Artificial Intelligence Is Coming For Your Living Room: Here's The Public Company Leading The Charge

Use cases for artificial intelligence have risen in 2023 and the potential monetization efforts have led to rising valuation for stocks that could be seen as beneficiaries from the rise of the technology.

Here’s a look at how one leading e-commerce company is using artificial intelligence.

What Happened: Home goods e-commerce retailer Wayfair Inc (NYSE: W) announced the launch of a new generative artificial intelligence platform, which comes two months after reporting first quarter financial results.

Decorify is called a “virtual room styler powered by generative AI” by the company.

Wayfair said the pilot application will create images that are shoppable and photorealistic using generative AI. The photos will help consumers see how their home would look with particular Wayfair products.

“Anything we develop or deploy for our customers, including GenAI, must support our mission to help everyone, anywhere create their feeling of home,” Wayfair Chief Technology Officer Fiona Tan said.

Wayfair users can upload an image of their room and pick out different styles to see what the room would look like.

Decorify is available on mobile or desktop and comes with unlimited photo uploads.

Related Link: Who Wins As Bed Bath And Beyond Loses? Competitors Waiting In The Wings 

Why It’s Important: Wayfair said the new tool could show off its products and decorating options, potentially leading to more purchases.

“Viewing generative AI through this pragmatic lens enables us to prioritize where and when we deploy development resources and ensure applications like Decorify delight our customers,” Tan said.

The Verge shared that Wayfair isn’t the only company using artificial intelligence in the home decorating sector, but might be one of a few that are not charging for the technology.

With Wayfair using the tool to directly link to its website and products, it could lead to an increase in sales.

Wayfair will report second quarter financial results on Aug. 3 and could provide more color on the product.

W Price Action: Wayfair shares closed Tuesday down 0.95% to $68.72 versus a 52-week trading range of $28.11 to $76.35. Shares of the e-commerce company are up 110% year-to-date in 2023.

Read Next: Analyst Expectations For Wayfair's Future 

Photo: Wayfair