AI revolution: Saving you thousands this shopping month

The global e-commerce market is expected to exceed $6.3 trillion in 2024, with more than two billion online shoppers. During the shopping month alone, sales are projected to increase between 10.3% and 12.8%, reaching $278 to $284 billion. “We are on the verge of a revolution in online shopping,” says Yotam Lin, CTO of Commerce at Elad Digital. “AI is making the shopping experience not only more efficient but also smarter and unprecedentedly personalized.”

Smart Shopping: What Will We Really Buy This Year?

The data speaks for itself: According to a study by McKinsey & Company, 78% of customers report that personalized content increases the likelihood of them making repeat purchases from the same brand. “During the sales period, when consumers are overwhelmed with offers, the ability to present exactly what the customer is looking for is critical,” Lin explains. “AI analyzes browsing and purchase history, identifying patterns that allow us to offer more accurate recommendations than ever before.”

“Imagine you’re planning a family Hanukkah party,” Lin explains. “Instead of searching separately for donuts, candles, and decorations, just type ‘Hanukkah party supplies for 15 people including kids.’ The smart search engine will create a personalized shopping list for you, including relevant deals.” This is one example of how AI technology overcomes a major issue on e-commerce sites: Precise and efficient product search.

Yotam Lin (credit: Roei Shor)

In addition, in an era of sales and discounts, price is not just a number – it’s a strategy. AI systems analyze competitor prices, demand patterns, and product inventory in real time to determine the optimal price. “It’s not just about lowering prices,” Lin explains. “It’s about offering the right price to the right buyer at the right time.”

Customer Service in the New Era

During the busy shopping months, smart chatbots are the first line of customer service. Unlike the past, they are no longer limited to simple responses. Chatbots can identify the context of the conversation, understand nuances in natural language, and provide personalized responses. They can track orders, handle returns, and even offer alternative product recommendations.

“What the customer doesn’t see is sometimes just as important as what they do see. AI systems predict purchasing patterns, optimize inventory management, and plan optimal delivery routes. During the holiday season, when demand peaks, the ability to predict and prepare in advance is the difference between success and failure,” Lin concludes.

All these changes lead to a true revolution in the world of online shopping. Technology is not only streamlining processes – it’s fundamentally changing the shopping experience. And we are just at the beginning. AI will continue to evolve, making the shopping experience increasingly intuitive and personalized.