AI-Driven E-Commerce Platforms Market Overview 2024

"The Business Research Company recently released a comprehensive report on the Global Artificial Intelligence (AI) Enabled E-Commerce Solutions Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The artificial intelligence (AI)-enabled e-commerce solutions market size has grown rapidly in recent years. It will grow from $5.05 billion in 2023 to $5.81 billion in 2024 at a compound annual growth rate (CAGR) of 15.1%. The growth in the historic period can be attributed to the increasing adoption of machine learning algorithms, the rise of personalized shopping experiences, enhanced customer service through AI chatbots, improved product recommendation systems, and automation of inventory management.

The artificial intelligence (AI)-enabled e-commerce solutions market size is expected to reach rapid growth in the next few years. It will grow to $10.32 billion in 2028 at a compound annual growth rate (CAGR) of 15.4%. The growth in the forecast period can be attributed to the expanded use of AI in fraud detection and prevention, the proliferation of voice commerce interfaces, the integration of augmented reality for enhanced shopping experiences, the growth of AI-powered visual search capabilities, and the and the utilization of predictive analytics for dynamic pricing strategies. Major trends in the forecast period include increased focus on sustainability and ethical AI usage, the emergence of hyper-personalization through advanced AI algorithms, the adoption of AI for supply chain optimization and predictive inventory management, the integration of AI-powered virtual shopping assistants and concierge services, and the and the expansion of AI-driven recommendation engines across multiple channels.

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Market Drivers and Trends:

The increased fraud detection and prevention is expected to propel the artificial intelligence (AI)-enabled e-commerce solutions market going forward. Fraud detection and prevention involve identifying, mitigating, and stopping fraudulent activities by implementing proactive measures and advanced technologies. The rising need for fraud detection and prevention is due to increasing digital transactions, evolving fraud techniques, and the growing complexity of interconnected systems, highlighting the imperative to safeguard assets and maintain trust in financial operations. AI-enabled e-commerce solutions offer advanced capabilities to identify and mitigate fraudulent activities, enhancing online transactions' confidence, security, and efficiency. For instance, according to a survey including 1,072 merchants published by Cybersource, a US-based payment gateway company, global fraud attacks, including phishing, pharming, and whaling, surged to 43% of merchants, up from 35% in 2022. Moreover, coupon, discount, and refund abuse rose from 25% to 30% in 2023. Therefore, the increase in fraud detection and prevention is driving the growth of the artificial intelligence (AI)-enabled e-commerce solutions market.

Major companies operating in the artificial intelligence (AI)-enabled e-commerce solutions market are focused on developing cutting-edge conversational product discovery tools with advanced personalization technology, such as AI-driven shopping assistants, to gain a competitive advantage through personalized and seamless shopping experiences. An AI-driven shopping assistant is a virtual tool that uses artificial intelligence to offer personalized recommendations and assistance during online shopping. For instance, in January 2024, Constructor, a US-based company specializing in providing innovative e-commerce and artificial intelligence solutions, launched an AI Shopping Assistant (ASA) conversational product discovery tool. The ASA uses transformers to power its conversational product discovery tool, allowing shoppers to explain their needs in long-form natural language and receive personalized product and content recommendations. The ASA learns from every action in the consumer's shopping journey, enabling it to personalize the shopping experience based on the shopper's preferences, history, and intent. This combination of generative AI and personalization technology allows the ASA to make suggestions like a trusted in-store associate, taking into account the shopper's detailed requests and the e-commerce company's real-time inventory.

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Major Key Players of the Market:

Microsoft Corporation, International Business Machines Corporation, Oracle Corporation, SAP SE, Salesforce.com Inc., Adobe Inc., Shopify Inc., Sitecore Corporation A/S, Bazaarvoice Inc., BigCommerce Pty. Ltd., BloomReach Inc., Yotpo Ltd., Commercetools GmbH, Optimizely Inc., Magento Inc., RichRelevance Inc., Coveo Solutions Inc., Ada Support Inc., Elastic Path Software Inc., Inbenta Technologies Inc., Uberflip Inc., Nosto Solutions Ltd., Klevu Oy, Landbot.io S.L., Hellotars Inc.

Artificial Intelligence (AI) Enabled E-Commerce Solutions Market 2024 Key Insights:

• The artificial intelligence (AI)-enabled e-commerce solutions market size is expected to reach rapid growth in the next few years. It will grow to $10.32 billion in 2028 at a compound annual growth rate (CAGR) of 15.4%.
• Fraud Detection Fuels The Growth Of AI-Enabled E-Commerce Solutions.
• Next-Gen E-commerce Assistant Utilizes Advanced Generative AI For Personalized Shopping
• North America was the largest region in the artificial intelligence (AI)-enabled e-commerce solutions market in 2023

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