Cookie loss is a known problem with known workarounds. AI agents create a different one. A shopper asks an assistant for the best waterproof jacket under a budget. The assistant reads product pages, compares options and names a few. The shopper may click, may copy the brand name into a search bar later, or may let an agent complete the purchase. Your analytics may record it as direct traffic, branded search, or nothing.

Three things make this hard.
Agents are not human shoppers. Researchers built a sandbox called ACES to test what AI agents buy and found sharp, model-specific sensitivities to listing structure, price and endorsements. A tweak that helps with one model can do little for another.
Last click misleads. A paper on e-commerce recommendations describes the “Click A, Buy B” pattern, where a user interacts with one product and later purchases a different one. With agents, the product that earned the recommendation and the product that ends up in the cart can differ, so crediting only the final click distorts the picture.
Referral labels are incomplete. Some AI products tag outbound links with a source parameter, others do not, and many mentions never produce a click. Anything you see in your analytics is a floor, not a total.