The incorporation of Artificial Intelligence (AI) in the retail industry allows businesses to gain access to valuable data and information, enhancing enterprise-wide operations. AI has various advantages for the retail sector, such as saving costs, increasing productivity, boosting customer interaction, and facilitating the seamless delivery of goods and services. The incorporation of AI in the retail sector also helps to captivate customers, create memorable customer experiences, build flexible logistics networks, and synchronise online and offline retail. These lucrative benefits are poised to power technology-driven business opportunities in the Artificial Intelligence (AI) in retail market. In recent times, sophisticated AI technologies have gained momentum, influencing product differentiation in AI in retail solutions. In this favourable business landscape, the demand for AI in retail solutions is set to increase, creating novel prospects for MA, RD, and strategic cross-industry collaboration.
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Growing Demand for Predictive Merchandising Augurs Well for Artificial Intelligence (AI) in Retail Market Expansion
On the basis of application, the Artificial Intelligence (AI) in retail market is classified into programmatic advertising, predictive merchandising, in-store visual monitoring and surveillance, market forecasting, and location-based marketing among others. Predictive merchandising is anticipated to be the largest segment of the Artificial Intelligence (AI) in retail market. This is owing to retailers' desire to gain real-time insights into customer purchasing behaviour. As retail businesses strive to stay competitive in the rapidly evolving retail sector, predictive merchandising solutions will become crucial for utilising new data sources. Furthermore, new demand for predictive merchandising is forecasted to emerge from inventory planners as it helps to identify unsold inventory and improve inventory management, enabling significant cost reduction.
Emerging Technologies Fuel Product Differentiation Across AI in Retail Solutions, Thereby Boosting Artificial Intelligence (AI) in Retail industry
Strong focus on planning, production recommendations, and product differentiation is predicted to open fresh revenue streams in the Artificial Intelligence (AI) in retail market. In addition to this, tech advancements, such as big data analytics, machine learning, deep learning, and natural language processing, are poised to foster high-level innovation in AI in retail solutions. These cutting-edge technologies enable automated decision-making which helps improve customer behaviour analysis, giving sound impetus to product optimisation. The introduction of AI-based tools, which support operators in data monitoring and optimising operations, is set to further facilitate growth in the Artificial Intelligence (AI) in retail sector.
North America’s Artificial Intelligence (AI) in Retail Market to Maintain Lead
North America is expected to hold the largest share of the Artificial Intelligence (AI) in retail sector due to the rising adoption of intelligent retail solutions in the US, and Canada. Retailers in North America are primarily using AI to gain profitable outcomes in inventory management, supply chain management, customer retention, and purchasing behaviour analysis. These advantages are set to augment the demand for AI in retail solutions in both online and offline retailers. Moreover, North America is the hub of leading AI solution providers, and this will sustain growth in its Artificial Intelligence (AI) in retail sector.
Major Market Players
Prominent players in the artificial intelligence (AI) in retail market include SAP (Germany), ViSenze (Singapore), Microsoft (US), NVIDIA (US), Oracle (US), IBM (US), Amazon Web Services (US), Sentient Technologies (US), Salesforce (US), Google (US), and Intel (US).
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