The e-retail industry is registering significant growth, because of the surging penetration of internet, rising number of alternate payment methods, growing utilization of smartphones, and increasing investments in logistics around the globe. Furthermore, the growth of the e-commerce industry is also contributing considerably to the expansion of the e-retail industry.
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In 2013, the worldwide business-to-consumer e-commerce sales stood at $1.2 trillion. Moreover, the current e-commerce statistics state that about 40% of the internet users globally have bought goods or products online via tablets or mobiles, which amounts to over 1 billion online buyers and the number is further predicted to rise in the coming years.
According to a report by P&S Intelligence, the global AI in retail market generated a revenue of $720.0 million in 2018 and is predicted to attain a value of $4,337.1 million by 2024, advancing at a 35.4% CAGR during the forecast period (2019–2024).
Due to this expansion of the e-retail and the overall retail industry, the companies in the domain are increasingly making use of artificial intelligence (AI) solutions. The incorporation of AI in operations allow retailers to predict the behavior of customers and then provide them with personalized services, thereby improving customer experience and satisfaction.
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Both solutions and services are offered by the AI technology, however, AI-based solutions were more in demand in 2018 in the retail industry, which is ascribed to the rising adoption of solutions by e-commerce companies in North America for providing better shopping experience to their customers.
Different AI-based solutions are visual search, chatbot, recommendation engine, customer relationship management, price optimization, and supply chain management. All these solutions are increasingly being used by retailers for benefitting from streamlined and automated operations, which are further aiding them to achieve their organizational growth goals.
