Online retailers would be foolish to not consider the potential benefits of integrating AI into their operations.
AI is already providing merchants with the means to drive increased efficiencies, streamline operations and, ultimately, boost productivity and revenue.
PayPal is already well accustomed to revolutionising the e-commerce sector and looks intent on doing so again with a host of new innovations aimed at driving personalisation for both businesses and consumers.
“PayPal is on a mission to revolutionise commerce globally, and today we are starting the next chapter,” said Alex Chriss, the fintech giant’s President and CEO.
“With nearly 400 million consumer accounts and 35 million merchant accounts, PayPal handles transactions for about a quarter of the world’s e-commerce transactions each year. But, more importantly, shoppers trust PayPal to power their payments.”
PayPal remains at forefront of innovation
PayPal has unveiled no fewer than six innovations that the company is piloting and bringing to market this year with a view to revolutionising the industry through AI.
They are as follows:
- A completely new PayPal checkout experience that radically speeds up checkout for consumers and helps merchants convert transactions like never before
- Fastlane by PayPal, a dramatically faster and smarter guest checkout experience
- Smart Receipts, giving customers AI-personalised recommendations from merchants to keep them coming back
- The PayPal advanced offers platform, allowing merchants to provide relevant, personalised, real-time offers to consumers and drive more sales
- A reinvented PayPal consumer app giving shoppers new ways to earn cashback and more reasons to use PayPal
- Venmo’s enhanced business profiles, so small businesses can find and engage new customers, and grow their businesses
Supporting merchants and consumers
With digital commerce expected to exceed US$6 trillion in 2024, merchants are seeking new and advanced ways to speed consumers through checkout in a seamless way that reduces lost sales.
At the other end of the spectrum, consumers are continuously looking to stretch their budgets and get as much value while shopping as possible.
PayPal’s global scale and extensive data set, combined with the power of AI, is set to deliver the next generation of value for all parties.
“PayPal is introducing six new innovations that will not only solve real customer pain points, but we believe will change the world of payments and commerce,” adds Chriss.
“From new solutions for merchants to speed up checkout and personalise offers, to a new consumer app that will give our loyal customers more reasons to shop with PayPal, plus the next generation of Venmo designed to be the growth platform for local small businesses, PayPal has always brought the future of money to our consumers and merchants – and today marks the next revolution.”
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