The Global Commerce AI market is estimated to surpass $15 billion by 2024, growing at an estimated rate of more than 40% during 2018 to 2024, majorly driven by the worldwide investments in Artificial Intelligence based solutions, and the growing machine ability for decision making from trillion bytes of data.
Commerce AI Market is expanding at a fast pace, and is set to be driven majorly by online retailers in Ecommerce marketing, fashion stores and warehouse automation. The complete penetration of AI in businesses will revolutionize the shopping experience, decision making will be quick and most of the processes will be automated. Also, leveraging technologies like Big Data for decision analysis in Commerce AI will further enhance the scope of the market.
What is Commerce AI?
Commerce Artificial Intelligence (AI) is about the use of AI in commerce to drive the business organizations by being more customer centric and shaping the business with customer data. AI maps user preference by analyzing historical data, and is useful in recommending the products or services.
AI in commerce is set to pave the way for smart commercialism in industries like food & beverages, electronics, fashion and all other sectors, where processes can be optimized by machine learning and predicting human behavior. It is going to impact ecommerce marketing at a major scale followed by in-store experience. AI and other connected technologies will be capable of analyzing customer’s need which will lead to growth of impulse buys. Online retailers will benefit by using product optimization engine to increase sale probability. From manufacturing to goods delivery AI will revolutionize the output.
This report incorporates an in-depth assessment of Commerce AI market by business platform, technologies, applications, end users and geography.
What are the major applications for Commerce AI?
The various applications assessed for AI in commerce includes customer relationship management, merchandising, supply chain analysis, virtual personal assistants, fake review analysis, merchandising, warehouse automation, and various others. AI in commerce has been majorly adopted in ecommerce marketing,
which is helping online retailers in customizing inventory volume and prices based on buyer interest and market competition. Many online retailers have implemented chatbots to assist the customers with product navigation and in simplifying sales. Another major adoption is seen in warehouse automation, where AI enabled robots perform a number of operations like sorting products from a pile of mixed products and placing them categorically; movement of products within warehouse, which reduces time in packing and dispatching goods in a supply chain. According to a survey conducted by Microsoft to determine the effectiveness of customer service chatbots at resolving customers' issues in 2017, 33% of global average reported very effective and 54% with somewhat effective. Thus, the penetration of chatbots in commerce AI is predicted to increase smoothly.
Market Research and Market Trends of Commerce AI’s Ecosystem
- According to the Boston Retail Partners 2017 Customer Experience/Unified Commerce Benchmark Survey, about 45% of retailers plan to use artificial intelligence technology within the next three years to improve customer experiences.
- Commerce AI will impact online retailers. The sales will increase due to product recommendation based on user behavior which will result in less selection time for shopping
- The adoption rate of Commerce AI for Logistics and supply chains will be very high, in order to deal with significant amount of orders generated via Ecommerce businesses.
- Amazon has about 45,000 robots in its warehouses, recent unit is of AI enabled shelf lifter and mover robots, only 16 inches tall. Similarly, other online retailers are looking forward to adopt AI more extensively.
Who are the Major Players in Commerce AI market?
The companies referred to in the market research report includes Google LLC, NVIDIA Corporation, Tesla, Intel Corporation, IBM and other major players and startups.
What is our report scope?
The report incorporates in-depth assessment of the competitive landscape, product market sizing, product benchmarking, market trends, product developments, financial analysis, strategic analysis and so on to gauge the impact forces and potential opportunities of the market. Apart from this the report also includes a study of major developments in the market such as product launches, agreements, acquisitions, collaborations, mergers and so on to comprehend the prevailing market dynamics at present and its impact during the forecast period 2018-2024.
All our reports are customizable to your company needs to a certain extent, we do provide 20 free consulting hours along with purchase of each report, and this will allow you to request any additional data to customize the report to your needs.
Key Takeaways from this Report
- Evaluate market potential through analyzing growth rates (CAGR %) and Value ($M) data given at country level – for product types, end use applications and by different industry verticals.
- Understand the different dynamics influencing the market – key driving factors, challenges and hidden opportunities.
- Get in-depth insights on your competitor performance – market shares, strategies, financial benchmarking, product benchmarking, SWOT and more.
- Understand the industry supply chain with a deep-dive on the value augmentation at each step, in order to optimize value and bring efficiencies in your processes.
- Get a quick outlook on the market entropy – M&As, deals, partnerships, product launches of all key players for the past 4 years.
- Evaluate the supply-demand gaps, and regulatory landscape for more than top 20 countries globally for the market.