Machine learning and deep learning technologies are majorly utilized technologies for AI. Organizations in the retail industry utilize the machine learning and deep learning technology to propose a more customized experience to the end-users and deliver a collaborative environment for them.
Artificial Intelligence is propelling faster business decisions in marketing, e-commerce, product management, and several other business areas by deducting the gap from insights to action.
According to the report analysis, ‘AI in Retail and e-Commerce Market’ states that several retail and e-commerce companies are contributing in digital technologies such as IoT, AI, and big data to stay ahead of the competition. AI-based solutions are being implemented by retail and e-commerce companies to improve the performance and to accomplish greater profits & business growth. These solutions are also utilized for critical decision making around sales and merchandising planning, pricing strategies, and product promotions.
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The report covers and analyses the AI in retail and e-commerce market. Foremost vendors across dissimilar verticals are scheduling for high investments in this market, and as a result, the market is projected to augment at an impressive rate during the coming years. The foremost players are adopting several organic as well as inorganic growth strategies such as mergers & acquisitions, collaborations & partnerships, joint ventures, and few other strategies to be in the robust position in the market.
The report entails an in-depth analysis of the vendors, which involves the financial health, business units, key business priorities, SWOT, strategies, and views. The prominent vendors closed in the report involve IBM, SAP, Microsoft, AWS, SAS, JDA Software, Salesforce, Symphony RetailAI, Visenze, and Infinite Analytics among several others. The vendors have been recognised based on the portfolio, geographical presence, marketing & distribution channels, revenue generation, and noteworthy investments in R&D.
IBM, SAP, AWS, and Microsoft are the foremost players in the AI in retail and e-commerce market. During 2017, Godrej Interio, a leading furniture brand in India, collaborated with IBM and nominated Watson Commerce for growing customer engagement and experience. Kroger, one of the America's greatest grocery store chain, and Microsoft partnered during January 2019 for generating the high-tech grocery stores. During February 2019, Sansibar Stores partnered with SAP and is utilizing the SAP Customer Checkout application for monitoring sales in real time, proposing the customized discounts, time-related prices, and several more.
Europe controlled the largest market share during 2018 and is estimated to dominate the AI in retail and e-commerce market during the review period. Retailers in this region are aiming on loyalty programs to make emotional connections with their consumers, by leveraging the power of AI. The augmenting number of retailers' partnerships in this region for enlarging their services is propelling the growth of the market. For example, IKEA, a home goods giant, acquired Task Rabbit, an online platform that links skilled taskers with customers. During 2018, Metro AG, a Germany-based bricks-and-mortar retailer, contributed in a start-up offering AI-based visual recognition solutions for the in-store insights.
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Global AI in Retail and E-Commerce Market
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Ankur Gupta, Head Marketing & Communications