The digital revolution in retail sector is more about connecting people. It is about converting data into understandings, which in return can drive better business decisions. Introduction of artificial intelligence brought up huge revolution in the retail market. In addition to this, retailers have opportunity to increase revenue by accepting fast innovations and smart operations to have an edge over their competitors.
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Artificial intelligence brings up a lot of features which include inventory management, interactive chat programs, customer engagement, and demand forecasting that help the enterprises to ease their operations.
AI also helps to synchronize the offline and online store to get better perceptions of customers. Furthermore, the high cost of implementation hinders the growth of the market. However, growth in awareness about artificial intelligence and big data propels the growth of the artificial intelligence in retail market.
Companies Covered: International Business Machines Corp., Intel Corp., Signifyd Inc., Sentient Technologies, SAP SE, Infinite Analytics Inc., Standard Cognition Corp., BloomReach Inc., Google LLC, Microsoft Corp.
Rise in the demand for technological advancement in the retail sector has helped to improve sales, predict customer perception, and handle customer relations, which drive the growth of the artificial intelligence in the retail market. In addition, artificial intelligence helps to improve operational efficiency and handle customer relations using chatbot technology that propels the growth of the market.
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Furthermore, high cost of implementation, risk of unemployment, and lack of creativity are the factors that act as barriers to the market. However, rapid awareness and adoption of artificial intelligence, and big data analytics in the retail sector drive the growth of this market in the forecast period.
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