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COVID-19 Pandemic to Strengthen Growth Prospects of Artificial Intelligence (AI) In Retail Market through Cutting-Edge Technologies

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Published on : Apr 06, 2021

Albany, New York, April 06, 2021 : The global artificial intelligence (AI) in retail market is predicted to build a strong foundation of growth in the forecast period of 2020-2026. Artificial intelligence in retail market was already creating ripples through displaying efficiency and precision but with the advent of a pandemic like COVID-19, the demand for artificial intelligence (AI) in retail market is expected to grow substantially. This can be attributed to a completely different scenario post-COVID-19 outbreak.  A new retail era is expected to embrace the artificial intelligence (AI) in retail market, thus proving an excellent growth multiplier. The report on artificial intelligence (AI) in retail market offers insights in various aspects. 

This report on artificial intelligence (AI) in retail market offers in-depth analysis through considerable research across various parameters such as competitive landscape, key trends, and current scenario. The report also focuses on the ongoing COVID-19 pandemic and its impact on artificial intelligence (AI) in retail market. This report will prove to be beneficial for business owners and market shareholders in the retail sector to a large extent. 

New technologies can extend the scope of the growth of artificial intelligence (AI) in retail market. Humanless shops are expected to be the new norm in the post-COVID-19 era. Many retailers have already started such initiatives. For instance, Amazon launched Amazon Go, a check-out-free technology that enables the consumers to shop and leave the customers to shop and pay later through the Amazon Go app. The stores are fully automated and the sensors track the objects that are placed in the cart by the customers. Such technologies can bring a tectonic shift in the retail industry.  artificial intelligence (AI) in retail has also attracted the attention of major retailers such as Alibaba as it has strengthened its payment solution, Alipay based on eye vein pattern recognition and deep learning.

Sales and CRM applications are also expected to bring substantial growth to artificial intelligence (AI) in retail market. Manufacturers in the artificial intelligence (AI) in retail market are coming up with innovations like Pepper, a humanoid robot developed by Aldebaran, a French robot manufacturer in association with Softbank, a Japanese telecom company. This robot is used as a customer greeter and has yielded an increase in foot traffic. 

Software for managing multi-channel retail operations is also garnering considerable momentum in the artificial intelligence (AI) in retail market. For instance, SAP Business One is a software system that manages operations from stock management to inventory control. artificial intelligence (AI) in retail has enabled such technologies to emerge as a winner in terms of retail management. These developments are capable of inviting growth in the artificial intelligence (AI) in retail market. 

Augmented reality and Virtual reality are also turning out to be growth influencers for the artificial intelligence (AI) in retail market.  Major retailers like Ikea and Walmart have introduced virtual stores that offer immersive shopping experience to the consumers at home. Artificial intelligence (AI) in retail market manufacturers are also trying to develop efficient at-home try-on and virtual product demos. 

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The use of analytics and data engineering is also shaping the growth rate of artificial intelligence (AI) in retail market. Analysing different aspects such as seasonal buying patterns, customer characteristics of a specific region, and lifestyle shifts are gathering steam and will result in offering cutting-edge technologies in the artificial intelligence (AI) in retail market. 

Geofencing is also helping the artificial intelligence (AI) in retail market for generating growth. Over 53 percent of individuals visited a retailer after they received a location-based message. Artificial intelligence (AI) in retail market can bank greatly on geofencing as retailers are making use of these technologies for strengthening local performance.