Why Retailers Must Waste No Time Adapting to Artificial Intelligence
Artificial intelligence is already part of our lives in our Twitter feed, Facebook timelines, or any website that we might surf. Words such as IoT, automation, digitization are part of the daily routine.
For retailers to navigate further in the digital roadmap, AI becomes the vehicle.
The AI in the retail market is expected to grow at more than 30 percent CAGR (Compound Annual Growth Rate). These increasing investments are linked to the widespread allocations the AI offers which includes machine learning, retail analytics, object recognition, improved communication, increase in profits among many other things.
According to Global Market Insights, AI’s global market value, which is around 2 billion US dollars today, is expected to rise to more than 20 billion US dollars.
The report also highlights that the in-store AI and location optimization market share is set to rise by 8 percent by 2027 while the visual search solution segment will increase by 40 percent.
Presently, North America accounts for above 50 percent of the market share in AI technology with major tech giants investing in it.
In China, machine learning technology is projected to register a growth rate of 40 percent by 2027 while in Brazil, automated merchandising is forecast to capture over 30 percent of the AI in the retail market by the same period.
The AI applications which will play a vital role in the future are automated merchandising, programmatic advertisements, market forecasting, In-Store AI and location optimization, data gathering among others.
The recent Covid outbreak made e-commerce platforms boom and it also forced many retailers to shut their stores across the globe. Thus, retail companies need to reshape themselves by integrating AI technology into their shopping portals and improve the customer experience.
B2B2C solutions rightly provide you the technical support with AI through our plethora of applications such as smart shelving, retail analytics, digital signages, retail graphic designs, digital marketing, video walls, and many more products that will help your business compete in the digital world.
What are you waiting for? Contact us at email@example.com or call us at +1 917 445 5019 for more queries.