AI search pioneer Perplexity has introduced a new AI tool designed to enhance online shopping experiences for consumers, spotlighting Shopify (SHOP, Financial) once again after its robust third-quarter performance. Perplexity's new feature, "Buy with Pro," is available to Perplexity Pro subscription users in the U.S. It allows users to quickly access product information and market insights using AI, enabling seamless product viewing from specific merchants on Perplexity's platform.
As Perplexity plans to expand this AI shopping assistant beyond the U.S., this tool could potentially draw consumers away from competitors like Google and Amazon. However, the impact on Shopify might be distinct as it stands to benefit significantly due to its open e-commerce ecosystem, which aligns well with Perplexity's AI approach. Unlike Amazon, Shopify merchants' sites have fewer privacy restrictions and data extraction barriers, making them more suitable for Perplexity's AI shopping tools.
With the shopping frenzy of Black Friday and Cyber Monday on the horizon, consumer spending data indicates strong expenditure levels in North America and Europe. Shopify, a major e-commerce rival to Amazon, reported Q3 revenues of $2.16 billion, surpassing the expected $2.12 billion, marking its sixth consecutive quarter of over 25% growth (excluding logistics). Shopify's third-quarter Gross Merchandise Volume (GMV) reached $69.7 billion, a 24% year-on-year increase, exceeding analysts' expectations of $67.8 billion. The company forecasts a Q4 revenue growth of 25-29%, against analysts' expectations of around 23%.
The Canadian e-commerce leader is set to gain from Perplexity's new tool, which can facilitate product recommendations and enhance the shopping experience for consumers. Founded in 2022, Perplexity aims to revolutionize online search with its AI-powered methods, distancing itself from traditional search engines like Google.
