Artificial Intelligence (AI) is in every facet of our world today. The retail business is employing it more and more. A recent report from Mordor Intelligence said that: “AI in retail is undergoing significant transformations with the integration of Retail AI. Companies are leveraging Artificial Intelligence in Retail to enhance strategies, improve outcomes, and boost online customer engagement. AI Retail Solutions like machine learning and deep learning are commonly used, providing a personalized user experience. AI for Retail, including computer vision, is improving customer experience and inventory management.
The use of AI Retail Technology is expected to surge, with investments in AI-powered retail analytics increasing.” It projected that the AI in Retail Business Market size is estimated at USD 9.65 billion in 2024, and is expected to reach USD 38.92 billion by 2029, growing at a CAGR of 32.17% during the forecast period (2024-2029). The report added: “The sector is changing due to the introduction of artificial intelligence in retail. Businesses are now tracking their operations to support corporate plans, deliver better results, and communicate with customers online.
A growing number of smart devices and internet users, rising awareness of AI and big data and analytics, and government initiatives toward digitalization are fueling the expansion of global artificial intelligence in the retail market.
Mordor Intelligence continued: “Digital transformation in retail is about more than just connecting things. It involves turning data into insights that guide decisions and lead to improved business results. AI largely produces these insights in retail, specifically machine learning and deep learning. For retailers, this results in fantastic customer experiences, chances to increase revenue, rapid innovation, and intelligent operations-all of which help set you apart from your rivals.
The most commonly used AI technologies are machine learning and deep learning. Organizations in the retail industry use machine learning and deep learning technology to offer a more personalized experience to end-users and provide an interactive environment for them. Brick-and-mortar stores are embracing computer vision, a subset of deep learning in artificial intelligence used in retail. Computer vision “sees” and decodes visual information, giving your eyes in the right places. New retail use cases in customer experience, demand forecasting, inventory management, and other areas are becoming possible.”