Description
Countries Covered: US, UK, Germany, China
Pages: 68
Publication Date: 25.07.2024
Questions Covered in this Report:
- How does AI contribute to the improvement of customer experience in B2C E-Commerce?
- What percentage of global shopper’s desire AI assistance in product research and information gathering?
- What are the latest innovations in AI applications for fraud prevention in online payments?
- What percentage of retail decision-makers in the U.S. feel prepared to implement generative AI technology in 2024?
- How do consumer privacy concerns affect the adoption of AI in E-Commerce?
Key Findings:
The Impact and Future Growth of AI in Online Payment Systems
The global value of AI in payments is expected to surpass EUR 55 billion by 2031, up from under EUR 8 billion in 2023. Artificial intelligence is revolutionizing the online payments sector by enhancing security and preventing fraud. Companies are leveraging AI-powered solutions to monitor transactions in real-time, detecting and preventing fraudulent activities. These technologies make online payments safer and more reliable, thereby gaining the trust of consumers and businesses alike.
AI Integration Enhancing Personalized Customer Experiences in B2C E-Commerce
AI transforms B2C e-commerce with personalized shopping experiences and dynamic pricing. It enables retailers to tailor offers based on consumer data, boosting loyalty and sales. AI-driven chatbots provide 24/7 support, and virtual human technologies during livestreams further cut costs and improve efficiency.
AI in Embedded Finance
AI integrates financial services with non-financial platforms, offering tailored products like loans and installment plans. It enhances underwriting, risk assessments, and fraud detection, ensuring secure transactions and fostering trust.
Ethical and Regulatory Challenges of AI Integration in Online Payments and B2C E-Commerce
While AI offers numerous benefits, its integration into B2C e-commerce and online payments presents challenges. Issues such as data privacy, algorithm bias, and regulatory compliance need to be addressed to ensure ethical AI deployment. AI systems require vast amounts of data, raising concerns about data collection, storage, and usage. Compliance with data protection regulations like GDPR is crucial for maintaining customer trust. Financial institutions and B2C E-Commerce platforms must navigate a complex regulatory landscape to ensure their AI systems comply with current laws. Continuous system upgrades and employee retraining are necessary to keep up with AI development, making integration into existing systems complex and costly.
