InsightAce Analytic Pvt. Ltd. has announced the publication of a market research report titled “Global AI-Enabled E-Commerce Solutions Market by (Technology (Deep Learning, Machine Learning, and NLP), Applications (Customer Relationship Management, Supply Chain Analysis, Fake Review Analysis, Warehouse Automation (Sorting & Placing and Inventory Storage), Merchandizing (Facets & Filter Selection and Multi-Device Interaction), Product Recommendation, and Customer Service (Chatbots)), Deployment(On-Premises and Cloud)) – Market Outlook and Industry Analysis 2030” According to company’s newest research, the global AI-Enabled E-Commerce Solutions Market is worth US$ 3.71 Billion in 2021 and is predicted to reach US$ 16.8 Billion in 2030, with a promising CAGR of 15.7 % between 2022 and 2030.
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Artificial intelligence in E-commerce is playing a leading role in driving innovative solutions and customer experiences. Some of the leading areas of artificial intelligence in e-commerce are personalized shopping, product recommendations, inventory management, chatbots, efficient utilization of big data, supply chain management and so on. Artificial intelligence has three key elements: data mining, NLP, and ML. These elements help e-commerce businesses improve results.
In E-Commerce, artificial intelligence provides customized and immersive purchasing opportunities. Companies may use AI-enabled platforms to view their consumers’ needs in real-time and provide them with dependable and specialized shopping experiences. AI will recommend appropriate products based on the user’s needs. Via personalization and analysis of clicks, shopping carts, purchase history, and search requests, AI may play a significant role in understanding customer behaviour. Personalized product recommendations for online shoppers are increasing conversion rates and average order values among the major applications of artificial intelligence in e-commerce. AI-enabled tools are ready to analyze customer data from multiple touchpoints, including mobile apps, email campaigns, and websites, to ascertain how they are performing online interactions. These insights enable e-commerce retailers to make suitable product recommendations and provide a consistent user experience across all devices.
AI is transforming the eCommerce industry by predicting customer shopping patterns based on purchase history, products searched, and browsing habits, as personalized product recommendations increasingly influence customer choices. To cater to the increasing demand from various industries, AI in e-commerce applications is being utilized to identify prospective consumers, sense customer interests, present relevant products at the right time, and implement analytics to broaden reach and customer base. The market is primarily driven by a high emphasis on customer-centricity, the need for human-centric AI interaction, increased adoption of advanced technologies and rapidly evolving AI-based platforms. Due to the COVID-19 pandemic, the use of AI in e-commerce has increased significantly. Brands are working on solutions to quickly integrate their product catalogues and help manage operations across channels as marketplaces’ share of eCommerce expands and retailers extend their drop shipping operations. The emergence of AI-driven virtual assistants to understand customer requirements better and provide personalized product recommendations based on real-time customer inputs can further propel market growth in various end-use industries.
In terms of region, the AI-enabled E-Commerce solutions market in the coming years will be led by North America. The market growth is attributed to several factors, including the Rising online shopping trend, easier access to cloud apps or platforms, fast adoption of modern technologies, increased R&D investments, and entry of new competitors in the market.
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- In March 2022, PayPal Ventures has invested in Cymbio. Cymbio’s marketplace and drop ship automation platform operates as a technology bridge, allowing companies to focus on their core business rather than the time-consuming process of interacting with each marketplace and retailer separately. The investment in Cymbio by PayPal Ventures highlights the critical role that Cymbio plays in allowing brands to transition to a multi-channel commerce strategy.
- In Feb 2022, LivePerson has introduced new AI capabilities and integrations to assist organizations in creating Curiously HumanTM digital experiences, which understand, connect, and deliver outcomes for both brands and consumers. LivePerson’s AI translates and simplifies complicated client enquiries, allowing customer service, sales, and marketing teams to deliver and automate meaningful conversations with their customers due to approximately one billion conversational engagements every month on the company’s Conversational Cloud.
- In June 2021, Eversight announced that it’s Retail Suite – Everyday Price is now available on SAP Store as an integrated solution for SAP Customer Activity Repository users. Eversight is a SAP partner in the SAP® PartnerEdge® programme, and it creates, develops, and builds software for SAP solutions. Customers can use Eversight’s Retail Suite to get a modern price management solution that uses AI-powered experimentation, dynamic pricing, and powerful rules to produce outcomes across everyday and promotional income streams.
The following key companies are engaged in the AI-Enabled E-Commerce Solutions market:
Riskified, Reflektion, Inc., Shelf.ai, Osaro, Sift, AntVoice SAS, Appier Inc, Eversight, Inc., Granify Inc., LivePerson, Inc., Manthan Software Services Pvt. Ltd., PayPal, Inc., Sidecar Interactive, Inc., Tinyclues SAS, Twiggle Ltd., Celect, Inc., Cortexica Vision Systems Ltd., Crobox B.V., Deepomatic SAS, Dynamic Yield Ltd., Emarsys eMarketing, Systems AG, Satisfi Labs, Inc., Staqu Technologies Pvt. Ltd., ViSenze Pte Ltd., and Other Prominent Players
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