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7 Revealing Stats About AI in Retail You Need to Know

The world is changing every day and so is the Artificial Intelligence industry in fact faster. Traditional methods are here from a very long time and everybody knows it, to deliver something extra we need to push the boundaries of traditional methods and I believe AI is there to help especially in business growth. AI can show us the parameters which can never be seen with traditional methods that is what we call Advanced Analytics. It will enable Retailer and business to see the opportunities which were never seen with traditional business hence can lead to significant revenue increase or cost optimization.

As the AI industry is evolving at an intense rate, we can see enormous stats changes taking place with it. The AI technology is impacting every other industry with its advanced applications, like making more efficient workflow in the health care industry, helping in the education sector in administrative tasks and reducing overhead costs in the manufacturing world.

Companies which are producing autonomous machines, and Rich Technologies like a machine where a vacuum apparatus harvests mature apples from trees. These harvesting technologies are really innovative in many ways. These machines work on the basis of machine vision and sensor fusion to see where harvest fruits are. This is the kind of functionality that is very much in the “artificial intelligence” field and mimics human cognition and directed action.

 

AI robotics is filling a need for labors like never before.  AI is changing the way we think, interact and work on a day to day basis.

Here are some stats that will give you an idea of how common AI technology is nowadays.

  1. AI Global Annual Spending

A recent report estimated that global annual spending on AI by retailers is estimated to reach $7.3 billion by 2022. International Data Corporation (IDC) predicts that the annual growth rate for global spending on AI will be 50.1%. Companies will spend massively on AI tools that will help them differentiate and improve the services they offer to customers. Such technology has demonstrated ways to significantly improve customer experience and optimize operational and inventory efficiency.

A study found that 34% of shoppers will spend more money online and about 49% said they are willing to shop more frequently online when AI is present.

  1. More Retailers are Implementing AI

From only 4% of retailers that were deploying AI in 2016 to over 28% of retailers deploying AI in 2018, AI acceptance among retailers increased a lot. As more and more capabilities and use cases are known around advanced analytics and AI technologies, investments and adoption of such tools will continue to stimulate across the globe. Some of the leading countries with the highest penetration of AI within retail include France and the UK.

  1. Big Retailers Take the Lead

Research also suggests that larger retailers, with over $10 billion in revenue, are more proactive in adopting AI technology than other retailers in the market. Approximately 41% of the top 100 retailers surveyed responded they were currently working with AI.

  1. The next big marketing trend is seen as being consumer personalization (29%), followed by AI (26%). About 38% of consumers believe that AI will improve customer service.
  2. 47% of digitally mature organizations, which are those with advanced digital practices, have a defined AI strategy.
  3. Currently, the largest retailers are deploying AI at the highest rates. For large retailers, with revenue greater than $10 billion, 24% invest between 5% and 10% of their IT spend in AI. Just 7% spend on AI with revenue below $10 billion a year.
  4. Around the globe, robot imports have increased from around 100,000 in 2000 to roughly 250,000 in 2015, according to IDC.

All these above stats help in understanding and implementing AI that has become vital for retailers. Whether you’re a large retailer or an independent store, AI is going to play a key role across almost every sector of the organization – from improving personalization to managing stock and more