Future Commerce, in collaboration with Shopware, Bloomreach and Stripe, unveils “The State of GenAI x Commerce” report revealing that while the ecommerce industry has largely embraced AI, most are relying on it for copy generation
New York, Sept. 19, 2023 — Future Commerce, the media company focused on helping retailers understand the intersection of commerce and culture, today launched their comprehensive report exploring how the ecommerce industry is utilizing AI, and identifying opportunities by which retailers can use AI more expansively and effectively.
Created in conjunction with global open-source ecommerce platform Shopware, AI ecommerce experience platform Bloomreach and Stripe, “The State of GenAI x Commerce” report serves as a benchmark for attitudes and behaviors toward generative AI at this particular moment in time.
“If the modern shopping journey is a puzzle, Generative AI is the missing piece that brings a full image to life,” said Phillip Jackson, CEO and Co-Founder of Future Commerce. “Commerce isn’t just about buying and selling — it’s a leading indicator of where culture is headed. This report serves as a wake-up call for the ecommerce world, providing clear facts about the ‘why’ behind the industry’s adoption of AI thus far, and proving that it’s becoming central to the employee experience. Businesses need to embrace this change — not merely be a part of the evolving culture, but lead it.”
Polling 300 C-suite executives and decision makers in the U.S. ecommerce space, the report reveals that:
- The ecommerce industry is an early adopter of AI, with 91% of respondents using AI in some capacity for work.
- Three in five respondents have experienced a “measurable” increase in productivity because they’ve proactively leveraged AI solutions.
- Nearly the same (65%) stated they plan to increase their budget around AI for 2024.
- Four-in-five are pleased with the outputs AI is helping them deliver.
However, findings also suggest that the majority of current use cases (61%) are centered on written content creation, such as drafting blog posts, iterating campaign taglines and even crafting internal memos. That might be shortsighted in the long run, the report suggests, as AI capabilities go far beyond copy and content.
“AI is a car with 20 gears, but our findings show that most ecommerce retailers are only using one gear, ultimately selling themselves short,” said Stefan Hamann, Co-Founder and Co-CEO of Shopware. “In other words, the industry is only tapping into a small fraction of AI’s potential by using it solely for copy generation.”
“Generative AI has unlocked limitless new possibilities for ecommerce,” said Raj De Datta, CEO and co-founder of Bloomreach. “As significant as its productivity use cases may be, it’s time to think bigger, to get curious about what this means for the entire online shopping experience. AI is already changing how customers shop. Retailers may face risks in embracing this technology, but they’ll face bigger risks if they don’t.”
The ecommerce space is rapidly growing and evolving with new advancements happening all the time. As AI continues to be at the forefront of everyone’s mind, this report serves as a current benchmark and a glimpse into what the future may look like for AI in ecommerce.
To access the full report, head to: futurecommerce.com/fc-insights/genai-and-commerce.
About Future Commerce
Future Commerce is a media company at the intersection of culture and commerce, helping retail professionals shape the evolution of omni-channel commerce. Dedicated to the discovery of and discourse around ideas that shape the eCommerce ecosystem, Future Commerce delivers reporting and strategic analysis in the form of original podcasts, newsletters and custom research exploring the impact of commerce innovation on the world around us. The Future Commerce perspective is trusted by over 35K retail decision-makers and curious consumers on a monthly basis. Learn more at http://www.futurecommerce.com
Shopware, founded in Schöppingen in 2000, offers a holistic omnichannel digital commerce platform for sophisticated mid-market and lower enterprise merchants, with high flexibility and various options for B2C, D2C, B2B, as well as service-based use cases. Shopware is well-positioned and one of the market leaders in its segment, especially in the DACH region, with a fast-growing business in North America.
The solution is headless, API-first, and uses an open source architecture, allowing merchants to individually customize and scale the product offering, creating a strong customer experience. Furthermore, Shopware relies on a global network of 1,600 sales, technology and solution partners, securing a stable ecosystem. Shopware merchants currently process a combined GMV of more than 20 billion USD across the global Shopware platform.
Bloomreach personalizes the e-commerce experience. Its data engine unifies real-time customer and product data so businesses understand what customers really want. By connecting that understanding to every channel, the ecommerce experience becomes limitless, reflecting a changing customer as they shop. Amplified by the speed and scale of Loomi, Bloomreach’s AI for e-commerce, this creates endless new paths to purchase, greater profitability, and fast business growth. Bloomreach products include: Engagement, a marketing automation platform; Discovery, an ecommerce search solution; Content, a headless CMS; and Clarity, AI-powered conversational shopping. The company has multiple AI patents and serves 850+ global brands including: Albertsons, Bosch, Puma and Marks & Spencer.