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

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

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More Information @ The growing demand to enhance the customer experience is also one of the major factors augmenting the artificial intelligence in retail market growth. As the digital data is rising and the competition among the market players is increasing, enterprises are focusing more on providing a better experience to the customers to gain customer loyalty. – PowerPoint PPT presentation

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Title: 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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