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Increasing adoption of AI for multi-channel marketing driving AI in retail market
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As the popularity of this channel is ever-increasing, handling the load of different phases of operations manually is cumbersome, therefore, to deal with the hugeness of the whole process, artificial intelligence (AI) is being incorporated in operations to offer personalized services by studying the consumer's preferences. The operations are being automated and streamlined by using AI technologies to achieve real-time customer intelligence, supply chain planning, and accurate demand forecasting.
During 2014-2018, machine learning was most extensively used in the retail e-commerce domain. This can be attributed to the rising use of this technology by online retailers for offering customers a better and personalized shopping experience. Further, in the coming years, this technology would continue to be employed the most in the retail e-commerce domain. Therefore, the AI in retail market is predicted to advance at a 35.4% CAGR in the coming years, as published in a P&S Intelligence study.
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The application of AI services and solutions in the retail industry, such as natural language processing (NLP), computer vision, and machine learning have enabled retailers to establish consumer behavior patterns, automate work processes, and capture relevant data. The integration of AI in e-commerce has helped businesses to engage customers for longer time and generate high revenue. Different AI technologies such as computer vision, machine learning, natural language processing, and analytics and gesture recognition are used in the retail sector.
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P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.
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