In this post, we introduce you to the Future Commerce Report on "Generative AI & Commerce." Here you'll learn how ecommerce companies are currently using AI, where untapped potential exists, and how the near future in this segment is likely to unfold. Use this knowledge to stay up-to-date and propel your business forward with AI.
In this blog post:
1) About the Future Commerce AI report 2023
Over the last nine months, the buzz around 'generative AI' has been growing rapidly. Whether it's individuals or businesses, the use of AI tools is on the rise. That's what we assumed, at least. So, we decided to dig deeper:
Which AI tools are actually being used in the workplace and for what?
How deeply has ecommerce, in particular, engaged with this?
Where do challenges, obstacles, and untapped potentials still exist?
And how are the changes shaped by AI even perceived?
To get answers to these questions, we supported Future Commerce in creating a report on "The State of GenAI x Commerce."
Future Commerce is an American research startup focused on helping retailers and ecommerce operators advance their strategic visions. This is achieved with a better understanding of the future of commerce and culture – especially essential in the field of artificial intelligence.
Our technology partners Bloomreach and Stripe were also involved in the project.
How was the study conducted?
Last July, Future Commerce conducted an online survey with over 300 U.S.-based companies. All participants are C-suite and decision-makers in the U.S. ecommerce space.
2) Key findings of the report
Here we present some of the essential findings of the report. For more in-depth information and additional results, you can read the full report.
Optimism over skepticism: The new attitude toward AI
Ecommerce professionals are growing more optimistic about the fast-paced advancements in AI technology. A significant 78% have actively engaged with GenAI over the past year, signaling a shift towards a more optimistic outlook and away from previous fears and doubts.
Efficiency in focus: How GenAI boosts productivity
GenAI is primarily seen as a means to increase operational efficiency and reduce workload. Three out of five respondents report measurable productivity gains through the use of generative artificial intelligence.
GenAI in the content area: A popular tool
The majority of respondents (61%) use GenAI for content creation. Blog posts, product descriptions, and document copywriting are at the forefront. ChatGPT stands out in particular: 64% of respondents have already used the application in a work context. Impressively, a full 97% said their expectations were met or even exceeded.
Looking to the future: Optimism and further education
Respondents are generally optimistic about their professional future. 56% feel motivated by GenAI in their teams, and some are even inspired to learn new skills. Additionally, 55% of survey participants believe that smart companies are actively training their teams in AI competency.
Conclusion: Untapped potential
Despite the positive outlook and wide range of applications, the full potential of Generative Artificial Intelligence remains untapped. Stefan Hamann from Shopware emphasizes this point and calls for action.
„AI is a car with 20 gears, but our findings show that most ecommerce retailers are only using one gear – and ultimately selling themselves short. In other words, the industry is only tapping into a small fraction of AI’s potential by using it solely for copy generation.“
– Stefan Hamann, Shopware Founder und Co-CEO
Do you feel that there is still room for improvement in terms of GenAI in your company? Then secure the full report to get further insights and recommendations.
3) Uncover the benefits of reading the complete report
🧠 Valuable knowledge: Understand the changing mindset toward GenAI, learn which AI tools besides ChatGPT are in use, and secure insights in many other areas.
💡 Actionable recommendations: In addition to the detailed results, receive a clear summary of the key facts and derived recommendations.
🔭 Future outlook: Whether budgets, policies, or new hires – learn the expectations for the future world of work in regard to AI.
