Artificial Intelligence in Retail Market to grow at 40% CAGR from 2018-2024

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Retail Artificial Intelligence Market to grow at
40 CAGR from 2018-2024 Fractovia.org
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Key Insights of AI in Retail Market

• According to the new research report Artificial
  Intelligence (AI) in Retail Market, by Global
  Market Insights, Inc. says Artificial
  Intelligence (AI) in Retail Market to exceed USD
  8 billion by 2024, driven by advent of new
  business models and advancement in data science.
  In an era dominated by tech advancements,
  artificial intelligence (AI) in retail market is
  expected to emerge as a viable investment ground,
  given the pace at which AI is being incorporated
  in industry verticals. Amidst this backdrop,
  traditional retail chains have been modifying
  their approach, especially after 2017 witnessed
  the application for bankruptcy by 21 retail
  chains inclusive of biggies such as Toys R Us,
  Aerosoles and RadioShack.
• The proliferation of the smart era has made
  retail giants realize that the competitive
  scenario has been majorly transformed by
  e-commerce behemoths like Alibaba and Amazon,
  that had successfully created a paradigm shift in
  the retail industry with their efficient
  leveraging of big data and AI. The success that
  these behemoths have attained in the retail
  sector with the use of artificial intelligence
  can be largely credited to their organized
  efforts and technologies in tracking customer
  behavior.
• Understanding the customers path to purchase and
  ability to observe their buying behavior has long
  since been considered a key factor to generate
  profits. E-commerce magnates have been using AI
  to maximize online selling and bombard customers
  with substantial options to make them browse
  longer than they intend.

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Continued

• It is essential to mention in this context, that
  the aforesaid instance has been put to use in an
  impressive fashion by Amazon, the e-commerce
  giant, in its Amazon Go grocery store. The store
  that opened in Seattle in 2018 is based on
  futuristic design where customers use an Amazon
  Go app connected to their Amazon account to make
  payments. There are no physical cashiers or even
  self-checkout counters, instead, cameras and
  sensors keep track of all the items picked off
  shelves, put into shopping carts or are put back
  on shelves. The items are charged to the Amazon
  account of the customers automatically when they
  leave. The retail behemoth has thus successfully
  leveraged AI in its operations, justifying why it
  is one of the top-notch contenders in artificial
  intelligence (AI) in retail market.
• Amazon has used its advantage of owning the
  worlds largest cloud computing platform and
  applied it in building a store that not only
  delivers quality customer experience but also
  uses AI in figuring out what products customers
  buy the most and which hours are meant for peak
  customer purchases. It also keeps track of
  inventory about when to reorder and restock, how
  to present merchandise to make the most sales and
  how to optimize traffic flow around the store.
  That apart, it is virtually impossible to
  shoplift from the Amazon Go store. With others
  set to follow the example set by Amazon,
  artificial intelligence (AI) in retail market is
  bound to pick up a commendable pace very soon.

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Browse Full Market Research Report Of AI in
Retail Market _at_ https//bit.ly/2yF5L0Q
Request for a Sample of this Research
report _at_ https//bit.ly/2MYAmcM
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Artificial Intelligence (AI) in Retail Market

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U.S. Artificial Intelligence (AI) in Retail
Market Share, By Technology, 2017 (USD Million)

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AI in Retail Industry Background
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Continued.

• Similar to how Amazon has taken shopping to a
  cutting-edge level with its store where checking
  out is a thing of the past, Japans SoftBank and
  Aldebaran robot manufacturers of France developed
  Pepper, the humanoid robot, in 2010. The bot has
  now become one of the most remarkable additions
  to artificial intelligence (AI) in retail
  industry, as it perceives human emotions and has
  already been employed in 140 SoftBank mobile
  stores in Japan as customer service greeter.
• Softbank Robotics America has also deployed
  Pepper in stores in California and has yielded a
  70 rise in foot traffic. Following this
  instance, Pepper spent time in a fashionable
  apparel store, the Ave, and the retailer
  experienced a 98 increase in customer
  interaction, as customers were less intimidated
  about asking questions to an AI creation, subject
  to the lack of fear of being judged as silly.
  There was also a remarkable 300 increase in
  revenue, apparently. In 2016, Nestle also
  expressed plans to acquire Pepper robots to use
  them in Nescafe in Japan.

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Continued.

• Though there is a popular fear that the
  widespread use of AI technology can cost humans
  their jobs, a fact which can somewhat hinder
  artificial intelligence (AI) in retail market
  growth, experts are of the opinion that AI can
  actually increase opportunities and even create a
  novel job market. For instance, though the Amazon
  Go store did not have a cashier there were plenty
  of people around the store who were needed to
  help customers. Therefore, AI is essentially
  evolving the type of jobs humans are needed to
  perform and increasing the scope of service on
  offer in the retail space.
• The efficiency that AI can add to the workplace
  is anticipated to be blessing to the retail
  industry workers. Combined with the human
  connection presented by the average retail
  employee and the targeted marketing of AI, the
  retail industry is aiming to make a big
  difference in the shopping scenario in future. As
  per estimates, artificial intelligence (AI) in
  retail market size will be pegged at a remarkable
  8 billion by 2024 a substantially appreciable
  development from its initial valuation of 650
  million in 2017.

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