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How Artificial Intelligence is Taking Over Online Commerce : A Look at the Numbers

According to The Hill, AI and its sister technologies “will be the engine behind the fourth industrial revolution, which the World Economic Forum described as ‘unlike anything humankind has experienced before’.”

Statista, the online statistics, market research and business intelligence portal, reveals the projected global m-commerce transaction value in terms of revenues amounted to 96.34 billion USD in 2015, and are set to surpass 693 billion USD in 2019.

Similarly, a report dubbed the E-Commerce: Global Markets to 2022, shows a positive outlook on the global e-commerce market growth, with significant growth potential for the same in emerging countries.

The report adds that the driving factors for the e-commerce industry include a rapidly growing millennial population in emerging markets, rising smartphone and internet penetration, access to online payment options, and technological advances such as big data and cloud-based e-commerce platforms.

Currently, the e-commerce market has a few large players including Amazon, Alibaba, Apple, Walmart and, with Amazon accounting for the largest market share for e-commerce last year.

Mergers and acquisitions are also predicted in the coming years, as these big players combine with other fast growing brands to deliver better user experiences for their customers.

Brands, therefore, need to keep in mind a few important aspects about AI and the rise of machines. Among these aspects is machine learning, deep learning, and deep inference, all of which describe how computers systems learn.

Additionally, the AI market will be worth a lot, contributing up to $15.7 trillion to the global economy by the year 2030. Driving markets such as the autonomous vehicle market, is expected to be worth $127 billion by 2027.

Connected homes will also be common thanks to AI, while some products consumers buy will have been suggested to them by AI as it helps determine what deals to offer, and when to offer them to consumers.

AI has transformed professional space big time. Designers, coders, engineers and all others, need to redefine their style of working in sync with AI tools. The demand for smart AI individuals is soaring.

Devin Wenig, President and CEO of eBay said during a keynote address that any business without an artificial intelligence strategy will die in the next three years.

A lot more will happen in the near future courtesy of AI, but here’s an infographic by Mofluid that summarizes the 5 major trends that are defining the already bulking digital commerce industry today.


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