$15 billion growing at over 40% CAGR through 2024

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“Product recommendation engine using chatbots and personal assistants has changed the way customers handle shopping. Social platforms have become a medium to advertise products filtered according to our choice and generate data for brands to remain updated with new products and trends. The Commerce AI market is set to surpass $15 billion growing at over 40% CAGR through 2024.”

“According to McKinsey Global Institute analysis, AI adoption in retail sector led to the improvement of about 2% EBIT using machine learning to predict fruit and vegetable sales, 20% stock reduction using deep learning to predict e-commerce purchases. About 2 million fewer product returns per year were reported and about 30% online sales increased by using dynamic pricing and personalization. Retail will tend to see a high potential from marketing and sales AI applications, as frequent digital interactions between enterprise and customers generate larger data sets for AI techniques to tap into. The retail sector has the potential to increase by 85% by leveraging AI.”


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