Research from global management consulting firm Bain & Company forecasts that agentic AI is poised to reshape retail and may take a sizable chunk of the ecommerce market by 2030. Many people are already using AI for purchases, but some still remain hesitant.
But according to the analysis, brands and retailers need to be aware that AI will soon touch most online shopping transactions in some capacity, and these companies should determine their agentic strategy today.
Bain & Company Analysis Forecasts Major Agentic AI Growth
According to the company’s analysis, Bain & Company forecasts that AI agents could be responsible for as much as 15 to 25% of total US ecommerce sales by 2030. It also projects that the US agentic commerce market size may reach anywhere from $300 billion to $500 billion by 2030.
The company defines agentic commerce as any purchase that that initiated, completed, or influenced by third-party AI agents.
Shifts in Consumer Behavior May Drive the Growth
The company believes that a shift in consumer behavior will likely drive this growth. While it’ll take a major shift to reach the amount the company forecasts, many people already use AI for shopping, so it isn’t a far reach to expect adoption to continue to grow.
In fact, Bain says that 30-45% of US consumers are already using generative AI to compare and research products. However, some people certainly remain hesitant and won’t trust AI to handle an entire purchase.
But just like hopping into a stranger’s car for a ride was once a crazy idea, but is now widely accepted due to the popularity of ride-sharing apps, Bain believes that AI buying items for you (from start to finish) is closer to being normal than most people realize.
It also believes that adoption may vary not only by category, but also by retailer, and will depend on the intent of the shopper, as well. Those frequently making quick, small, and easy purchases will likely flip to AI sooner than those looking for places to travel or making more considered purchases like a new car or expensive piece of technology.
Boosting Your Agentic Commerce Strategy
Whether AI plays as large a role as Bain thinks, or a considerably smaller one, it’ll touch many online shopping transactions in some way going forward. As a result, ecommerce brands need to determine their agentic commerce strategy sooner rather than later, so they’re prepared for this potential growth and not stuck lagging behind the competition.
Some tips to improve your agentic commerce strategy as an ecommerce brand include:
- Ensuring your product data and descriptions are clear and machine-readable, with plenty of detail.
- Optimizing all of your site content by simplifying language and providing concise answers or assistance for common customer questions.
- Ensure your inventory and pricing are updated frequently.
- Have straightforward and easily accessible shipping/return policies and pricing for quick and seamless transactions that don’t get held up due to confusion.
While it remains to be seen just how large a role AI will have in ecommerce, I could certainly see agentic AI continuing to rise and eventually playing a role in a huge chunk of online purchases.
Sure, some people will likely remain against it, but it’s hard to ignore the convenience and time savings that it provides, whether you’re just comparing products, looking for deals, or making purchases. As a result, ecommerce brands need to be prepared for AI and keep it in mind when making any changes or adjustments to policies, pricing, product data, and more.
