Shopify is making its AI-powered tools, including the Sidekick assistant and image generation feature, available to a wider range of users. The aim is to increase the attractiveness of its e-commerce platform and drive revenue growth. Customers can now use the image editing tool on their smartphones to enhance images used in promotional materials, including emails. This feature was previously limited to editing product images online only.
Shopify has also expanded access to Sidekick, its chatbot that helps merchants with questions, including insights on customer behavior, which has been in testing since last year with more than 2,000 users. The company has rolled out more than 150 updates that are designed to create an integrated platform allowing merchants to experience a unified and seamless process as they grow their business, Shopify President Harley Finkelstein said.
Its market capitalization has fallen by more than half from its peak in November 2021 to the current 112.67 billion Canadian dollars (US$82.22 billion). However, some analysts see the recent weakness as a buying opportunity. "Shopify's investment in research and development far outpaces the competition, which has resulted in an unparalleled amount of features and capabilities that keep the company at the forefront of development," J.P. analysts said. Morgan, adding that the company has only covered 11% of its total available market so far.