E-commerce is one industry that has been greatly affected by the AI boom. AI technology is supporting the e-commerce industry in several ways by offering a personalized user experience, virtual shopping assistant, and assortment planning, among others. In the e-commerce industry, AI assists most of the e-commerce giants including Amazon, Alibaba, and Walmart in marketing, supply chain management, pricing, predicting trends, and automating the tagging of products. Major players contributing to the global AI in e-commerce market include Amazon Web Services, Inc., IBM Corp., Microsoft Corp., and Google LLC. These companies are significantly contributing to the AI industry since 1999. Global AI-related patent applications filed by these leading AI technology companies from 1999 to 2017 include Microsoft (4,167), IBM (3,360), and Google (2,650). The number of global AI patents granted by these leading AI technology companies from 2000 to 2016 include IBM (1,057), and Microsoft (466). Such magnificent AI experience of these companies has supported the integration of AI in e-commerce market.
Key Market Highlights
- Rising Implementation of AI in E-Commerce Supply Chain
- E-Commerce Firms Driving Conversion Rates Using AI Technology
- Asia-Pacific to Witness Fastest Growth During the Forecast Period
- Rising Funding Opportunity for AI technology
- Market Players Should Focus on Emerging Markets
Various new start-ups are entering the market such as Appier Inc., Cortexica Vision Systems Ltd., Emarsys eMarketing Systems AG, Satisfi Labs, Inc., Twiggle Ltd., and ViSenze Pte Ltd. The companies are focused on the development of innovative solutions for AI in e-commerce market to stay competitive in the global market.
Recent Developments in AI in E-Commerce Industry-
- In November 2020, Lounge Underwear, global women’s underwear brand partnered with Emarsys to gain a better understanding of its hundreds of thousands of customers all across the globe.
- In June 2020, Cybertonica Ltd. entered into a partnership with Extra Loyalty, a Turkish loyalty and wallet platform for end-to-end customized loyalty programs and mobile technologies. With the new partnership, Cybertonica extended its reach into retail, loyalty fraud protection, and access markets in Eastern Europe, the Near East, and Africa.
- In May 2020, Kuehne+Nagel revealed its AI-enabled digital road logistics platform sg.eTrucknow.com in Singapore. eTrucknow bridges the supply and demand of road logistics through a digital marketplace, bringing a faster way for customers to book trucks and an easier way for carriers to unlock business opportunities.
