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AI Solutions to Drive the Future Growth Potential in the Retail Space for Technology Providers
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With a record 12,200 outlets being shuttered in the US in 2020 alone, retailers across the world have pivoted to omnichannel strategies as part of the new normal. Even with reopening efforts well underway around the world, retailers are likely to persist with their omnichannel endeavors due to the pandemic accelerating shifts in customer behavior and the deployment of AI-based retail technology solutions. Developments in computer vision, natural language processing, and personalization engines are enabling quantum leaps in customer experience and retail operations. From increased personalization to frictionless customer service, retail AI solutions confer a host of benefits for retailers. The ravages of the pandemic, technological adoptions, and the shifting tastes of consumers are paving the way for the widespread adoption of retail AI technologies. With deep technological capabilities, large technology firms are launching forays into the retail space, acting as both partners and competitors with established retailers. This study will help retailers understand trends in the evolving retail AI marketplace as they consider investing in cognitive capabilities. It will also offer direction to technology vendors on how to chart their strategic priorities, such as partnerships, acquisitions, and building new capabilities to capitalize on growth opportunities in the retail AI space.Author: Deepu Nair
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