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Top 5 AI E-Commerce Players: How They Are Using Artificial Intelligence To Power Their Businesses

Published Dec 01, 2023 18:33 Updated Dec 01, 2023 21:41
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Benzinga - by Surbhi Jain, .

The global artificial intelligence in e-commerce market, valued at $5.81 billion in 2022, is expected to reach $22.60 billion by 2032, growing at a CAGR of 14.60%.

From being a buzzword to an inevitable reality, AI is paving its way through every walk of life. When Pinduoduo recently overtook Alibaba in market capitalization, company co-founder Jack Ma exclaimed “The era of AI e-commerce has just begun.”

Here’s a quick look at the top e-commerce players which are making forays into artificial intelligence.

1. Amazon.com, Inc. (NASDAQ:AMZN)

  • Amazon provides personalized product recommendations through its Alexa voice assistant.
  • AI-powered robots are being used in its fulfillment centers to enable last-mile robot deliveries.
  • AI is being used to flag defective products before they ship.
  • It is using a generative AI-powered tool to summarise product reviews.
Read: Amazon’s Cloud and AI Innovations Bolstered by Nvidia Partnership, Analyst Predicts Growth

2. eBay Inc (NASDAQ:EBAY)

  • eBay has been feeding two decades of data and customer insights into its algorithms, thereby training its AI to make it smarter.
  • The company uses AI to learn and provide feedback every time a user interacts with an eBay marketplace.
  • AI is being used to understand buyer behavior and to remove friction.
  • AI-powered visual search and machine learning is being used to better understand user searches.
Read: eBay Turns To AI On Its Attempt Of Tech-Led Business Reimagination

3. Walmart Inc (NYSE:WMT)

  • AI integration into apps such as Curbside Pickup, Mobile Scan & Go.
  • Walmart Voice Order has conversational AI capabilities, which also allows customers to pair their Walmart accounts to their smart devices.
  • The company is using machine learning to understand the request, product name entities and to identify the products.
  • AI tools use prior purchase information to determine brand preferences.
Read: Could Walmart’s AI Leap Be A Game-Changer in the Retail Landscape?

4. Shopify Inc (NYSE:SHOP)

  • AI-enabled features on its platform to make it easier for users to start, run and grow their businesses.
  • Magic, Shopify’s generative AI tool, generates suggestions for content such as product descriptions, email subject lines and headings in online stores.
Related: Shopify’s AI Initiatives And Pricing Strategy Could Expand Total Addressable Market And Boost Stock Performance: Analyst

5. Alibaba Group Holding Ltd (NYSE:BABA) (NYSE:BABAF)

  • Alibaba has a ChatGPT-style product called Tongyi Qianwen. The chatbot was launched by Alibaba Cloud. Alibaba intends to integrate it across all products offered by the company.

    Related: Jack Ma Calls For Alibaba’s Strategic Shift, Lauds Rival PDD’s Moves In An Internal Memo

    Photo: Shutterstock

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Top 5 AI E-Commerce Players: How They Are Using Artificial Intelligence To Power Their Businesses
 

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