"Meta joins an AI shopping assistant market that is expected to boom. Research and consulting firm Grand View Research projects the market to grow from $3.36 billion in 2024 to $28.54 billion by 2033 -- an annual rate of nearly 27%. North America currently controls 40% of the worldwide market."
"Say you ask the chatbot about the most popular cat toys. The AI will return a horizontal carousel of products, along with price, brand information, and websites where you can buy them. The AI tool will also offer a short explanation of why it is recommending each product."
"Vice President and Principal Analyst Sucharita Kodali of research firm Forrester said Meta's test looks like "a copycat move" and an attempt to get in on the AI shopping hype. "When you look at data that ChatGPT and Perplexity have shared, shopping use cases are still very limited, so I'm not sure there is a huge opportunity or need here.""
Meta is entering the AI shopping assistant market by testing a new feature within its chatbot to compete with OpenAI's ChatGPT and Google's Gemini. The global AI shopping assistant market is experiencing explosive growth, projected to expand from $3.36 billion in 2024 to $28.54 billion by 2033, with North America controlling 40% of the market. Meta's feature will display product carousels with pricing, brand information, and purchase links when users ask shopping-related questions. The tool provides explanations for product recommendations but requires users to visit external merchant sites for purchases. Initially, only select US-based Meta AI users will access this feature. However, analysts question whether Meta's offering provides meaningful advantages over existing solutions or Instagram's current capabilities.
Read at CNET
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