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By Meg Flippin, Benzinga
Just like many other industries, the potential of AI is helping transform e-commerce. Technology is helping make static pages, slow customer service and cumbersome checkouts a thing of the past. Customers today want smart recommendations, real-time help and speedy checkout. AI has the potential to give retailers and small businesses that recognize these needs a competitive edge over those that don’t.
Conversational commerce – using messaging apps, chatbots, AI voice assistants and other technology to communicate with customers – is underpinning a new way of shopping. After all, by incorporating AI, speech recognition, natural language processing and machine learning, e-commerce merchants can offer a more personalized and engaging experience. Conversational commerce can boost sales, improve the user experience and provide support 24/7. Not surprisingly, the conversational commerce market is big and growing, projected to grow at a CAGR of 11% from now until 2028.
Rezolve At The Forefront
This more engaging approach to e-commerce is becoming a reality thanks to companies like Rezolve Ai (NASDAQ: RZLV), a U.K.-based AI-powered platform and mobile solution provider with its proprietary LLM serving e-commerce businesses. Rezolve Ai’s Brain enables online merchants to optimize their digital stores with a conversational AI-powered shopping interface and personalized product recommendations that get smarter each time a customer visits the website. The company’s real-time chatbots and Instant Checkout experience help e-commerce businesses close sales quickly in 95 languages.
Rezolve Ai’s platform, which consists of Brain commerce, Brain checkout and Brain Assistant, seems to be gaining traction in the marketplace, with the company inking collaborations and boosting its pipeline. At last check, Rezolve Ai said more than 100 client discussions are ongoing, with the company targeting top merchants within e-commerce and retail. All told, Rezolve Ai thinks there is a $480 billion to $500 billion addressable market for it to go after.
Momentum Building in Partnership Channel
Its deal-making has been on display in recent days and weeks, with the company most recently inking a deal with Creative Dock, the corporate venture builder and digital innovator that counts large financial service and consumer companies , and leading telcos across Europe and the Middle East as customers. Under the deal, Creative Dock will bring Rezolve’s AI to its commerce customers, giving Rezolve access to Creative Dock’s customers located in 52 countries – making this possibly its most significant deal yet. "As pioneers in AI for commerce, we are thrilled to join forces with Creative Dock to redefine how businesses engage with their customers," said Daniel M Wagner, CEO and Chairman of Rezolve Ai, when announcing the deal. "Together, we will empower companies to fuel growth, unlock new digital opportunities, and elevate the customer experience."
Rezolve Ai's "brainpowa" suite, including Brain Commerce, Brain Assistant and Brain Checkout, will be integrated with Creative Dock’s venture-building services to offer comprehensive AI-powered solutions for businesses of all sizes. Rezolve said the partnership represents a pivotal opportunity to drive digital innovation and transformation in the global commerce sector.
Another big deal is its partnership with ePages, a provider of e-commerce software to retailers in Europe. ePages tapped Rezolve Ai to enhance the e-commerce experience for its small and medium-sized business customers. As part of the agreement, Rezolve Ai will provide its cutting-edge products, including Brain Assistant and Brain Commerce, to ePages’ extensive network of merchants, while ePages will utilize its marketing and promotion channels, such as the ePages App Store, to sell Rezolve Ai’s products to its existing and future merchant base.
“This partnership represents a significant milestone in our mission to revolutionize the eCommerce industry,” said Daniel M. Wagner, CEO of Rezolve Ai, when announcing the collaboration in late August. “By combining ePages’ powerful eCommerce software with Rezolve’s cutting-edge AI technology, we are empowering businesses to provide personalized shopping experiences and real-time customer support. Together, we expect to redefine the way businesses engage with customers and drive sales.”
Rezolve also just struck an alliance with OXID, a provider of e-commerce solutions to more than 2,000 tier 1 and tier 2 retailers based in Germany, Austria and Switzerland. OXID's key focus in the partnership is to introduce Brain Commerce to its client base. By integrating Rezolve Ai's Brain Suite solution, OXID aims to enhance customer engagement, increase conversion rates and elevate the overall e-commerce experience for its clients, Rezolve said.
Making Inroads Into New Markets
Then there’s Rezolve’s deal with SPH AG, a leading IT and consulting company focused on the fashion, sports, lifestyle and retail sectors. SPH will deploy Rezolve’s proprietary AI technologies across its customer base. In addition to offering tech consulting, SPH provides comprehensive support for retail companies undergoing digital transformation. By integrating strategic advice and process optimization with the implementation of innovative technologies, SPH aims to distinguish itself from other ERP providers.
Rezolve intends to capitalize on that prowess. “We are thrilled to collaborate with SPH AG to bring our cutting-edge AI solutions to the fashion, sports, lifestyle and retail industries,” said Wagner. “Our partnership will enable companies to transform their operations and drive exponential growth in the digital age.”
All these partnerships showcase how Rezolve intends to grow the business, aiming to achieve annual recurring revenue of $100 million by the end of 2025. Rezolve says that growth will be fuelled by strategic partnerships and an expanding roster of enterprise clients.
eCommerce is going through a digital overhaul. Shoppers want a more engaging, personalized and convenient experience. Rezolve says its AI-powered e-commerce platform provides that. With growth on its mind, customers in the pipeline and partnerships in the works, Rezolve is proving that true.
Featured photo by Shoper on Unsplash.
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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