The global Artificial Intelligence in the Retail market is forecast to reach USD 33.28 Billion by 2028, according to a new report by Reports and Data. The retail industry has witnessed a surge in technological advances over the past decade. The sector has been influenced by the eCommerce revolution, and the industry has adopted and innovated new technologies into the market.
With the emergence of innovative technologies such as mobile, internet of things (IoT), and artificial intelligence (AI), retail giants have realized the potential of these technologies for transforming their customer experience and retail operation. AI has proved to be a potential game-changer with AI-enabled retail solutions. The complex processes such as temperature, and product weight can be comprehended with a set of algorithms to transform customer experience and interaction seamlessly. AI manages approximately 85% of the retail companies, and now with AI + IoT, retailers can focus on omnichannel customer experience.
AI-based systems possess the ability to eliminate manual guesswork for activities such as conducting inventory assortments, product promotions, and identifying supply chain complexities, among others. Retailers are already experimenting with the application of AI in retail, and some of them are experimenting with customers’ orders to be shipped without the actual purchase confirmation.
Niemen Marcus is using visual search in its app Snap.Find.Shop., which allows customers to input pictures of their product and then search inventory to match similar items.
To download a PDF sample copy of the report, visit @ https://www.reportsanddata.com/sample-enquiry-form/2429
AI has indeed revolutionized the way retailers operate and interact with customers, leading to improved efficiency and increased profitability. By analyzing various data points such as purchase history, browsing habits, and social media activity, retailers can gain valuable insights into customer preferences and behavior.
One of the significant advantages of AI in retail is its ability to customize marketing campaigns and product suggestions based on individual customer needs. This personalized approach enhances the customer experience, increases engagement, and ultimately drives sales. AI-powered chatbots play a crucial role in providing instant and efficient customer support, reducing the need for human intervention and cutting costs.
Predictive analytics is another valuable AI technology in retail. By analyzing historical data, market trends, and other relevant factors, predictive analytics algorithms can forecast demand, optimize pricing strategies, and improve inventory management. This helps retailers minimize waste, streamline operations, and ensure that the right products are available at the right time, reducing costs and improving customer satisfaction.
Furthermore, AI-powered recommendation engines play a vital role in enhancing the online shopping experience. By analyzing customer data, these engines can suggest relevant products, increasing the likelihood of a purchase and promoting customer loyalty. Virtual assistants and chatbots also contribute to a seamless online shopping experience by providing personalized assistance and recommendations.
Overall, the expansion of AI in the retail market is driven by the need for retailers to stay competitive, increase productivity, and deliver exceptional customer experiences. By leveraging AI technologies, retailers can make data-driven decisions, optimize their processes, and ultimately boost sales and profitability in an increasingly digital and customer-centric landscape.
Type Outlook (Revenue: USD Billion; 2018-2028)
- Online Retail
- Offline Retail
Technology Outlook (Revenue: USD Billion; 2018-2028)
- Machine and Deep learning
- Natural Language Processing
Deployment Mode Outlook (Revenue: USD Billion; 2018-2028)
Solution Outlook (Revenue: USD Billion; 2018-2028)
- Product recommendation and planning
- Visual Search
- Price Optimization
- Customer Relationship Management
- Supply Chain Management and Demand Planning
- Payment Service Management
- Virtual Assistant
Application Outlook (Revenue: USD Billion; 2018-2028)
- Programmatic Advertising
- Market Forecasting
- Predictive Merchandising
- Location-based marketing
- In-Store Visual Monitoring and Surveillance
Inquiry Before Buying @ https://www.reportsanddata.com/inquiry-before-buying/2429
Key Regional Markets Covered in the Report:
- North America (U.S., Canada, Mexico)
- Europe (U.K., Italy, Germany, Spain, France, BENELUX, Rest of Europe)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of Asia Pacific)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- The Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
Top 10 Companies Operating in the Global Artificial Intelligence (AI) in Retail Market:
Amazon Web Services, IBM, Google, Microsoft, Intel, ViSenze, Oracle, Nvidia, SAP, and Salesforce, among others.
Further key findings from the report suggest
- The online retail sector includes the transaction of various products. Customers no longer have to stand in queues to buy their preferred goods. They are able to purchase it from the comfort of their home or office. The online platform mainly targets customers who are too busy to visit the stores or want to shop from their comfort zone.
- Retail giants are using a combination of machine and deep learning, computer vision, and facial recognition to compete in online business. The same technology is used to drive self-driving cars. Amazon is using it in its Amazon Go grocery stores. It is currently deployed in Seattle, but its expansion is expected. The machine and Deep Learning segment are forecasted to grow with a CAGR of 38.0% during the forecast period.
- Google cloud is partnering with the retailers on a global scale to address seamless experience between online and in-store for the customers. Brands such as Carrefour, Bed Bath and Beyond, IKEA, Designer Brands, METRO, Kohl’s, Loblaw, The Home Depot, Shopify, Ocado, Ulta, Target, and many more are using Google Cloud in areas like eCommerce hosting, machine learning, data analytics, and workforce transformation to serve customers better.
- One of the most prominent example of visual search is ‘Pinterest Lens.’ It was launched in the year 2016 to allow consumers to point their mobile phone cameras at any product and then conduct an online visual search. It also includes multitude images from the real world.
Request a customized copy of the report @ https://www.reportsanddata.com/request-customization-form/2429
Thank you for reading our report. To inquire about customization or any query about the report, please get in touch with us. Our team will make sure the report is best suited to your needs.
Explore More Industry Research by Reports and Data:
Automated Parking System (APS) Market – https://www.reportsanddata.com/report-detail/automated-parking-system-aps-market
Marine Lighting Market – https://www.reportsanddata.com/report-detail/marine-lighting-market
Automotive Engineering Services Market – https://www.reportsanddata.com/report-detail/automotive-engineering-services-market
Cloud Discovery Market – https://www.reportsanddata.com/report-detail/cloud-discovery-market
About Reports and Data
Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise.
Head of Business Development
Reports and Data | Web: www.reportsanddata.com
Direct Line: +1-212-710-1370