The world of AI in eCommerce is changing so quickly that it can be tough to keep up with the latest trends and statistics. You don’t want to fall behind, but you also don’t want to waste your time on information that’s already been outdated by the time you read it.
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AI in eCommerce Market Growth Statistics
1. The AI-enabled eCommerce market size will reach $16.8 billion by 2030
In a 2022 report exploring the impact of AI-enabled eCommerce solutions, InsightAce Analytics found the global value of AI tools for eCommerce brands reached $3.71 billion in 2021. The report also estimated the industry will approach a value of $16.8 billion by 2030, growing at a promising rate of 15.7% CAGR in the next 8 years.
According to the report, numerous factors are contributing to the rapid growth of artificial intelligence in eCommerce, including cloud-based platforms, self-service solutions, and the rise of eCommerce in general. The report believes North America will dominate the market on a regional basis, with key players also emerging in the Asia Pacific region.
2. Customer-service analytics is the most common application of AI in marketing and sales
According to McKinsey’s report on the adoption of AI in 2021, 57% of all respondents in emerging economies now claim to have adopted AI.
Notably, the areas where AI adoption is highest among companies are product and service development, service operations, and marketing and sales strategies, indicating a high demand in the eCommerce space.
McKinsey’s report also found among the companies adopting AI, the majority had a positive impact on their bottom line, with around 5% of their EBIT (earnings before interest and taxes) being attributable to their AI strategy.
AI appears to be particularly valuable in supply chain management, especially since the start of the pandemic.
3. 78% of eCommerce brands have already implemented AI in their stores
Issued in 2019, an Oracle report into virtual experiences and their impact on the retail landscape found the majority of companies are already implementing AI tools. According to the report, 78% of brands had already implemented AI and virtual reality or were planning to do so by 2020.
With regards to chatbot adoption, which is considered the most recognizable form of AI adoption in eCommerce, around 80% of sales and marketing leaders said they were already using their tools or planned to do so by the end of 2020.
4. The chatbot market will reach a value of $3.99 billion by 2030
Chatbots are widely considered to be one of the most common forms of AI to implement in eCommerce stores. These tools can help with processing orders, managing customer queries, and suggesting recommended products.
According to Grandview research, the global size of the chatbot market is set to reach a value of $3.99 billion by 2030. This means the market is growing at a CAGR of 25.7% between 2022 and 2030.
Grandview notes the rapid growth of the market is thanks in part to a rise in the number of users of messaging services and the increasing success of NLP technology. Large enterprises in the eCommerce, healthcare and BFSI segment hold over 50% of the market share in this technology.
5. The global sales Intelligence market will reach a value of $13.89 billion by 2030
Business intelligence is one key area where eCommerce companies are investing more heavily in AI. Ecommerce brands use AI-driven analytics tools to gather information about sales and forecast potential business outcomes. According to Emergenresearch, the market size for sales intelligence was approximately $5.60 billion in 2021.
By 2030, the revenue for this industry is expected to reach a value of around $13.89 billion. This indicates a CAGR of around 11%.
6. The eCommerce recommendation engine market will reach a value of $15.13 billion by 2026
Exploring the rising demand for personalized product recommendations in e-commerce driven by artificial intelligence, Mordor Intelligence highlighted the growing value of the market. According to the company’s report, the market for eCommerce recommendation engines is expected to reach a value of $15. 13 billion by 2026.
This is a significant increase from the value of $2.12 billion reported for the industry during 2020, representing a CAGR of around 37.46% during the growth period.
The Benefits of AI in Ecommerce Statistics
7. 54% of French e-commerce companies think AI is essential for analyzing eCommerce data.
A Statista report looking at the number of eCommerce merchants adopting artificial intelligence into their business in France noted that many companies view AI as essential to their needs.
By 2019, 54% of all companies said they thought AI was crucial to forecasting sales, analyzing data about stock, and managing transactions. 36% of people in the survey said using AI for this purpose was “paramount.”
54% of respondents also said they thought it was important to use AI to understand the behaviors of shoppers on the internet. 32% of respondents identified this purpose as “paramount.”
A further 46% of respondents also said they thought using AI to personalize shopping experiences was important, while 43% identified this practice as “paramount.”
8. 70% of eCommerce decision-makers in Europe and North America believe AI helps with boosting personalization
While there are many reasons why companies in the eCommerce landscape are beginning to adopt AI solutions in their stores, better personalization is a key factor.
According to a survey by Statista, 70% of eCommerce business owners believe AI will help them to make better decisions about personalization. The report also found that 54% of businesses believe AI will assist with the site searching functionality they can offer, and 52% feel it will be essential to financial forecasting.
Among the other benefits listed by eCommerce companies considering investing in AI were help with pricing strategies, marketing support, and customer services. 28% of companies also said they believed AI would assist them in getting more sales. Only 4% of respondents said they didn’t believe AI would help their company at all.
9. Alibaba reduced logistics errors by 40% with AI
According to a report from HBS, Alibaba, one of the biggest eCommerce marketplaces in the world, significantly reduced its logistics and delivery errors by introducing artificial intelligence. By implementing a smart logistics program, the company was able to reduce errors by 40%, saving hundreds of millions on common issues.
According to the report, the AI logistics solution is part of a much wider strategy by Alibaba to create a big-data and cloud-driven strategy for customer service, enhanced by artificial intelligence.
10. 54% of retailers say product recommendations are the key driver of higher average order values
One of the primary ways eCommerce companies are using AI tools in the modern world is to deliver personalized recommendations to customers based on user data.
According to Oracle, 49% of consumers say they have purchased a product based entirely on a recommendation. A further 54% of retailers say product recommendations are the key driver of higher average order values.
Oracle notes that an estimated 35% of purchases on Amazon, one of the world’s biggest eCommerce marketplaces, are powered by personalized order recommendations, enhanced by AI sales. What’s more, 75% of consumers say they are more likely to buy items when they receive personal recommendations.
11. 37% of shoppers that clicked on an AI-driven eCommerce recommendation on their first store visit returned at a later date
According to Invesp, personalized product recommendations on e-commerce stores increase the chances of a customer returning to a store at a later date. 37% of the shoppers surveyed for the study said they returned to a store after clicking on a recommendation during their first visit. This is compared to only 19% of shoppers who didn’t click on a recommendation.
Notably, when a recommendation was clicked on an eCommerce store, purchases generally had a 10% higher average order value and five times higher per-visit value. Shoppers who clicked on recommendations were also found to be 4.5 times more likely to add items to their shopping cart and complete a purchase.
AI Customer Service and Marketing in Ecommerce Statistics
12. It’s predicted AI will power up to 95% of all customer interactions by 2025
Building on insights into the autonomous customer service experience, Servion predicted that around 95% of all customer interactions will be handled by AI systems like chatbots and virtual assistants in the years to come. We could reach an environment where only 5% of online transactions are managed by humans by 2025.
13. 55% of eCommerce marketers use email marketing automation software
As of 2019, Spotler found that approximately 55% of eCommerce marketers were using email marketing automation software to connect with their target audience.
Automation is one of the more common tools in the AI world, responsible for intelligently using data to distribute information according to to set triggers and policy requirements.
14. 74% of consumers have used a voice assistant to research and purchase products
One of the major aspects of the artificial intelligence landscape influencing the future of eCommerce is voice-based AI. Natural language processing and understanding tools have led to an influx of customers using virtual assistants to buy and shop for products online.
According to Capgemini, around 74% of customers have already used a voice assistant to research and purchase products and services online. Many of these consumers have also used voice assistants for creating shopping lists and checking an eCommerce order status.
15. Online shoppers who use a voice assistant spend $136 per order on average
Companies investing in voice AI in the eCommerce world may experience higher revenues, according to a report from Coupon Follow. The survey found online shoppers who had used a voice assistant to help with their eCommerce purchase had spent around $136 more on average with each purchase than those who shopped by themselves.
AI Chatbots in Ecommerce Statistics
16. 1 in 5 consumers are comfortable buying products from a chatbot
According to Ubisend’s report on chatbot technology, 1 in 5 consumers is now comfortable purchasing an eCommerce product directly through a chatbot, without any human interaction. On average, these consumers spend up to £314.74 on their automated purchases.
Ubisend also found around 40% of consumers regularly use chatbots on eCommerce websites to search for deals, and 35% of consumers want to see more companies using bots.
17. 41.3% of consumers used chatbots for purchases in 2020
A study conducted by Drift into the rising use of chatbots and conversational AI on eCommerce websites found almost half of all customers now use these tools to make a purchase. 41.3% of consumers said they use eCommerce chatbots for purchasing, compared to only 17.1% in 2019.
Notably, 70.8% of consumers also said they use conversational bots on websites to assist with communication and problem resolution needs. A further 55.8% said they regularly rely on chatbots for inspiration on what to buy and access to content resources.
18. Online retail has the greatest customer acceptance rate for chatbots
As one of the most popular forms of artificial intelligence in the eCommerce space, chatbots have generated significant attention among growing companies. According to an infographic created by Invesp, chatbots can save companies up to 30% in customer support costs.
The report found the acceptance of artificial intelligence chatbots in the business world is highest among eCommerce or online retail consumers at 48%. In comparison, most other industries are lagging behind at around 25% for Telecoms and 20% for banking.
19. Transactions powered by chatbots will reach a value of $112 billion by 2023
A report by Juniper Research released in 2019 found that eCommerce and customer service companies are set to achieve the highest benefits from AI implementation by 2023.
According to the report, retailers taking advantage of eCommerce bots and AI tools can access a range of financial benefits, including more cross-selling and upselling opportunities.
On average, Juniper believes transactions on eCommerce websites managed by chatbots will reach a value of $112 billion by 2023.
In this article on AI in eCommerce Statistics, we have looked at how the industry is growing, what challenges remain, and where the future of AI-enabled shopping lies. Driven by consumer demand for convenient and personalized shopping experiences, merchants are increasingly turning to Artificial Intelligence (AI) to help them automate complex tasks and make sales.
While there are a number of challenges that still need to be addressed before AI Shopping can truly take off, the potential rewards are clear. By using cutting-edge technologies like machine learning and natural language processing, merchants can quickly and easily identify shoppers who frequently buy particular items, recommend similar products based on past buying patterns, and even automatically calculate shipping costs based on customer preferences.
With so many advantages to be gained from embracing AI, it is not surprising that merchant adoption rates are continuing to grow rapidly – making the future exciting for the eCommerce sector!
Hopefully, this article has helped you understand the impact AI has on eCommerce businesses and given you some ideas on how to use these technologies to your advantage.