Sustainability and efficiency are some of the challenges of Retail for 2023; to face both, the best ally is Artificial Intelligence. In the coming months, the sector will experience a major boost in innovation, digitization and technological transformation, with Big Data and Artificial Intelligence being the protagonists of this change.
The Artificial Intelligence market, worldwide in the entire Retail sector, is booming and according to The Market Study Report, is expected to reach $24 billion in 2027, rising from $3 billion in 2020 and showing a year-on-year growth rate of 29.7%.
Why apply Artificial Intelligence in Retail in 2023
A strategic retail alliance with an Artificial Intelligence company can bring benefits such as:
-Access to advanced AI solutions: working with an AI company can open doors to cutting-edge solutions that might otherwise be costly or difficult to develop in-house.
-Expertise and expertise: An AI company can provide specialized knowledge and experience, which can help maximize the potential of the technology.
-Improved efficiency and productivity: AI solutions can help automate manual and repetitive tasks, freeing up time and resources to focus on strategic activities.
-Competitive advantage: By using AI to improve business processes, advantages can be gained over the competition, such as keeping abreast of the latest trends, taking advantage of innovation opportunities.
Currently, it is estimated that one in three Retailers is firmly committed to the use of Artificial Intelligence to develop personalized strategies, either through the use of Big Data tools or models based on Machine Learning.
So AI in the Retail sector :
-Improved efficiency: AI can help retail companies automate repetitive tasks and optimize their business processes, which can improve efficiency and reduce costs, increase sales and reduce overstock.
-Increased data analytics capabilities: AI can process large amounts of data faster and more accurately than humans, which can provide retail companies with deeper and more detailed insight into their operations and their customers.
-Customization of customer service: AI can be used to provide more personalized customer service tailored to individual customer needs, which can improve the shopping experience and build customer loyalty.
-Innovation: AI companies are pioneers in the development of innovative technologies.
If you want to know more about Artificial Intelligence and its benefits for the Retail sector in 2023, at Analyticalways we tell you everything the ROIvolution tool can do for Retailers. Lead the Retail change!