Unlocking the Future of Commerce: The Rise of Agentic AI
Santander's Getnet is leading the charge in revolutionizing commerce through the implementation of agentic AI. Imagine a world where virtual assistants do the heavy lifting of shopping on your behalf—researching products, comparing prices, and even executing purchases without requiring your active involvement. This is the essence of agentic commerce, a trend that is transforming how businesses engage with consumers and reshaping traditional shopping dynamics.
What Is Agentic Commerce?
Agentic commerce allows an AI agent to act as the shopper's digital proxy, managing the entire purchasing journey autonomously. Instead of merely facilitating transactions, these intelligent agents understand user intent, preferences, and even constraints, making decisions—such as choosing between different brands or waiting for a price drop—based on pre-set guidelines. This shift isn’t just about convenience; it brings a myriad of implications for merchants, as they must adapt to a landscape where AI is capable of negotiating entirely on behalf of consumers.
How Are Merchants Adapting to Agentic Commerce?
While the rise of agentic commerce presents exciting opportunities, it also raises pressing concerns among merchants. For example, the traditional understanding of consumer behavior—collected through clicks, time spent on sites, and purchase history—is at risk of being disrupted. With an AI agent facilitating transactions, the connection between consumer intent and merchant strategy may weaken, leading to potential losses in customer loyalty and data insights.
Merchants are now challenged to reevaluate their business models and AI strategies, focusing on how to maintain customer engagement in this new age. According to Hersh Mansukhani, Global VP of Product at Fiserv, merchants need to ensure that systems remain intact for loyalty points, gift cards, and other tender preferences, or they risk losing a significant part of their customer retention toolkit.
Ensuring Continuity in Customer Relationships
As AI becomes the mediator of purchasing processes, there are additional concerns. Merchants fear a fractured relationship with their consumers as AI agents take center stage in the shopping journey. Without a proper strategic approach, the intimate connection that was historically built through direct interactions may dissolve. Merchants must advocate for continuity where, for instance, a shopping cart created by an AI agent seamlessly transitions to the traditional purchasing process.
Adopting a merchant-first approach in developing AI systems is essential. This means ensuring that rewards systems, customer identities, and transaction contexts are preserved even as AI-driven experiences transform shopping into a more automated initiative.Preparing for the Future: Practical Steps for Merchants
Even though we may not see fully agent-driven commerce implemented everywhere just yet, merchants can take proactive measures now. Cleaning up product data and structuring inventory to be easily discoverable by AI agents is a critical first step. Additionally, businesses should deeply understand internal systems of customer engagement and payment options, ensuring they are positioning themselves optimally as the industry shifts toward a more AI-centric model.
Partnership with adaptable AI solutions is another practical move. Merchants should look for partners that can offer an integrative experience, minimizing the need for multiple integrations while keeping them at the forefront of technological evolution.
Looking Ahead: Embracing Agentic AI
The trend toward agentic commerce is not just a fleeting notion; it signals a generational shift in how commerce operates. It’s about enhancing the purchasing experience while keeping merchants firmly in control of their relationships with customers. As consumers become more inclined to utilize AI for shopping, the focus must be on ensuring these new capabilities do not erode the trust and loyalty that underpin successful commercial relationships.
In summary, the pathway toward an agentic future requires that businesses embrace change while strategically maintaining the aspects of commerce that have proven successful in the past. By welcoming AI as a trusted partner in the purchasing journey, merchants can enhance not only the efficiency of shopping but also safeguard the elements that have led to successful sales and loyal customers.
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