Shopify has expanded access to its artificial intelligence-powered tools, including the Sidekick assistant and image-generation features, to a broader user base. This move aims to enhance the appeal of its e-commerce platform and drive revenue growth.
At its biannual products event, the Canada-based company announced that customers can now use its editing tool on smartphones to enhance images for promotional materials, including emails. Previously, this feature was restricted to editing product images online.
Shopify also widened the availability of Sidekick, its chatbot that assists merchants with various queries, including insights on customer behavior. Sidekick had been in testing with over 2,000 users since last year.
The company has introduced over 150 updates designed to create a more integrated platform, enabling merchants to have a unified, seamless experience in scaling their businesses, according to Shopify President Harley Finkelstein.
Last month, Shopify announced plans to invest in marketing after forecasting its slowest quarterly revenue growth in two years. This announcement caused a significant drop in its stock value, hitting a six-month low and wiping off C$25.25 billion in market value.
Shopify experienced rapid growth during the pandemic as consumers shifted to online shopping. However, high inflation and uncertain consumer spending in recent years have affected its primary user base of small- and medium-sized businesses.
The company’s market capitalization has dropped by more than half since its peak in November 2021, now standing at C$112.67 billion ($82.22 billion). Despite this, some analysts view the recent downturn as a buying opportunity. J.P. Morgan analysts noted that Shopify’s significant investment in research and development keeps it at the cutting edge, with the company having penetrated only 11% of its total serviceable market worth $60 billion.
