The retail industry is going through a period of major upheaval. AI is transforming the landscape at a rapid pace. Grand View Research evaluated the market value at USD 5.79 billion in 2021 and this is expected to grow at a 23.9% compound annual growth rate (CAGR) from 2022 to 2030. For retailers, this translates into a need to adapt to an entirely new paradigm of customer expectations.
As customers continue to become more discerning and margins shrink, to remain profitable, retailers are looking towards accelerated digital transformation and new technologies that can improve efficiency and enable differentiation. Innovation is taking many forms, such as virtual dressing rooms, IoT adoption, improved support for mobile e-commerce and, perhaps most crucially of all, artificial intelligence.
AI/ML has numerous applications in the retail industry, from driving personalised customer experiences, to forecasting or inventory tracking – which is particularly valuable for BOPIS…