COVID-19 Impact Review AI in Retail Market | Know the Challenge & Trend Analysis
Posted by Devanshu Shrivastava on January 18th, 2021
The artificial intelligence (AI) in retail market was valued at 720.0 million dollar in 2018, and it is on path to reaching 4,337.1 million dollar by 2024, demonstrating a CAGR of 35.4% during the forecast period (2019–2024). This growth can be driven by factors like expanding e-retail industry and surging investments in AI by retail companies. Moreover, growing penetration of internet and smartphone has altered the shopping behavior of customers.
This behavior is being captured by retailers who deploy AI solutions to consolidate the competition. One of the key factors driving the AI in retail market growth is the expansion of e-retail sector, on account of rising internet penetration, surging number of alternate payment methods, growing smartphone usage, and soaring investments in logistics, across the world.
By deploying AI technologies, such as supply chain planning, accurate demand forecasting, and real-time customer intelligence, the retail firms aim to benefit from streamlined and automated operations that help them in achieving organizational growth goal. Additionally, the rising usage of AI-based image recognition technology in the retail sector is stimulating the AI in retail market growth.
In recent years, facial recognition technology has been increasingly deployed in the retail industry to improve staff management, facilitate customer satisfaction, and provide valuable insights related to customer preference. Further, the adoption of image recognition technology in physical stores enables the retailers to analyze in-store traffic, determine customer loyalty, map customer behavior, and monitor stock.
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About the AuthorDevanshu Shrivastava
Joined: January 31st, 2020
Articles Posted: 105
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