by The global market for Artificial Intelligence (AI) in retail is on the cusp of spectacular growth, poised to reach approximately US$2.5 billion in the coming years. As AI technology continues to permeate the retail sector, its versatility and applicability are expected to drive significant advancements.
Revolutionizing Retail Operations
AI adoption in retail is enabling businesses to harness high-level data and insights, leading to improved retail operations and new business opportunities. Staying competitive in todays market requires data-driven decision-making, and AI offers retailers a range of benefits, including:
- Adaptive Homepage: Tailoring online experiences to individual customer preferences.
- Customer Engagement: Captivating customers with personalized experiences.
- Data-Driven Insights: Extracting valuable insights from diverse data sources.
- Offline-Online Synchronization: Creating a seamless shopping experience across channels.
- Logistics Optimization: Empowering flexible logistics networks for efficient operations.
These advantages are realized through real-time product recommendations, inventory management, visual product search, computer vision for in-store analytics, demand forecasting, predictive analytics, chatbots for interactive customer support, and more.
AIs Focus on Product Optimization
In the AI in retail market, increasing emphasis is placed on planning and product recommendations. Leveraging technologies such as Big Data analytics, machine learning, deep learning, and natural language processing, AI enables automated, data-driven decision-making. This capability reduces the time between insights and action, benefitting various aspects of retail, including marketing, e-commerce, and product management.
One notable development is BH3 Production Optimization, an AI-based tool introduced by Baker Hughes and C3.ai, which enhances real-time production monitoring and forecasting in the oil and gas industry. The speed of AI-driven decision-making is set to reshape the retail landscape.
A Booming Retail Market
According to the US Department of Commerce, retail sales in the United States are expected to reach US$5.99 trillion in 2023. AI plays a pivotal role in the retail sector by delivering cost savings, increased productivity, faster problem-solving, quicker delivery of goods and services, and increased innovation. Beyond retail, AI is gaining traction in cutting-edge solutions like autonomous vehicles, intelligent bots, and advanced predictive analytics.
Predictive Merchandising Takes the Lead
Predictive merchandising is anticipated to dominate the AI in retail market, driven by retailers quest for deeper customer insights and proactive inventory management. These solutions enable retailers to harness new data sources, enhance inventory management, reduce unsold goods, and lower costs.
North America Leads the Charge
North America takes the lead in AI adoption in the retail industry, with the US and Canada at the forefront of technological advancements. The region boasts numerous AI solution providers and has been an early adopter of AI technology. AI is utilized to streamline inventory management, enhance customer retention, and gain insights into evolving consumer behavior.
Future Growth Prospects
The retail industry faces challenges like rising costs, increased competition, and changing customer expectations. Technological tools, including AI, are seen as the solution to boost consumer interactions and operational efficiency. From inventory management to supply chain optimization, AI holds vast potential to increase overall efficiency and profitability in retail.
Key Players in the AI in Retail Market
Leading players in the AI in retail market include Amazon Web Services (US), IBM (US), Oracle (US), NVIDIA (US), Microsoft (US), Intel (US), Sentient Technologies (US), Google (US), SAP (Germany), Salesforce (US), and ViSenze (Singapore).
The AI in retail market is on an upward trajectory, with AI-driven innovations reshaping the retail landscape and offering a competitive edge in a dynamic market.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/artificial-intelligence-ai-in-retail-market
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This press release first seen on Brilad
COMTEX_442320072/2840/2023-10-23T08:21:18
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No journalist was involved in the writing and production of this article.