New York, April 28, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Research Report on Artificial Intelligence in the Retail Market: By Offer, Technology – Global Industry Analysis and Forecast growth until 2030” – https://www.reportlinker.com/p06272204/?utm_source=GNW
By 2025, e-commerce sales are expected to reach $7.3 trillion, bringing the value of AI in the retail market to $36,462.5 million by 2030, from an estimated $1,714 .3 million in 2021, according to the published market research report. Indeed, retailers are using AI to offer personalized services and product recommendations and to predict consumer behavior. Artificial intelligence is also being leveraged by e-commerce platforms for accurate demand forecasting, supply chain planning, and real-time customer intelligence gathering.
Of all the AI solutions designed for retailers, recommendation engines are the most popular. Online retailers use them to study customer activity on the Internet and recommend related products and services based on it. Since selling everything to everyone, such as in televisions and newspapers, does not always yield the desired returns, retailers market only the products and services that customers are interested in, using recommendation engines.
Key Findings of the AI in Retail Market Report
• In the coming years, the demand for related services will grow faster among retailers adopting AI solutions. Services offered by AI vendors include data management, software monitoring, training, maintenance and system support.
• Machine learning is the technology most widely used by AI end-users in the retail market, as it enables them to improve the shopping experience of customers by making accurate purchase recommendations.
• Natural Language Processing (NLP) is another popular AI technology among retailers because it understands and processes human language, enabling users to deliver personalized shopping experiences.
• Additionally, AI is now being used for cross-channel marketing, primarily to analyze consumer behavior in-store and for email marketing and campaign management.
• Seeing the vast benefits offered by AI, major retailers are increasing their investments in related technologies. For example, IKEA acquired Geomagical Labs, which offers augmented reality and AI solutions.
• Similarly, in April 2019, Reliance Jio Digital Services Ltd. finalized plans to acquire an 87.0% stake in AI-based conversational platform Haptik Inc.
The COVID-19 pandemic has accelerated these activities, thus positively affecting AI in the retail market. In 2020, lockdowns forced people back home, leading to a surge in online shoppers. According to the United Nations, the top 13 online shopping platforms saw an increase of more than 20% in sales in 2020.
In the coming years, the aftermath of the pandemic will drive AI into the fastest-paced retail market in Asia-Pacific (APAC). According to the UN, most of the 13 companies that witnessed the massive increase in sales in 2020 were based in the United States and China. Moreover, online sales in China, Australia and Singapore in 2020 grew by 24.9%, 9.4% and 11.7%, respectively, faster than in 2019. This is also attributed to the increasing smartphone sales and growing internet penetration here.
Read the full report: https://www.reportlinker.com/p06272204/?utm_source=GNW
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