerce market?

AI and Generative AI (Gen-AI) are revolutionizing the e-commerce market. AI's personalized recommendation engines boost customer engagement, while Gen-AI takes it further by dynamically creating content tailored to user preferences. These technologies optimize supply chain operations, ensuring efficient inventory management and timely deliveries.

In marketing, AI facilitates targeted advertising and Gen-AI's generative capabilities elevate content creation, enhancing brand presence. AI-driven chatbots in customer support provide instant assistance, improving overall user satisfaction. As the e-commerce market evolves, the implications of AI and Gen-AI lie in creating seamless, personalized, and efficient experiences for consumers, enhancing operational efficiency for businesses, and fostering a new era of innovation in the dynamic e-commerce landscape.

How is Froker implementing AI to transform the experience of customers and merchants?

Froker employs AI to transform both customer and merchant experiences in the quick commerce landscape. For customers, AI-driven content guides informed purchasing decisions, while personalized recommendations enhance engagement. Active participation is rewarded, fostering a sense of community.

For merchants, Froker reduces selling costs through a minimum order commission model and facilitates enhanced brand building by collaborating with Frokers. The AI-driven SaaS platform provides predictive analytics and tailored marketing strategies, optimizing engagement and business outcomes.

By leveraging AI, Froker not only ensures customers make well-informed purchases and enjoy engaging experiences but also offers merchants a platform that goes beyond traditional commerce boundaries, reducing costs and elevating brand visibility. Froker stands as an innovative and mutually beneficial force in the evolving realm of quick commerce.

What is the way forward and upcoming trends in quick commerce?

The future of quick commerce entails a strategic embrace of trends aligned with consumer preferences and technological advancements. AI integration will remain pivotal, driving personalized recommendations, content creation, and advanced chatbot experiences.

Diversification into product verticals beyond food, such as apparel and electronics, will redefine the one-stop-shop experience.

Subscription models are expected to emerge, offering cost-effective options and fostering customer loyalty. Enhanced personalization, powered by AI, will extend to user profiles, search optimization, and curated content feeds for a more immersive experience. Social commerce evolution will introduce interactive features like user-generated videos and chat options, fostering community building.

Global expansion is on the horizon, with quick commerce platforms reaching diverse markets worldwide. In summary, success in the evolving landscape of quick commerce will be defined by seamless AI integration, diversification, subscription models, personalized experiences, and the continued evolution of social commerce features. Platforms that adeptly navigate these trends will lead to delivering dynamic, personalized, and comprehensive quick commerce experiences.