The commerce industry has historically been one of the largest spenders on AI technology, according to the TCS Global Trends Study 2017.
Companies in commerce industry spent well over $500 million on research to develop and advance technology such as chatbots and virtual assistants. By integrating AI technology into their operations in 2017, businesses in the industry benefited from an average revenue increase of 17%, which was additionally matched by a 13% decrease in costs.
With 51% of industry experts believing that finance, customer service, sales, and marketing stand to benefit the most from AI integration. It is clear, that efficient direct user interaction will be a pivotal advancement.
The use of chatbots in the industry is guaranteed to increase revenue of businesses in the commerce industry and increase customer loyalty, as more of their needs are met in an efficient and timely manner.
If you would like to learn more about the use of AI and chatbots in industries, please read our guide on AI and chatbots.