With physical storefronts still accounting for 87% of all retail sales in the U.S. and retailers focused on brick-and-mortar innovation in their fight for efficiency, AI is predicted to have a disproportionately large influence on the retail industry in 2023.
Related post: Retail automation is changing the retail industry
By 2028, the global market for AI in customer service, which will offer real-time tailored support and suggestions to customers, is predicted to reach $24.1 billion, growing at a CAGR of 24.4%. Customers will be able to quickly locate goods by taking a photo or uploading an image, thanks to the increased use of AI-powered visual search and image recognition technologies. AI will optimise shop layouts, enhance inventory management, and increase supply chain efficiency using a variety of data sources, including in-store consumer interactions and store layouts, which will save costs and increase revenue. Predictive analysis and demand forecasting will also be supported by ambient computing and AI, enabling shops to foresee customer patterns and modify their product lineups appropriately. It is anticipated that in 2023, the adoption of AI will increase even more. AI adoption may be a major driver of competitive advantage.
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