Market Highlights:
The global Artificial Intelligence In Retail Market Size is slated to exhibit 35% CAGR from 2017 to 2023, according to the latest report by Market Research Future (MRFR). The report provides an informed view of the situation of the retail industry coupled with pros and cons of integration of AI for its processes for the forecast period (2020-2027). The COVID-19 pandemic and its effects on the market constitute a major portion of the report.
The global artificial intelligence in retail market is set to register an incredible growth trajectory owing to implementations of new technologies and increasing expectations of customers. Focus on optimization of supply chain, customer experience journeys, and controlling prices are key drivers of the market. For instance, Walmart has leveraged AI to provide item substitution choices in case of stock expiry. This can lead to retention of customers and selling of abundant stocks.
The growth of the ecommerce sector has led to retailers adapting AI to increase their customer base and stave off competition from online stores. AI can fix operational inefficiencies and identify gaps in workflows. Real-time visibility of stocks stored in warehouses and stores can alert owners to replenish stocks while optimizing costs.
But lack of infrastructure and high implementation costs can hamper market growth.
COVID-19 Impact
The COVID-19 pandemic is likely to push retailers into adopting digital technologies due to a large customer base and rise of online shopping. Ease of use and convenience offered by mobile applications for shopping has led to various downloads. Organizational silos created by traditional methods has led to demand for AI to enable cross channel shopping and payment through various modes.
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Major Key Players:
Google Inc (U.S.), SAP SE (Germany), Amazon Web Services (U.S.), IBM Corporation (U.S.), Sentient Technologies (U.S.), Oracle Corporation (U.S.), NVIDIA Corporation (U.S.), Salesforce (U.S.), Intel Corporation (U.S.), and Microsoft Corporation (U.S.) are key players operating in the global artificial intelligence in retail market.
Segmentation:
Deep Learning Technology to Dominate Market The deep learning technology is expected to perform well owing to its adoption by various retail stores to study customer shopping patterns and their spending. The focus on personalized shopping is bound to demand for advanced algorithms by retail chains. The AI solutions can recommend items to customers based on their shopping patterns and interact with them using chatbots and virtual assistants.
Merchandizing to Rule Market Share
Merchandizing is expected to receive maximum attention from AI owing to impending need of driving sales. It can record the response to a poster or merchandise displayed in retail stores to replicate the experience for all products. Data driven merchandising tailored to meet the language of customers, navigational choices, and product collections.
Regional Analysis:
North America to Dominate Global Market
North America is anticipated to lead the global artificial intelligence in retail market owing to various economies such as Canada and the U.S. adopting the technology. AI can assist them in maintaining the customer database, identify shopping patterns, and engage them to increase sales.
Industry News
Microsoft Corporation has partnered with Lanner Electronics for providing AI based edge computing solutions for the retail industry. Its video analytics can be used to measure footfall in malls and parking solutions with the help of computer vision algorithms.
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Table of Contents
1. Executive Summary
2. Scope of The Report
2.1. Market Definition
2.2. Scope of The Study
2.2.1. Research objectives
2.2.2. Assumptions & Limitations
2.3. Markets Structure
Continued….
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