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, NLP), Applications (Customer Relationship Management, Supply Chain Analysis, Fake Review Analysis, Warehouse Automation (Sorting and Placing, Inventory Storage), Merchandizing (Facets and Filter Selection, Multi Device Interaction), Product Recommendation. Customer Service (Chatbots)). Deployment (On-premises, 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 (AI) has evolved into a valuable tool for boosting e-commerce sales and streamlining operations. Ecommerce companies are using several tools and approaches at the time, the majority of which rely on artificial intelligence systems to improve their features and make them more efficient and faster than prior tools. Ecommerce companies use artificial intelligence in products, cross-selling, and improving sales, as well as Chabot services for real-time customer assistance, assessing customer comments, and providing customized services. In eCommerce, artificial intelligence allows for tailored and interactive shopping experiences. Companies can view their consumers’ preferences in real-time and supply trustworthy and tailored purchasing experiences using AI-enabled solutions.
AI can make appropriate product recommendations based on the user’s preferences. Through personalization and analysis of clicks, shopping carts, purchasing history, and search queries, AI may play a significant role in identifying customer behaviour. This can all assist eCommerce firms in making appropriate suggestions for additional purchases that make sense to the user. Moreover, Private companies’ warehouse management is being transformed by AI in eCommerce. In the warehouse, using AI solutions helps reduce errors because AI robots understand their positioning and can place and retrieve them as needed.
In e-commerce industry, Deep personalization approaches have been enabled by advances in AI and machine learning, allowing content to be customized for each individual user. By closing the gap between information and action, Artificial Intelligence is enabling faster business decisions in more focused marketing and advertising, increased client retention, seamless automation, and an efficient sales process. Major producers in this sector are already attempting to improve their product offerings in this direction. Increased applications of artificial intelligence in customer relationship management, warehouse automation, and online retailers are credited with driving the market. During the projection period, increasing investments in AI-based solutions and the increasing adoption of machine learning-based applications are likely to generate substantial growth potential.
The COVID-19 Outbreak accelerated digital transformation by spurring an increase in e-commerce. The COVID-19 crisis has accelerated the growth of e-commerce by exposing it to new enterprises, customers, and product categories. It enables clients to shop for a variety of products from the comfort and security of their own homes. It has allowed businesses to continue operating in the face of contact restrictions and other limitations.
North America is likely to hold the largest market share due to the presence of numerous developed economies that are focused on improving existing retail solutions. Regional market growth can also be linked to an increase in online buying and an increase in R&D expenditures and new market entrants. The Asia Pacific region is expected to increase at the fastest rate during the forecast period. Due to the region’s developing e-commerce business, emerging countries such as India and Greater China are likely to create opportunities for AI in e-commerce.
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- In Sept 2021, Reflektion was acquired by Sitecore. Sitecore’s integration with Reflektion allows it to engage, educate, and empower shoppers to make faster purchasing decisions, boosting buyer confidence, long-term revenue, and overall customer happiness and loyalty.
- In Aug 2021,io raised $52.5 million in a Series B round to accelerate the growth of its AI-driven answers automation platform. The shelf is compatible with all customer service platforms and communication channels, and it complies with the most strict security standards. The shelf also provides customer-facing self-service capabilities to guarantee that customers get the proper answers on the channels they use.
- In July 2021, e-bot7, a German conversational A.I. firm, was acquired by LivePerson, Inc. LivePerson’s self-service capabilities, which enable companies of all sizes to rapidly create AI-powered messaging experiences, are bolstered by the strategic purchase, as is the company’s continuous expansion across Europe.
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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