Jan. 5 at 11:02 AM
$AMZN – Evercore Reiterates Outperform | PT
$335
Rufus AI Impact: Amazon’s AI shopping assistant (Rufus) drove +
$10B GMV in 2025 across 250M users. Customers using Rufus were 60% more likely to complete a purchase.
Agentic Commerce Potential: Full rollout of features like AutoBuy, Predictive Bundling, and personalized recommendations could materially expand TAM, similar to the mobile internet revolution in online retail.
Revenue Upside: Estimated boost of
$56B retail GMV (4.4%) by 2028. AI-guided shopping increases ad efficiency, potentially adding
$4B ad revenue (3%) by 2028.
Operating Income Impact: Total operating income could rise
$6.8B (4.6%) by 2028 from Agentic adoption.
Takeaway: Agentic Commerce strengthens both retail and ad revenue streams, countering concerns of cannibalization and creating a long-term ROAI lever.
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