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AI Search, measured to the cart

AI Search is getting budget. Visibility gets measured. The path to the sale doesn't.

Aqxle follows AI recommendations to the cart and shows where the sale leaks.

Independent measurement of the AI-to-cart path. Every route observed, not modeled.

Prior work for
UnileverLenovo
Backed by ERA NYC accelerator
The Commerce Graph / The leak, measured

AI recommends your brand. But can shoppers actually buy it?

The Commerce Graph maps the route from an AI recommendation, through publishers, affiliate links, retailers, marketplaces, sellers and carts. At each hop, attribution, demand, control or revenue can leak. We measure where.

The mention-to-buy gap

Per 100 times ChatGPT names a beauty brand, only 46 send shoppers somewhere they can buy it.

46
send shoppers somewhere they can buy
54
send shoppers nowhere they can buy

168 non-branded U.S. beauty prompts × 5 captures, 19–24 Sep 2026. Per-run average. Observed, not modeled.

Fig. 2 / The trail, resolved
  1. 01
    AI prompt

    A shopper asks ChatGPT what to buy.

    Sample
    168

    non-branded beauty prompts, 5 captures each.

    cites
  2. 02
    Publisher article

    ChatGPT cites a publisher’s article.

    Signal intact
    ~100%

    of links in the AI answer carry an AI source tag (4,082 of 4,084).

    lists
  3. 03
    Shopping links

    The article links out to retailers.

    Leak
    75%

    of shopping links on the cited publisher page are rerouted through an affiliate network.

    followed
  4. 04
    Every redirect

    Followed by script, redirect by redirect.

    Leak
    7 in 10

    shopping links credit the publisher, not the AI.

    lands on
  5. 05
    Landing page

    The retailer page where the shopper lands.

    Leak
    ~3%

    still show an AI origin. Sephora, Ulta and Nordstrom: 0%.

    checked
  6. 06
    Buyable?

    Whether the product can actually be bought.

    Leak
    39%

    of Amazon links with a seller result go to a reseller or a listing no one can buy from.

Prestige vs. mass
38% vs 23%

On Amazon, prestige leaks more than mass.

Every link ChatGPT cited, followed to the page where the shopper lands. ChatGPT tags nearly every link it sends. By the time the shopper reaches the retailer, almost none of that signal survives.

Source: Aqxle, AI Commerce Leakage Index, Beauty, Edition One (September 2026). ChatGPT, U.S., 19–24 Sep 2026. Links followed by script to the final page; no live clicks or purchases. Link shares are observed; nothing here is a revenue estimate. Each figure is measured at its own hop, on its own set of links, so this is not a funnel.

Bharad Ramesh, founder of Aqxle
“In AI Commerce, the money doesn't go to whoever the AI recommends. It goes to whoever controls the route from answer to checkout.”
The founder

Bharad Ramesh

Proving that media works has been the through-line of my career.

For 25 years I have measured the commercial impact of advertising and media for major brands:

  • Set up TV measurement system in China (GroupM)
  • Built programmatic measurement and accountability in Southeast Asia with Vivaki AOD for brands including P&G, Samsung and Coke (Publicis)
  • Integrated brand and demand digital investment & analytics at PHD Media, managing a $1 billion digital portfolio for brands including Carnival, Delta, HP and VW
  • Led a landmark buy-side test on cross-media measurement and currencies as Head of Research & Investment Analytics at WPP Media / GroupM

Winner of the WPP Atticus Award for Thought Leadership.

Former head of the 4As Measurement Committee. Former Media Ratings Council board member. Current member of the ARF Analytics Council.

AI Search is the newest channel that needs the same rigor. Most tools stop at mentions. I follow the recommendation all the way to the cart so brands can see what is actually captured—and what leaks.

Credentials
WPP
Former head of research & investment analytics, WPP Media
WPP Atticus Award
Winner, WPP Atticus Award for Thought Leadership
ARF, the Advertising Research Foundation
Member, ARF Analytics Council
4As
Former head of 4As Measurement Committee. 4As expert on AI search.
CIMM
CIMM start-up program
Subscribe to my newsletter

Readers are affiliated with 225+ U.S. organizations, including Amazon, Google, PepsiCo, Procter & Gamble, JPMorganChase, Bloomberg, Nielsen and WPP Media. Reader affiliations are shown for context and do not imply endorsement, sponsorship or affiliation with Aqxle.

How we work

Start with a conversation. Go as deep as the route warrants.

Advisor-led measurement, powered by the Commerce Graph.

Step 1 / Start here

Free 15-minute chat with Bharad

A conversation to explore mutual fit. No pitch.

Talk to Bharad

Then, one of two paths

Path A

AI Search Revenue Diagnostic

A fixed-scope, advisor-led engagement. We follow 25–30 high-intent shopping prompts to the cart across four AI assistants, benchmark two competitors, estimate what the leakage is worth, and hand you a prioritized fix list in a 60-minute readout.

3 weeks / $7,500
Path B

Ongoing measurement

Monthly re-measurement plus advisory as routes change.

Monthly / agreed on the call
The first 15 minutes

A conversation, not a pitch.

  1. 01You tell me about your brand and category.
  2. 02I share what the research shows for brands like yours, and where I'd look first.
  3. 03We explore mutual fit: an AI Search Revenue Diagnostic, ongoing measurement, or neither.

No pitch. Nothing to prepare. Brands, retailers and publishers welcome.

Prefer email? Write to hello@aqxle.ai.

Book your 15 minutes

Choose a slot on my calendar. It’s free and takes 15 minutes.

Choose a time

Opens my Calendly page in a new tab.

Or send a few details first and we’ll find a time.

Questions

Before you book.

What happens in the 15 minutes?

A conversation, not a pitch. You tell me about your brand and category, I share what the research shows for brands like yours, and we decide which path fits, or whether none does.

How do I choose a path?

We explore mutual fit in the free 15-minute conversation. The AI Search Revenue Diagnostic maps the route from AI recommendation to cart in a fixed-scope, advisor-led engagement. Ongoing measurement adds monthly re-measurement and advisory as routes change.

What do I need to prepare?

Nothing for the conversation. For an AI Search Revenue Diagnostic, your brand and one product or category is enough to start.

Who is this for?

Brands, retailers and publishers. The booking form asks your role so I can prepare.

Is the research modeled?

No: observed, not modeled. Every figure is a per-run average of five captures, with the range across captures. Link shares are observed by script, with no panels, no revenue estimates and no live clicks.

The research

AI Commerce Leakage Index: Beauty

Edition One, September 2026. A standing measurement of what happens between the moment an AI names a product and the moment someone gets paid for it.

Free PDFs / work email required
The AI shelf has a leak (briefing, 10 pages)
From chat to cart, in five charts (five charts, 7 pages)
The newsletter

One email a week. The leak, measured.

Weekly analysis at the intersection of AI search and commerce, plus the monthly deep dive before anyone else sees it. Written for the people who own the number.

FAQ

Questions buyers ask about AI search

Is SEO dead now that AI answers the question?

No. SEO still matters, but showing up is no longer the finish line. When ChatGPT names a brand, the shopper usually gets there through a publisher's article and an affiliate link, not the brand's own page. In our Beauty study, only 46 of every 100 ChatGPT brand mentions led anywhere the shopper could buy that brand. The job now is turning a recommendation into a sale.

What is the ROI of AI search?

For most brands, nobody can say yet, because the sales aren't being tracked. AI search ROI is the money from purchases that started with AI, minus what you spend to earn AI mentions, divided by that spend. The hard part is the money. In our Beauty study, only about 3 in 100 ChatGPT links still showed an AI origin at the retailer. So most AI-driven sales get logged as publisher, affiliate or direct traffic. Until the full route is measured, any AI search ROI number is a guess.

Why doesn't ChatGPT traffic show up in my analytics?

Because the AI tag usually disappears before the shopper arrives. In our Beauty study, nearly every link in a ChatGPT answer carried a ChatGPT tag (4,082 of 4,084). Only about 3% still showed an AI origin at the retailer, and none did at Sephora, Ulta or Nordstrom. Publishers and affiliate networks rewrite the link along the way, so the sale gets logged as publisher or affiliate traffic.

Do AI recommendations actually lead to sales?

Often not as directly as brands assume. In our Beauty study, 54 of every 100 ChatGPT brand mentions sent shoppers nowhere they could buy that brand. Among Amazon links that showed a seller, 39% went to a reseller or a listing nobody could buy from. A recommendation creates demand, but the route to the cart decides who gets the sale.

Who gets credit when AI recommends my product?

Usually the publisher, not the AI and not you. In our Beauty study, 7 in 10 ChatGPT shopping links credited the publisher through affiliate tracking. That means AI-driven demand shows up as publisher commission, and your analytics give the AI channel little or no credit.

See all questions