The document says that GenAI is poised to elevate ecommerce innovation in a few ways, particularly in the areas of customer recommendations and product discovery. AI algorithms are used to analyze vast amounts of data to tailor product suggestions to individual tastes and browsing habits. This approach not only improves the shopping experience for customers but also increases conversion rates for online retailers.
How GenAI helps with product discovery:
The document says that GenAI helps with product discovery in a few ways. First, it allows customers to visualize products in their own space before purchasing them through augmented reality and virtual reality technologies. This can help reduce returns by giving customers a better sense of how the product will look in their environment. Second, GenAI enables seamless integration between social media and ecommerce, which can help customers discover new products through social media influencers.
Trends in ecommerce for 2024:
The document says that the following are trends in ecommerce for 2024: mobile commerce will dominate, sustainability and ethical consumption will be prominent, and AI-powered chatbots will play a key role in streamlining the customer experience.
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