Web 2 to Web 3: What Does a Generative AI eCommerce World Look Like?
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Graham Cooke, founder of The End Of Business As Usual, provides insights on the transformative impact of generative Artificial Intelligence in eCommerce from daily applications to long-term implications. Here are key insights from his conference at eCommerce Expo.
Key Insights
Historical Shifts in Consumer Power
Cooke began by tracing the evolution of consumer power over the last century. Manufacturing innovations led to oversupply, shifting power to consumers and forcing brands to adopt creative marketing strategies. The web and mobile revolutions further empowered consumers, with tech giants like Amazon and Google capitalising on these shifts.
Rapid Advancements in AI
The past year has seen remarkable advancements in AI, driven by large neural networks trained on vast text datasets. The pace of AI adoption is unprecedented, signalling a significant shift in the landscape of eCommerce.
Generative AI: A Pivotal Transition
Cooke highlighted that generative AI represents a crucial transition, predicting that customers will soon prefer AI-driven product discovery over traditional search engines like Google. This shift necessitates urgent adoption of AI technologies by businesses to stay competitive.
The Need for Immediate Adoption
To navigate the impending changes, Cooke recommends that companies urgently integrate AI into their operations. The next five years will be critical, as the eCommerce landscape is expected to undergo another major transformation.
Decentralised and Open-Source AI
Looking ahead, Cooke predicts the rise of decentralised, open-source AIs. In this future, consumers will share private data with personal AIs, which will anonymously signal their interests. This model promises enhanced personalisation and privacy for consumers.
Listen To The Full Session
Graham Cooke’s session underscored the transformative potential of generative AI in eCommerce, urging businesses to adopt these technologies to remain relevant in an ever-evolving market.
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