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 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.
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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Artificial intelligence brings up a lot of features which include inventory management, interactive chat programs, customer engagement, and demand forecasting that help enterprises to ease their operations.
AI also helps to synchronize the offline and online stores 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 artificial intelligence in the retail market.
Awareness of the new artificial intelligence technology is expected to propel the growth of the market. The implementation of artificial intelligence in various areas of the retail industry such as inventory management, supply chain, advertising, customer relationship and others has transformed the ways of doing business, resulting in an increase in productivity and profitability.
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Penetration of smart devices and applications, adoption of cloud services, and technological advancements in the market opened opportunities for the retail sector to grow significantly in the upcoming years.
Impact of COVID-19 on AI in Retail Market:
- The outbreak of COVID-19 virus in December 2019, led to the spread of disease in almost 180+ countries around the globe with the World Health Organization declaring it a public health emergency. The global impacts of the corona virus disease 2019 have already started to be felt and are expected to have negative impact on the global artificial intelligence in retail market in 2020.
- Retail sector has witnessed ups and downs during this pandemic. The lockdown imposed by the government negatively impacted the sector. Only few retail stores including food & groceries and medicines were allowed to open during this pandemic. The offline stores were impacted the most. This pandemic has given retailers and consumer goods companies a great opportunity to accept sustainability measures that integrate with their digital presence. Hence, retailers are using the e-commerce platform and online markets to take advantage of this changing trend.
Asia-Pacific is expected to see a remarkable growth of artificial intelligence in the retail market. This area has seen growth in infrastructure, capital spending, economic growth, and demand for consumer goods in recent years. The government of the countries of this region, especially China, India, and Japan are taking initiatives to expand the growth of e-commerce.
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In addition, e-commerce companies are taking initiatives to implement artificial intelligence in their software to manage the supply chain and inventory efficiently. Furthermore, growth in internet connectivity and knowledge & adoption of the latest technology are the factors that propel the growth of AI in retail market.
Key Benefits of the Report
- This study presents analytical depiction of AI in retail market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the market share.
- The current market is quantitatively analyzed from 2021 to 2030 to highlight the growth scenario of the market.
- Porter’s five forces analysis illustrates the potency of buyers and suppliers in the market.
- The report provides a detailed market analysis based on the present and future competitive intensity of the market.
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