Visa has unveiled plans to develop artificial intelligence (AI) shoppers that can make purchases on behalf of users, with the ambitious goal of making them as trusted as human ones.
This isn’t just about adding a layer of convenience to online shopping – it’s about fundamentally changing how we interact with digital commerce. Visa’s vision for “agentic commerce” envisions AI-powered digital assistants that can browse, compare, and purchase products on our behalf, with the same level of trust and responsibility as a human shopper.
What is Agentic Commerce?
Michele Herron, Visa’s group executive of innovation and strategic partnerships, has described agentic commerce as “a new paradigm” in digital commerce, one where AI shoppers can navigate complex online marketplaces, identify and select products, and even negotiate prices – all on our behalf.
A New Frontier in AI-Powered Shopping
But how does this work in practice? According to Visa, agentic commerce will be powered by advanced natural language processing (NLP) and machine learning algorithms that can interpret our shopping preferences, behaviors, and budgets. These AI shoppers will be able to browse multiple websites, compare prices, and even adjust our purchases based on our personal preferences and values.
What this means: Imagine being able to assign a virtual shopping assistant to manage your online shopping, freeing up time for more important things. With agentic commerce, you could even set parameters for your AI shopper to ensure that it only purchases products that meet your values or budget.
The Future of Digital Commerce
The implications of agentic commerce are vast and far-reaching. By automating the shopping process, Visa believes that agentic commerce can greatly increase shopping efficiency, reduce cognitive overload, and even improve consumer satisfaction. But it also raises important questions about trust, accountability, and the future of human-commerce interactions.
As the AI shopper market continues to evolve, one thing is clear: the future of digital commerce will be shaped by the intersection of human and machine – and Visa is leading the charge.
