Essential stats you need to know about Deep Learning in eCommerce

Globally, eCommerce is currently in the midst of an incredible boom. In 2019 the industry was already valued at USD 9.09 trillion [1] but it is expected to grow exponentially until 2027.

With the industry proving to still be in its growth phase, it should come as no surprise that billions of enterprises are looking to eCommerce to grow their revenue and meet market demands.

But, just because an industry seems to be doing well from the outside, it doesn’t mean that it’s going to be lucrative for every player in the market. In order to succeed in the eCommerce game, you need to stand out and offer your customers something they can’t find elsewhere.

If you’re serious about taking your eCommerce business to the next level, there are a range of platforms and tools that you can leverage. One critical technology that you can use to your advantage is deep learning (DL). Keep on reading to find out more about DL & AI in eCommerce statistics.

1. The number of businesses using AI in some form has increased by 270%

Digital commerce is expanding at a rapid pace, as well as the technology that helps online businesses get the most out of their products, services, and customers.

It was already predicted that at least 60% of organisations would be using AI for digital commerce by 2020, which would follow the 270% increase seen in the previous four years. AI systems, like audience engines, have now enabled businesses across the globe to address new challenges, create personalised experiences for their customers, and maximise profits.

2. 56.5% of marketers use machine learning, deep learning, and AI for content personalization

According to a CMO survey, over half of marketers have already started to implement AI and deep learning into their strategies. In fact, 61% of marketers also said that they believed AI to be one of the most critical aspects of their data strategy.

To market your online products effectively, you need to be able to provide a superior customer experience, otherwise, there won’t be an incentive for someone to make a purchase or return to your business. Through AI, companies have been able to create highly personalised content for customers and use first-party data to create a seamless journey at every stage.

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3. 64% of business owners expect AI to positively benefit their customer relationships

The vast majority of business owners believe that AI will benefit their business- with the advantages being felt in a number of areas. According to research conducted by Forbes, more than 6 in 10 businesses expect to see AI positively improving their relationships with customers while also helping to boost productivity and grow their sales figures. 59% also expect AI will help them to make cost savings while others cite improved response times and more efficient processes amongst their additional expectations.

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4. The market revenue of machine learning is expected to increase to USD 216.6 billion by 2025

Machine learning is an important tool that eCommerce companies can use to boost conversions and provide customers with relevant, personalised product recommendations.

In 2019, the market revenue that was generated by these tools was around USD 18.4 million and is expected to reach a staggering USD 216.6 billion by the end of 2025 – a huge increase in just 6 years. This is an increase that is mirrored by retail eCommerce sales in general too, which grew by 27.6% to $4,280 trillion in revenue [5].

5.  79% of eCommerce business owners said that integrating AI into marketing and sales has helped generate more revenue

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Sales and revenue are the most important things for any business, no matter what industry you operate in – without it, it will be impossible to keep your business afloat. In a study from McKinsey, not only did they find that 79% of eCommerce businesses have noted increased profits when using AI, but that it is responsible for generating as much as 20% in additional revenue.
AI is a powerful tool that, when used correctly, can have an exceptional impact on your revenue. At QUIN AI, we have helped many businesses succeed using our audience engine, which you can read more about in our case studies.

6.  41% of executives say that using AI has reduced their business costs

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AI has the power to speed up operations, which often results in a large reduction in business costs. AI is able to process data at a much faster speed than humans – thousands of sessions in a matter of milliseconds.
Once your audience engine has collected this information, they can instantly turn it into actions that personalise your customers’ experience in real time.
Thanks to these cost savings throughout the sales process, it’s expected that 30% of all B2B companies have used some sort of AI to streamline their sales processes since 2020 [8].

7.  91.5% of leading businesses are already committed to investing in AI

According to a Refinitiv report [10], North America is currently in the lead when it comes to machine learning adoption with 80% of companies already investing in the technology, followed by Asia (37%) and Europe (29%).

The bottom line

Ready to unlock the power of deep learning in your eCommerce business? Discover how incorporating AI-driven solutions can boost your conversion rates, improve customer experiences, and streamline operations. Take advantage of the competitive edge deep learning offers with a free trial of QUIN AI today.

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Sources:

[1] https://www.gartner.com/en/documents/3897266/2019-cio-survey-cios-have-awoken-to-the-importance-of-ai

[2] https://www.gartner.com/en/newsroom/press-releases/2019-01-21-gartner-survey-shows-37-percent-of-organizations-have

[3] https://www2.deloitte.com/content/dam/Deloitte/us/Documents/CMO/us-the-cmo-survey-fall-2019.pdf

[4]https://www.analyticsinsight.net/analytics-insight-predicts-digital-transformation-technologies-will-grow-up-to-us252-billion-by-2025/

[5] https://www.emarketer.com/content/global-ecommerce-update-2021

[6] https://www.mckinsey.com/business-functions/mckinsey-analytics/our-insights/global-survey-the-state-of-ai-in-2020#

[7] https://www.quinengine.com/post/what-is-an-audience-engine

[8] https://www.gartner.com/smarterwithgartner/deploy-ai-in-b2b-sales

[9] https://www.businesswire.com/news/home/20200106005280/en/NewVantage-Partners-Releases-2020-Big-Data-and-AI-Executive-Survey

[10] https://www.refinitiv.com/en/resources/special-report/refinitiv-2019-artificial-intelligence-machine-learning-global-study