Leading proptech companies are witnessing major growth in app and website traffic owing to artificial intelligence (AI) integration, which has vastly enhanced consumer experiences. Top companies like Square Yards, Housing.com, and NoBroker have confirmed huge increases in downloads across their online platforms. Several reports also forecast 9.6% growth for the proptech market between 2021 and 2025 annually, touching a valuation of $100 billion by the year 2030.
Housing.com, for instance, reported 0.66 million app downloads as of March this year, which increased by 48% in comparison to January, 2021. The company feels that AI integration is boosting consumer experiences and making home searches simpler, while enabling better navigation of aspects like pricing, configurations, neighborhood choices, and so on. NoBroker, on the other hand, has its internal ConvoZen AI software that can analyze multi-lingual conversations accurately and process 25 million hours in calls. The company saw traffic growth of 40% on the site and app from January to June this year in comparison to the year-ago period. NoBroker deploys AI across its entire business, including property price estimates, automated property image screenings, and more. It is targeting further enhancements in FY25 with real-time support from virtual AI agents, accurate estimates of service, enhanced and personalised home interiors, and remote property management with generative AI.
Square Yards saw user engagement grow by 50% in the last 18 months, while conversion rates also went up by 40% accordingly. According to the company’s CTO and Co-Founder, Vivek Agarwal, the brand has deployed AI for various use cases, including cutting-edge machine learning models for scientifically nurturing leads, content generation, virtual visualization and interior staging, and creating digital twins of cities on a big scale. He also stated that tapping the abilities of generative AI has also led to a streamlined sales process, thereby contributing majorly towards higher customer satisfaction and sales efficiency. At the same time, it has also boosted internal process-based efficiency and transparency according to him. He also talked of how Square Yards is planning to build further on these successes in FY25 in order to sustain its growth momentum and solidify its position.
Square Yards has also observed how property exploration has been boosted with AI-integrated solutions like 2D to 3D floor plan conversions, virtual tour creation, image enhancement and tagging, and SEO-friendly auto-descriptions. Simultaneously, AI-powered and data-based insights have also enabled personalized recommendations that have increased customer retention and satisfaction alike.
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Published Date: 9 July, 2024
