“PayPal is on a mission to revolutionize commerce globally, and today we begin the next chapter,” said Alex Chris, CEO of PayPal. “With nearly 400 million consumer accounts and 35 million merchant accounts, PayPal handles about a quarter of the world’s e-commerce transactions each year, but more importantly, shoppers trust PayPal to make their payments. »
AI is driving innovation in digital commerce
With digital commerce expected to surpass US$6 trillion in 2024, merchants need new, advanced ways to speed up consumer checkout processes, seamlessly and reduce lost sales. Additionally, consumers are continually looking to optimize their budget and get the most value possible from their purchases. PayPal’s global scale and vast data set, combined with the power of AI, will deliver the next generation of value to consumers and merchants.
Here we highlight how PayPal plans to use AI to change the online shopping experience.
Using AI “Smart Receipts” to Provide Personalized Recommendations
When consumers shop with PayPal, they receive a receipt that not only allows them to track their purchase, but also leverages AI to predict what they might want to buy next from that merchant. As a result, merchants will now be able to include a personalized recommendation as well as a cash back offer on the receipt.
Given that nearly 45% of PayPal customers worldwide open their email receipts daily, this could mean that tens of millions of merchants and hundreds of millions of consumers will see timely, hyper-relevant recommendations and rewards in these received. This increases opportunities for merchants to reconnect with their customers, increasing the likelihood of repeat purchases and business growth.
PayPal also leverages AI-driven suggestions based on buyer behavior data, combined with the scale of what PayPal can see across the web. With personalized AI, PayPal gives merchants of any size the power to become one of the largest retailers in the world.
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