Agentic commerce: new frontiers

In recent months we have explored this issue through the lens of financial information services and professional services companies within Industrials. Here, we turn to a different but equally topical area of opportunity and disruption: agentic commerce.

„Consumers have a finite amount of money to spend, so realistically agentic commerce is not “free growth”. The more relevant debate is how spend will be redistributed across channels and business models."

Agentic commerce describes e-commerce activity that is initiated or shaped by an AI system (typically a large language model, or an “agent”) after a consumer interacts with it. We think this shift matters for investors because it changes how demand is expressed, how products are discovered, and potentially where economics accrue across the commerce stack (software, payments, logistics, advertising and marketplaces). The near-term reality is likely to be evolutionary rather than overnight disruption, but the direction of travel is clear: the interface through which consumers shop is becoming more conversational, more personalised, and increasingly capable of executing transactions.

From “search and click” to “ask and buy”
In broad terms, agentic commerce occurs when a consumer engages an AI interface to find, evaluate, and/or purchase a product or service. In practice, two distinct models are emerging:

Here you can find the complete article.

^{Risk Considerations
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