Fort Collins, Colorado, Oct. 17, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, the Generative AI in Ecommerce Market was valued at USD 4.2 Billion in 2022 and is anticipated to grow to USD 18.2 Billion by 2032 at a CAGR of 15.8%.
Business innovation and hyper-personalized marketing approaches to cater to changing consumer needs is responsible for market expansion. Businesses can use generative AI algorithms to create content for customers with a unique shopping experience. This leads to increased consumer conversion and improved brand loyalty. To streamline their operations, many major players are adopting generative AI technologies.
The improved operational efficiencies with generative AI in e-commerce are another factor boosting the market growth. Generative AI provides a distinct experience to e-commerce players, such as improved product and inventory management and enhanced supply chain efficiency. It automates inventory management by analyzing previous orders to predict future demand and accordingly suggests inventory levels. It also aids in automating repetitive tasks in e-commerce, optimizes workflow, and helps with the quick analysis of large amounts of business data. This improves the process efficiency and reduces resource consumption, concentrating the resources on other tasks. These factors lead to prominent players' thereby increasing implementation of generative AI.
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Segmentation Overview:
The global generative AI in e-commerce market has been segmented into technology, deployment, application, and region. The machine learning segment held the dominant position in 2022. Machine learning provides consumers with an optimized shopping experience for online stores. Asia Pacific accounted for a large market share in 2022. The e-commerce industry is thriving in Asia Pacific, which is a major factor boosting the market growth. The online shopping trends are always positive as more people buy products across diversified channels.
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Generative AI in e-commerce Market Report Highlights:
- The global generative AI in e-commerce market growth is anticipated at a CAGR of 15.8% by 2032.
- The growing popularity of virtual technologies and the adoption of automated techniques in e-commerce has triggered industry developments.
- The on-premise segment dominated the market in 2022. Deployment of the generative AI models on-premise in business enables a greater degree of freedom for modification and adjustment.
- The cloud segment is expected to exhibit a significant growth rate during the forecast period. The various benefits associated with the cloud deployment of AI model contribute to segment growth.
- Some prominent players in the generative AI in e-commerce market report include Amazon, Inc, Jingdong, Meituan, Suning, Otto Group, Shein, Rakuten Inc, Wayfair, eBay, Zalando, B2W Companhia Digital, and Groupon, among others
Industry Trends and Insights:
- In 2023, Dell and Nvidia launched an initiative named Project Helix to aid enterprises in the on-premise deployment of generative AI models.
- Google introduced a new generative AI feature in June 2023 called the "virtual try-on tool." The feature called the virtual try-on tool provides an in-person shopping experience.
- Shopify launched Shopify Magic in 2023, which automatically generates product descriptions based on a few product details. Furthermore, it also generates blog posts and marketing email content.
- In May 2023, Google launched Product Studio to help businesses to create better product imagery. It also allows sellers to customize their product image according to any setting without expensive photo shoots or equipment.
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Generative AI in e-commerce Market Segmentation:
- By Technology: Natural language processing, computer vision, machine learning, speech recognition, augmented reality.
- By Deployment: Cloud-based, on-premises, hybrid
- By Application: B2B, B2C, others
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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