Time to market has never been more important to online retailers. The global eCommerce industry according to Precedence Research is projected to hit USD $57.22 trillion by 2032 from USD$ 14.14 trillion in 2022, growing at a CAGR of 15% during the forecast period 2023 to 2032. Asia Pacific contributed more than 57% of revenue share in 2022 and continues to dominate the global eCommerce market.
According to Forbes Research, the retail eCommerce segment will claim close to a quarter of the total retail sales by 2026. Increasingly merchants are turning to online platforms to set up a shop and get the benefits of digital retail.
Shopify, a Canadian founded company, has had the incredible fortune to be profiled as one of the top 10 eCommerce companies in the world, standing with Amazon, Alibaba, eBay, Etsy, Meta, Walmart, Target, etc .
However, 100% AI eCommerce centric companies are taking a major leap forward using more opensource, generative AI , and offering a 10X improvement on speed to market.
It typically takes two weeks to get up a Shopify store front on average, whilst new market entrant 10Web, after helping over a million creators build their websites using innovative AI approaches, have in just 10 minutes enabled their customers to build a fully functional online shop. The AI builder dramatically speeds up the website creation process. It generates layouts, designs, images, and texts from a simple prompt, making it much faster than traditional website-building methods.
10Web, a pioneer in the AI website builder space, has been revolutionizing web development since its launch in October 2020. With 26,000 paying customers and over 1.2 million websites created through the platform, 10Web leverages the transformative power of AI (Open AI and Midjourney), to automate the complex process of website creation.
The company uses AI to fully automate the creation, optimization, and management of online stores 10 times faster than leading market players. The development of an AI-powered eCommerce builder is providing emerging creators and entrepreneurs with more agile tools needed to stay competitive in the highly crowded digital marketplace.
10Web is not just about creating websites; it’s about providing a complete ecosystem where AI acts as a co-pilot, assisting in marketing, sales, support, and development. This open-source approach democratizes access to advanced technology, enabling anyone to have a top-tier website and a virtual team of AI assistants, thereby leveling the playing field in the digital world.
“The development of an AI-powered eCommerce builder provides emerging creators and entrepreneurs with tools needed to stay competitive in the highly crowded digital marketplace,” states Arto Minasyan, the founder of 10Web. It always bothered him to see so many innovative minds abandoning their ideas due to the financial barriers that come with building online stores, that comes from market leaders like Shopify.
AI Geru, Andrew Ng, founder of the AI fund, and one of the investors of 10web has said: Every website building platform uses AI to enhance their services, but in contrast, 10Web is built with an ‘AI-first approach’ to fully automate every aspect of website development.” The company also has investment from Sierra Ventures.
In summary, AI is the most transformational technology in human history and it is reshaping the landscape of online entrepreneurship. By integrating AI with the robustness of open-source platforms, 10Web offers an innovative next generation AI platform for entrepreneurs to build an online business.
With the AI revolution well underway with smarter tech, eCommerce companies like Shopify will want to acquire these companies earlier than later as the engineering talent designing and executing generative AI eCommerce platforms are bringing solutions 10x faster to their customer base.
This is definitely going to cause major disruptions as customers immediately see the value proposition. This is what disintermediation is all about.