Generative AI can transform how different industries operate, including commerce. As a result, Mastercard released a Signals report on what commerce looks like in the age of generative AI, and here are some of the key insights.
Technology like ChatGPT can transform commerce in different areas, including knowledge distribution, HR and training, code writing, legal, cybersecurity, treasury, marketing, customer interfaces, and service delivery, according to Mastercard.
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For that reason, companies are adopting AI at higher rates than they had in the past, with 50% of companies reporting using AI for at least one application in 2022 compared to just 20% in 2017, according to the report.
"Over the next two to three years, generative AI will power hundreds of capabilities across business and consumer applications," said Mastercard.
Specifically, the company identified five emerging use cases where AI could be implemented to optimize different commerce sectors, including enterprise, finance, small business, retail, and travel.
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AI can help enterprises by distributing company knowledge and insights across organizations in real time, regardless of organization size.
The report suggests replacing traditional enterprise search engines, which can be overwhelming due to their vast resources, with a generative AI search engine. This would allow employees to find the exact answer with just one prompt.
The finance industry can benefit from AI by leveraging generative AI's quantitative abilities to simplify complex tasks such as wealth management.
Specifically, the report outlines how generative AI can streamline and declutter processes such as interacting with different banks, insurance companies, and other institutions by acting as a personal wealth manager.
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With the proper data protections, generative AI can be directly integrated into bank accounts, investment portfolios, and more to have an encompassing view of an individual's financial life and assist accordingly.
For small businesses, AI can help unlock new capabilities by doing tasks that entrepreneurs and small business owners wouldn't typically have the bandwidth for. These tasks range from creating a marketing campaign to helping build prototype apps.
One way AI can help retail is through the use of AI-powered personal shoppers. As the report highlights, there are so many online shopping options that it can sometimes become overwhelming for users.
An AI-powered personal shopping consultant would assist users with finding precisely what they need while connecting them to retail offers they may have otherwise missed.
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Shopify, Google, and Amazon are examples of companies already working on such integrations.
Lastly, AI could optimize the travel industry by acting as a travel agent and helping travelers make educated trip-planning decisions with ease. Travel platforms are already working on this type of experience for customers.