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By Gerelyn Terzo, Benzinga
E-commerce has been around for decades, with early movers Amazon (NASDAQ: AMZN) and eBay (NASDAQ: EBAY) still making their mark on the industry today. Over the years, the e-commerce landscape has ballooned, with the U.S. boasting nearly 14 million e-commerce platforms as of 2023. Predictions see the industry capturing 41% of global retail sales by 2027, compared with 18% in 2017, according to the Boston Consulting Group.
However, in order for that growth to become a reality, the industry must integrate greater efficiencies, especially in this age of generative artificial intelligence (AI) that has spread like wildfire, owing to the rise of ChatGPT. But over the last decade or so, the e-commerce industry has struggled to change with the times. As a result, e-commerce sites are finding would-be customers abandoning their online carts more often than not. In a blow to online retailers, roughly 70% of shoppers who go through the e-commerce process wind up dropping out of the checkout flow before completing the purchase.
Rezolve AI – Investor Presentation July 2024 from Rezolve on Vimeo.
While this may be due to a change of heart, or finding the product cheaper elsewhere, it often comes down to the customer suddenly questioning an important product feature like power outlet compatibility, the answer to which they simply couldn’t find online. Rather than risk having to return the item later, they leave the site and the sale is lost.
Generative AI, which powers chatbots like ChatGPT, has the potential to deliver the change that is needed to modernize the e-commerce industry and close more sales. However, as retailers grapple with AI development, they are often left paralyzed due to the massive amounts of investment in technology and talent that is required to bring their systems up to speed.
Fortunately, UK-based Rezolve AI (NASDAQ: RZLV) has emerged to service small and mid-size merchants, large e-commerce platforms, and large retailers and Payment Service Providers with AI-powered software-as-a-service (SaaS) solutions that can streamline the purchasing journey and address a costly problem that has plagued e-commerce for years.
The company’s financial model is designed to generate attractive software revenue and margins from business customers with a monthly fixed SaaS fee structured around three tiers and based on their respective search volumes.
Resolve intends to hit the ground running by scaling into the large geographic markets of North America and Europe, growth markets such as the Middle East, including a Memorandum-of-Understanding with the Kingdom of Saudi Arabia for an AI-Center of Excellence, as well as established and new industries organically and through distributors and partnerships. Today, the company has agreements with Adobe, ACI Worldwide, Handlerbund, and others.
Led by e-commerce and SaaS-veteran Dan Wagner, Rezolve AI has been around since 2016 and began trading on the Nasdaq on Aug. 11, 2024.
E-commerce Challenges
To further understand the disconnect between consumers and online retailers, it helps to envisage the traditional way of shopping. Upon visiting a men’s clothing store in search of a blue suit, a middle-aged customer explains their desire to the salesperson, including details on preferences like suit material, color, size, button placement, etc. In response, the sales representative brings back several options most closely fitting those criteria.
However, when reintroducing this scenario to the e-commerce world, the results are much broader. Upon entering “blue men’s suit” into the search bar, the shopper is bombarded with infinite possibilities, some of which involve low-waisted pants that are popular with the Gen Z crowd. By attempting to drill down the results by filtering, they run the risk of omitting certain features that would be useful had the shopper known they existed.
On the other end of the spectrum, let’s say an online shopper is in the market for a new mobile device. However, without knowing a megabyte from a gigabyte or a plasma screen from an OLED display, this customer may often be confused. Search results are presented by highlighting these very features, and without knowledge of them, chances are the customer won’t be able to make an informed decision.
As a result, the online shopper could end up spending hours researching the differences between the latest iPhone and Samsung devices just to learn what Rezolve’s Brain chatbot could have told them conversationally and much shorter time spent.
Rezolve’s Proprietary AI-Powered Brain Chatbot
Rezolve’s proprietary AI solution, dubbed Brain Commerce, is designed to improve the e-commerce experience. The software solution has been programmed with foundational models involving search, technology, taxonomies and data that can recognize and respond to everyday questions, like, ‘Which device do you recommend, the iPhone 14 or Samsung Galaxy S24?’ in real time.
Brain’s automated response recommends a product with supporting reasons for each choice. As a result, customers receive engagement similar to what they would find in a live setting. That’s because Brain knows almost everything about the products, as it has already consumed all of the information in the user manuals as well as customer reviews.
“Brain Commerce is the best salesman for digital channels and it’s a real step up on what we have today,” stated Rezolve’s Wagner, adding that it solves real problems for merchants and e-tailers, like people dropping out of a retailer’s checkout flow.
But that is not where the Brain solution ends. Brain Checkout, which is similarly powered by AI, supports fast and immediate checkout capabilities with a tap, making it convenient and seamless for customers to finish what they started. Brain Checkout also boasts watermark technology that can be embedded into images or audio, paving the way for customers to interact with ads that capture their attention from a mobile device, then enabling them to add grocery products to their cart or schedule a test drive for a BMW.
Rezolve AI Looks To Capitalize On Transition To AI 2.0
Generative AI-related stocks have had the winds in their sales this year; a momentum that is expected to continue. The AI 2.0 theme focuses on adopters. Industries such as customer service, health care, finance and logistics are poised for significant transformation through AI.
As a result, now is an advantageous time for merchants and companies associated with this proprietary technology to join the action and build their competitive advantage. That is precisely what Rezolve is pursuing under the leadership of Wagner, who has a history of bringing companies to both the Nasdaq and London Stock Exchange.
Rezolve’s public listing on the Nasdaq was the result of a business combination with Armada Acquisition Corp (NASDAQ: AACI), a special purpose acquisition company. Rezolve AI trades on the Nasdaq market under the ticker symbol RZLV.
Featured photo by Mohamed_hassan on Pixabay
Benzinga is a leading financial media and data provider, known for delivering accurate, timely, and actionable financial information to empower investors and traders.
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