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Global Retail Artificial Intelligence (AI) Growth Opportunities
AI Solutions to Drive the Future Growth Potential in the Retail Space for Technology Providers
01-Sep-2021
Global
Market Research
PBEE-01-00-00-00
IT04380-GL-MT_25738
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
Why is it Increasingly Difficult to Grow?
The Strategic Imperative 8™
The Impact of the Top Three Strategic Imperatives on the Retail AI Market
Growth Opportunities Fuel the Growth Pipeline Engine™
Retail AI—Key Use-case Categories
Retail AI—Key Application Areas
Reail AI—Key Use-case Categories Explained
Retail AI Use-cases by Adoption Levels
Key Technology-related Developments
1. Personalized Offerings are Migrating from Online Retail to Physical Retail Touchpoints
2. AI-powered Dynamic Pricing Systems are Being Sought to Reestablish Price Competitiveness in Physical Retail
3. Computer Vision Solutions are Being Increasingly Deployed for Front-end Physical Retail Functions
4. AI-powered Visual Search Tools are Being Used to Eliminate Friction in the Online Search Experience
4. AI-powered Visual Search Tools are Being Used to Eliminate Friction in the Online Search Experience (continued)
5. eCommerce Retailers are Seeking to Introduce Predictive Retail Services to Enhance Customer Experience
5. eCommerce Retailers are Seeking to Introduce Predictive Retail Services to Enhance Customer Experience (continued)
Key Retail AI Acquisitions and Activities Since 2020
Investor Watch—Top 10 Funding Deals Since 2020
Summary—The AI-led Transformation of the Retail Vertical will Create New Growth Opportunities for ICT Vendors
The Way Forward—Checklist for Effective AI Adoption
Growth Drivers in the Retail AI Market
Growth Restraints in the Retail AI Market
Growth Opportunity 1: Chatbots and Virtual Assistants for Effective Interaction with Customers Across Multiple Communication Channels
Growth Opportunity 1: Chatbots and Virtual Assistants for Effective Interaction with Customers Across Multiple Communication Channels (continued)
Growth Opportunity 2: Augmented Reality Solutions to Enhance the Online Customer Experience
Growth Opportunity 2: Augmented Reality Solutions to Enhance the Online Customer Experience (continued)
Growth Opportunity 3: Retail-focused Visual Search Capabilities to Improve the eCommerce Search Experience
Growth Opportunity 3: Retail-focused Visual Search Capabilities to Improve the eCommerce Search Experience (continued)
List of Exhibits
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