E-commerce benefited enormously not only from the COVID-19 pandemic, but also from the convenience offered by new technologies, such as artificial intelligence (AI). A report by Vantage Market Research finds that the global AI in the retail market will grow from $2.93 billion in 2021 to $17.08 billion by 2028.
Some of the ways AI is being leveraged in e-commerce is through real-time data analytics, interactive or virtual experiences, personalization based on demographics and search data, and enhanced customer relationship management (CRM) through virtual assistants and chatbots.
Native IoT and AI creator GBT Technologies Inc. recently entered into a revenue-sharing agreement with online retailer Mahaser LTD dba Ravenholm Electronics to test its AVANT! AI platform to identify e-commerce opportunities in the video game niche.
Coveo Solutions Inc. recently announced that it has enabled AI-powered search and recommendations capabilities on Salesforce AppExchange, the cloud computing marketplace of Salesforce, to allow customers to connect with Coveo experts in real time and make better business decisions.
Walmart announced the acquisition of Israeli AI startup Zeekit that offers a virtual fitting room platform with real-time image technologies, computer vision and AI. This platform will be integrated into the Walmart app and Walmart.com.