Agentic AI could have a significant impact on shoppers' online behavior, Jefferies said in a recent equity research note.

Recent reports point to AI agents moving to transaction-level adoption where they carry out multi-step purchases with limited human intervention, Jefferies said.

Agentic commerce refers to shopping enabled by AI agents that act independently on behalf of consumers, the equity research firm said.

An example is Walmart's integration of ChatGPT instant checkout, which has seen rising usage, according to Jefferies US analysts Corey Tarlowe and Jonathan Matuszewski.

The resulting seamless checkout has positively impacted consumer consideration, with long-term gains in terms of loyalty and margins, the research firm said.

In India, brands such as Zomato (Eternal), Swiggy, Zepto, and BigBasket are on early stage adoption of agentic commerce.

Risks associated with agents AI include weaker consumer loyalty leading to platform commoditization as well as structural pressure on advertising, a main revenue driver, as users move away from browsing and discovery.