Artificial Intelligence Influence on Global E-Commerce Market Expected to Skyrocket to $25 Billion By 2032
PALM BEACH, Fla., Aug. 22, 2024 (GLOBE NEWSWIRE) — FN Media Group News Commentary – Experts see that the Global Artificial Intelligence in E-Commerce market is poised for remarkable growth in coming years. This burgeoning market has witnessed significant expansion in recent years, and this trend is anticipated to persist into the foreseeable future. AI has emerged as a linchpin in e-commerce marketing, empowering businesses to glean insights into customer behavior and emerging trends. It facilitates the creation of highly personalized advertising, marketing initiatives, and promotions, thus fostering enhanced engagement and conversion rates. Marketers are increasingly leveraging generative AI tools to scale content production efficiently, ensuring alignment with target audience preferences. Moreover, AI enables retargeting strategies through omnichannel approaches, enticing potential customers to make informed purchasing decisions. A report from Dimension Market Research projected that the market is expected to skyrocket to USD $25.1 billion by 2032 at a staggering CAGR of 15.1%. The market has seen a significant increase in the recent past and is predicted to grow significantly during the forecasted period as well. The report said: “AI plays a crucial role in e-commerce marketing by allowing businesses to gain insights into customer behavior & emerging trends, encouraging the creation of highly customized advertising, marketing initiatives, & promotions. Marketers give more importance to generative AI tools to efficiently scale their content production & ensure message alignment with their target audience. Additionally, AI supports retargeting potential customers through an omnichannel approach, pleasing them to make purchases of products and services.” Active A.I. tech companies in the markets this week include Rezolve AI (NASDAQ: RZLV), NVIDIA Corporation (NASDAQ: NVDA), Microsoft Corporation (NASDAQ: MSFT), Alphabet Inc. (NASDAQ: GOOG), Amazon.com, Inc. (NASDAQ: AMZN).
Dimension Market Research continued: “Artificial intelligence is driving a major revolution in online shopping, fundamentally evolving the market by predicting buying trends based on customer purchase patterns & timing. One essential area where AI’s predictive analytics are making a big impact is inventory management in e-commerce. Given the limitations in storage capacity & budget constraints, efficient inventory prioritization is essential. Keeping stock up-to-date, well-organized, and ordered in advance based on projected customer needs is crucial. The extent of product and service personalization plays a major role in customer retention. An effective strategy to enhance client loyalty includes delivering personalized marketing content & customized shopping experiences to target audiences.”
Rezolve AI (NASDAQ: RZLV) Partners with ePages to Bring Ai Powered Conversational Commerce to over 100,000 Merchants Globally – Rezolve AI is one of the first pure play Ai companies with its own foundation Large Language Model – brainpowa which is expected to revolutionize eCommerce – Rezolve AI (“Rezolve” or “the Company”), a leading provider of artificial intelligence (AI) solutions engineered for commerce, has entered into a strategic partnership with ePages, the largest independent provider of eCommerce software to retailers in Europe to enhance the eCommerce experience for small and medium-sized businesses by leveraging Rezolve AI’s innovative AI technology.
Rezolve’s advanced technology allows customers to interact with eCommerce sites instead of the old-fashioned navigation associated with shopping online. Additionally, customers can interact with virtual support personnel to get updates on orders, explore product information, and much more in any of 95 languages
As part of the agreement, Rezolve AI will provide its cutting-edge products, including Brain Assistant and Brain Commerce, to ePages’ extensive network of merchants. In return, ePages will utilize its marketing and promotion channels, such as the ePages App Store, to sell Rezolve AI’s products to its existing and future merchant base. This collaboration will enable merchants to deliver personalized shopping experiences and provide real-time customer support, revolutionizing the way businesses engage with customers and drive sales.
“We are excited to join forces with ePages and bring our AI solutions to their extensive network of merchants,” said Daniel M. Wagner, CEO of Rezolve AI. “This partnership represents a significant milestone in our mission to revolutionize the eCommerce industry. By combining ePages’ powerful eCommerce software with Rezolve’s cutting-edge AI technology, we are empowering businesses to provide personalized shopping experiences and real-time customer support. Together, we expect to redefine the way businesses engage with customers and drive sales.”
Rezolve’s proprietary Large Language Model (LLM) – brainpowa – is customized and focuses on commerce and retail, enabling ‘conversational commerce’ and instant checkout in 95 languages. Rezolve’s AI-driven engagement platform provides customers with a Gen AI-powered sales engine designed to significantly improve search, advice, and revenue generation in the digital retail space.
Brainpowa- is an AI language model designed to understand the context of words in a sentence by considering the words that come before and after them. “As the largest independent provider of eCommerce software in Europe, ePages specializes in making powerful eCommerce easy for small and medium-sized companies. Today, over 100,000 companies in 70 countries run professional online shops based on ePages’ cloud-driven software – with up to 15 languages and optimized for mobile devices. Thanks to automatic updates and new integrations, ePages online stores are always up-to-date with the latest eCommerce trends,” said Wilfried Beeck, CEO of ePages.
By bridging the gap between promotional engagements and sales transactions, Rezolve empowers businesses to sell instantly at the point of interest. Through various online and offline triggers, such as social media, print, and geolocations, consumers are seamlessly guided into an “Instant Checkout” purchasing flow, enabling them to make purchases with a single action. This innovative approach transforms every consumer interaction into a potential buying opportunity.
The partnership between Rezolve and ePages represents a significant step forward in the eCommerce industry, combining cutting-edge AI technology with powerful online shop software. Together, they aim to revolutionize the way businesses engage with customers and drive sales. CONTINUED… Read this full press release and more news for Rezolve AI at: https://www.rezolve.ai/press-releases
Other recent developments in the A.I. industry of note include:
Microsoft Corporation (NASDAQ: MSFT) and Palantir Technologies Inc. (PLTR) recently announced a significant advancement in their partnership to bring some of the most sophisticated and secure cloud, AI, and analytics capabilities to the U.S. Defense and Intelligence Community. This is a first-of-its-kind, integrated suite of technology that will allow critical national security missions to operationalize Microsoft’s best-in-class Large Language Models (LLMs) via Azure OpenAI (AOAI) Service within Palantir’s AI Platform (AIP) in Microsoft’s government and classified cloud environments.
Palantir and Microsoft have a long history operating in secure and accredited environments to deliver leading technology for the most critical U.S. Defense and Intelligence missions. Now, through this partnership, Palantir will deploy their suite of products – Foundry, Gotham, Apollo, and AIP – in Microsoft Azure Government and in the Azure Government Secret (DoD Impact Level 6) and Top Secret clouds. Palantir will also be an early adopter of Azure’s OpenAI Service in Microsoft’s Secret and Top Secret environments.
Amazon.com, Inc. (NASDAQ: AMZN) recently announced financial results for its second quarter ended June 30, 2024. Net sales increased 10% to $148.0 billion in the second quarter, compared with $134.4 billion in second quarter 2023. Excluding the $1.0 billion unfavorable impact from year-over-year changes in foreign exchange rates throughout the quarter, net sales increased 11% compared with second quarter 2023; North America segment sales increased 9% year-over-year to $90.0 billion; International segment sales increased 7% year-over-year to $31.7 billion, or increased 10% excluding changes in foreign exchange rates; and AWS segment sales increased 19% year-over-year to $26.3 billion.
Operating income increased to $14.7 billion in the second quarter, compared with $7.7 billion in second quarter 2023; North America segment operating income was $5.1 billion, compared with operating income of $3.2 billion in second quarter 2023; International segment operating income was $0.3 billion, compared with an operating loss of $0.9 billion in second quarter 2023; AWS segment operating income was $9.3 billion, compared with operating income of $5.4 billion in second quarter 2023.
Net income increased to $13.5 billion in the second quarter, or $1.26 per diluted share, compared with $6.7 billion, or $0.65 per diluted share, in second quarter 2023; Second quarter 2024 net income includes a pre-tax valuation gain of $0.4 billion included in non-operating income (expense) from the common stock investment in Rivian Automotive, Inc., compared to a pre-tax valuation gain of $0.2 billion from the investment in second quarter 2023.
MongoDB, Inc. (MDB) and Google Cloud (NASDAQ: GOOG), recently announced the two companies are collaborating to optimize Gemini Code Assist to provide enhanced suggestions for application development and modernization on MongoDB—the industry-leading developer data platform that millions of developers and tens of thousands of customers rely on every day for business-critical applications. Gemini Code Assist from Google Cloud generates code suggestions, answers questions about existing code in developers’ integrated development environments (IDEs), and can update entire codebases with a single prompt. Through this collaboration, Gemini Code Assist can help developers get answers and information about MongoDB code, documentation, and best practices, so they will be able to more quickly prototype new features and accelerate application development.
“Generative AI is changing not only how end-users interact with modern applications but also how developers build those applications,” said Andrew Davidson, SVP of Product at MongoDB. “Collaborating with Google Cloud to integrate Gemini Code Assist with MongoDB libraries and best practices will give developers the ability to build more quickly and to focus on more difficult tasks like ideating new types of application experiences for customers. Developers are a modern organization’s most valuable asset, and we’re excited to make it even easier for them to be at their best through this collaboration that puts generative AI-powered software development directly into their hands.”
NVIDIA Corporation (NASDAQ: NVDA) recently announced that it will host a conference call on Wednesday, August 28, at 2 p.m. PT (5 p.m. ET) to discuss its financial results for the second quarter of fiscal year 2025, which ended July 28, 2024.
The call will be webcast live (in listen-only mode) on investor.nvidia.com. The company’s prepared remarks will be followed by a question-and-answer session, which will be limited to questions from financial analysts and institutional investors.
Ahead of the call, NVIDIA will provide written commentary on its second-quarter results from its chief financial officer, Colette Kress. This material will be posted to investor.nvidia.com immediately after the company’s results are publicly announced at approximately 1:20 p.m. PT. The webcast will be recorded and available for replay until the company’s conference call to discuss financial results for its third quarter of fiscal year 2025.
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