The retail business is in the midst of a major transformation. To make critical decisions, the industry heavily relies on data from its own activities and customer research as a whole. Retailers are attempting to use technology to survive the market's fierce competition and rapidly changing consumer shopping preferences. Predictive merchandising, programmatic ads, demand forecasting, in-store visual tracking and surveillance, and location-based marketing are only a few of the advantages of artificial intelligence in the retail industry. Changes in CRM and distribution, production, logistics, and customer support have also been affected by technology adoption. Big data in retail is a complement to the already impressive technical advances. E-commerce companies are employing artificial intelligence to enhance customer service, whether through conversational chatbots or contextual messaging. With time, the effect of this technology on e-commerce can only grow. By bridging the gap between personalization and privacy, this will result in exponential revenue growth.
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Key Driving Factors:
Retailers can use artificial intelligence (AI) to develop data models based on their customers' purchasing habits, which helps them to predict demand and also data-driven decisions. Digital assistants and enterprise applications are becoming increasingly common among businesses. These virtual systems, when combined with cognitive technologies like IoT, Al, and ML, improve enterprises' core competencies even further. The adoption of AI technology will be boosted if businesses increase their investments in technology upgrades to improve workflow. It is expected that dealers and big organisations would benefit from the increasing usage of MSPS, vision-based cameras, and automated security systems, as well as data processing for future planning. Growing organisational investment patterns, Growing awareness about AI and big data & analytics across the globe is driving the market
Opportunities: Automated Inventory Management
Growing use of artificial intelligence-based inventory management is one of the most promising development prospects for market competitors. The issue for merchants is to keep their inventory as precise as possible at all times. Retailers may obtain a more complete picture of their stores, customers, and products by integrating more aspects of their operations and implementing artificial intelligence. This will assist retailers in inventory management.
The consequence of this collaboration is that Intel is enabling firms in the retail ecosystem to provide integrated, artificial intelligence-powered solutions that can be implemented rapidly and cost-effectively. These partner solutions make use of our broad spectrum of artificial intelligence capabilities, which span from computer vision at the edge to machine learning in the cloud. Market participants would have enough potential for product distribution and business development as a consequence of these data-centric solutions.
This report offers the major market player’s profiles, such as Amazon Web Services, Baidu Inc., BloomReach Inc., CognitiveScale Inc., Google Inc., IBM Corporation, Inbenta Technologies, Intel Corporation, Interactions LLC, Lexalytics Inc., Microsoft Corporation, NEXT IT Corp., Nvidia Corporation, Oracle Corporation, RetailNext Inc., Salesforce.com Inc., SAPSE, Sentient Technologies, and Visenze.
Predictive merchandising, programmatic advertising, market forecasting, in-store visual monitoring and surveillance, location-based marketing, and other are the segments of the worldwide artificial intelligence in retail market. In the worldwide market for AI in the retail sector, programmatic advertising is projected to be the fastest expanding category. Retailers are becoming more competitive, with companies implementing sophisticated advertising techniques to discover new ways to attract customers. Companies prioritise "precision targeting" in order to deliver accurate emails, boost sales, and lower advertising costs. Furthermore, rising spending in digital marketing by distributors are driving the demand for programmatic advertising.
The AI in Retail market report has been categorized as below
- Professional Service
- Managed Service
Published Date : July-2021