E-commerce has become a crowded market. With this, add the ever-changing nature of customers and business models, which forces one to stay competitive and relevant. This increases the need for all businesses to find innovative solutions to create better customer experiences and operations. As AI enters this domain, it acts as a game-changing technology that is impacting e-commerce business models globally.
Be it personalization of the shopping experiences, suggesting the best products to the cart, or understanding user behavior to suggest sizes for their family – AI is creating a space for itself by automating and simplifying these complex tasks.
The Artificial Intelligence In E-Commerce Market size was valued at USD 5.1 Billion in 2021 and is projected to reach USD 16.5 Billion by 2030, growing at a CAGR of 14.8% from 2023 to 2030. This means that the future shows the potential and scope of innovations.
When we talk about AI in any industry, it is crucial also to understand what kind of risks it bears. If one only focuses on the pros, you might miss out big on the threats and even land into a litigation issue. AI is transforming e-commerce businesses and will continue to show growth.