Europe Is Dominant In The Global AI In Retail And e-Commerce Market
The global AI in retail and e-commerce market is expected to witness a CAGR of 42.8% to reach revenue of $19.37 billion by 2025
Bangalore, India, April 30, 2019: With its recently published study “Global AI in Retail and e-Commerce Market – Drivers, Restraints, Opportunities, Trends, and Forecast up to 2025”, Infoholic Research forecasts that the global market for AI in retail and e-commerce will continue to grow, owing to the increasing need amongst retailers for enhancing personalized customer experience, generating new revenue opportunities, and managing supply chain & demand.
The increasing trend of online shopping has brought a rapid change in customer needs and shopping behaviors. It becomes vital for retail and e-commerce industries to develop customer-centric solutions, which improve customer experience and drive business outcomes. There are large and complex data set available with retailers in several forms such as natural language, images, and videos. Big data alone cannot process this complex data set, and hence retailers require AI technology for increasing their value further. AI-based applications are playing a significant role in the automation of the retail process, and many applications have yielded increased ROI for retail companies. Overstock.com, a US-based online retailer, is using image recognition-based search tool that boosted its conversion rate by 3%.
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Rising frauds & shrinkage concerns among retailers and the need for retaining customers in this competitive scenario are the major factors steering the growth of the AI in retail and e-commerce market. This is expected to continue during the forecast period 2019–2025, fueling the market growth at a CAGR of 42.8% to reach revenue of $19.37 billion by 2025.
Europe is maintaining the dominant position in the AI in retail and e-commerce market, followed by North America and APAC. Retailers in the Europe region are improving their existing retail spaces by adopting AI-based solutions for enhancing the consumer shopping experience and managing product inventories. Morrison, a chain of supermarkets in the UK, uses Blue Yonder’s AI and ML capabilities for enhancing its demand planning and inventory forecasting.
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In terms of the segmentation analysis, e-commerce contributes to a significant revenue share within the AI in retail and e-commerce market, and personalized product recommendation solution is expected to grow at the highest rate. At present, the sales and merchandise planning segment has a high share in the AI in retail and e-commerce market, but the reduced fraud and shrinkage application is projected to increase at the highest CAGR.
“AI in retail is enhancing the personalized experience of online as well as in-store customers, by revolutionizing the shopping experience through product recommendations and speeding up the checkout process, resulting in increased footfall in physical stores. With AI-based customer segmentation and customer targeting solutions, the retail shopping experience can be more engaging and targeted. Chatbots are assisting the customers in real time, and with the help of AI technology, it can respond promptly to the customer queries, which will make the customer experience more interactive, eliminating the human intervention. – Sonam Chawla, Research Analyst, Infoholic Research
Key Insights of the Report Include:
- Brick & Mortar
- Customer Insights and Relationship Management
- Personalized Product Recommendation
- Price Optimization
- Supply Chain Management and Demand Planning
- Intelligent Virtual Assistant
- Visual Search
- Sales and Merchandise Planning
- Reduced Fraud and Shrinkage
- Logistics and Delivery
- Trade Promotions Management
- Industry outlook: Market trends, drivers, restraints, and opportunities