5 emerging use cases of generative AI in commerce, according to Mastercard

– Generative AI has the potential to revolutionize multiple industries, as highlighted by Mastercard's Signals report.

– Mastercard emphasizes that technology like ChatGPT can have a profound impact on commerce, influencing knowledge distribution, HR and training, code writing, legal processes, cybersecurity, treasury management, marketing, customer interfaces, and service delivery.

– The adoption of AI by companies is increasing, with 50% of companies using AI for at least one application in 2022, compared to 20% in 2017.

– Mastercard predicts that generative AI will power numerous capabilities across business and consumer applications over the next two to three years.

five key emerging use cases of generative AI in commerce:

Enterprise: Generative AI can distribute company knowledge and insights across organizations in real-time, replacing traditional search engines with a prompt-based AI search engine.

five key emerging use cases of generative AI in commerce:

Finance: AI can simplify complex tasks in the finance industry, acting as a personal wealth manager and streamlining interactions with banks, insurance companies, and other financial institutions.

five key emerging use cases of generative AI in commerce:

Small Business: AI can help small businesses by performing tasks that entrepreneurs might not have the capacity for, such as creating marketing campaigns or building prototype apps.

five key emerging use cases of generative AI in commerce:

Retail: AI-powered personal shoppers can assist users in navigating overwhelming online shopping options, connecting them to relevant retail offers.

five key emerging use cases of generative AI in commerce:

Travel: AI can optimize the travel industry by acting as a travel agent, helping travelers make informed decisions and enhancing their trip-planning experiences.

– Companies like Shopify, Google, and Amazon are already working on AI-powered solutions, such as AI-assisted personal shoppers.

– Travel platforms are also exploring AI to enhance travel planning experiences for customers.

Mastercard's report suggests that generative AI's impact on commerce is substantial

– and businesses should explore these emerging use cases to stay competitive in the evolving landscape.