With the fast advancement of science, technology, and economic society, artificial intelligence (AI) has emerged as a major driving force in the growth of e-commerce.
But how exactly can AI impact e-commerce? What role does artificial intelligence play in the expansion of e-commerce? What type of eCommerce AI tools do businesses adopt most often?
Let’s have a look at the statistics regarding the significant influence that AI has had and the huge relevance it has had on the growth of e-commerce.
In the retail business, the value of artificial intelligence is predicted to increase from an estimated USD 1,714.3 million in 2021 to USD 36,462.5 million by 2030 (Precedence Research)
As of the latest research of 2022, the value of artificial intelligence in the retail industry is expected to rise from an estimated USD 1,714.3 million in 2021 to USD 36,462.5 million by 2030 as e-commerce sales are expected to expand by USD 7.3 trillion by 2025.
The market for AI-Enabled E-Commerce Solutions is expected to be valued at 16.8 billion dollars by the year 2030 (InsightAce Analytic)
Based on the most recent market intelligence study by InsightAce Analytics, the worldwide AI-Enabled E-Commerce Solutions Market size was estimated at $3.71 billion in 2021 and is projected to reach $16.8 billion in 2030, registering a promising CAGR of 15.7% from 2021 to 2030.
By 2023, it is anticipated that the value of eCommerce transactions conducted through chatbots would reach $112 billion (Juniper Research)
In the present day and age of conversational eCommerce, one method to steer the discussion is to make use of artificial intelligence in the form of “chatbots.”
This is only one of many possible approaches. It is estimated that by the year 2023, the value of eCommerce transactions that are carried out using chatbots will reach $112 billion.
Consumers as well as enterprises are benefiting from artificial intelligence, particularly in the fields of retail and e-commerce. The introduction of technologies such as conversational chatbots, recommendation systems, automatically produced product descriptions, tailored search, and quicker checkout is only the beginning.
In developing economies, 57% of respondents claim to have implemented AI (McKinsey)
The most typical use of AI in marketing and sales is analytics geared toward improving the customer service experience. As of right now, 57% of all respondents in developing economies claim to have implemented AI, as stated in the research that McKinsey compiled on the subject of AI adoption in 2021.
By 2030, the market for chatbots will be worth $3.99 billion (Grandview Research)
One of the most popular types of AI to use in eCommerce shops is thought to be chatbots. Grandview Research predicts that the worldwide chatbot industry would grow to $3.99 billion in size by 2030. This indicates that between 2022 and 2030, the market would expand at a CAGR of 25.7%.
The implementation of voice bots has accelerated the development of the digital sales sector in the world’s biggest e-commerce platform. By 2025, 75% of Americans will have a smart speaker; hence there is a probability that e-commerce enterprises may see a breakthrough as more homes adopt this technology.
Upcoming categories in which AI will assist e-commerce enterprises, according to North American and European decision-makers in 2021 (Statista)
|Categories||Share of respondents|
|I don’t believe AI will help our company||4%|
In the next few years, AI will alter the e-commerce business, but it is already having an impact in the present. AI plays a significant role in enhancing consumer experiences and developing novel solutions in the e-commerce sector.
Incorporating AI into marketing and sales, according to 79% of respondents, has enhanced company revenue (McKinsey)
According to McKinsey’s research on the status of artificial intelligence, 79% of respondents said that incorporating AI into marketing and sales had enhanced corporate revenue. The gain in income differs, but AI-based marketing strategies enable businesses to produce at least 20% more revenue.
In 2020, Amazon has effectively eliminated 200 million bogus reviews with the assistance of artificial intelligence (Enrico Frahn)
It is essential to filter out bogus reviews, which can be possible with the help of AI. Several companies, like Amazon, use AI to combat paid or bogus reviews.
51% of businesses depend on AI mainly for threat detection, while 75% rely on it for data protection (Statista)
Eighty percent of respondents from the telecom sector claimed that their firm would be unable to respond to threats without artificial intelligence.
|Organizations||Share of Organizations|
Over the course of the last several years, artificial intelligence technology has evolved and developed into a strong tool that can increase sales and improve operations. Also, many smaller e-commerce companies are adopting technology with some kind of artificial intelligence (AI) potential.
By the year 2035, it has the potential to increase profitability rates in the wholesale and retail sectors by 59% (Accenture)
According to a survey by Boston Consulting Group, retailers who have adopted personalization approaches have witnessed sales improvements of 6-10%, which is a pace two to three times quicker than other retailers (BCG). According to Accenture’s research, this may potentially result in a 59% increase in the profitability rates of the wholesale and retail sectors by the year 2035.
By 2026, the market for eCommerce recommendation engines will be worth $15.13 billion (Mordor Intelligence)
Mordor Intelligence emphasized the market’s rising value. The market for eCommerce recommendation engines is anticipated to grow to $15.13 billion in revenue by 2026, based on the company’s analysis.
The manner in which business is conducted is changing as a result of the use of AI in the e-commerce sector. Not only does it make buying simpler, but it also lowers expenses and boosts the organization’s top and bottom lines.