AI IN RETAIL BOUNDLESS OPPORTUNITIES

Sachin Dev Duggal, Co-Founder & CEO of Engineer.ai - created an AI platform for software building, NOAH Conference London

According to a research report "Artificial Intelligence in Retail Market by Type (Online, Offline), Technology (Machine Learning and Deep Learning, NLP), Solution, Service (Professional, Managed), Deployment Mode (Cloud, On-Premises), Application, Region - Global Forecast to 2022", published by MarketsandMarkets, the AI in retail market size is expected to grow from USD 994 million in 2017 to USD 5,034 million by 2022, at a Compound Annual Growth Rate (CAGR) of 38.3%.

The key factors driving the adoption of AI in retail market include increasing need to streamline omni-channel retailing and customer turnover.Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=36255973The machine learning and deep learning technology is expected to have the largest market share during the forecast periodIn terms of technology, the machine learning and deep learning segment is expected to continue to have the largest market share throughout the forecast period.

Organizations functioning in the retail industry are using machine learning and deep learning technology to offer more personalized experience to end-users as well as provide an interactive environment to them.

Further, the major reason for rising adoption can be attributed to the need for streamlining retail operations and to minimize efforts and to increase revenue for retailers.The visual search solution is expected to grow at a high CAGR in the global AI in Retail market during the forecast periodThe need for visual search solution is expected to grow due to its gaining popularity among e-retailers as well as shoppers.

This visual search solution is observing surge in demand due to its attractiveness of searching products by uploading pictures instead of basic text based search.

Also, searching through uploading images simplifies the search and increases the customer turnover for e-retailers as they can offer more options to shoppers for similar products.North America is expected to constitute the largest market share in the AI in Retail market and APAC is expected to grow the highest CAGR during the forecast period to grow at the highest CAGRIn terms of market share, North America is expected to continue to dominate the market with the highest market share among all regions during the forecast period.

Sachin Dev Duggal Engineer.ai explains how he wants to bring the cost of creating an app down for businesses and make it simpler than ever to do so.

Engineer.ai founded in 2016, and the ‘Builder’ platform will be launching in June.

The company was founded because to create a platform that would enable anyone to make a software idea into a reality without needing expertise knowledge in development and coding.

However, it is not necessary that you get results as per the efforts you put in.

More Locations- More Accessibility- More SalesConsider that a retail business provides good customer experience and brilliant products at an inexpensive price.

However, what if the outlet is accessible only to a limited number of people?

Considering that, people have come up with the concept of Pop-up Stores.

As you won’t need to set a permanent store, the investment will be low enough, making sure you face no loss during this experimentation.Take the support of online marketing techniquesOne must know the competition.

This certainly improves sales.Social Media MarketingThose little icons in everyone’s mobile devices are more powerful than any other offline marketing platform.

Especially amid movement restrictions induced by the COVID-19 pandemic, research shows that global online sales jumped to $26.7 trillion in 2020.

With the rise of ecommerce, one thing is abundantly clear: brick-and-mortar retailers need to innovate if they want to stay competitive.

Among the most promising applications of computer vision include inventory management, loss prevention, automated checkout, and behavioral analytics.

The company holds 23 patents on its technology and can analyze images from phones, in-store cameras, and grocery store robots.Trax uses computer vision technology to scan shelves in stores and identify what is neededAutomated checkoutStandard.ai: Previously known as Standard Cognition, Standard.ai’s automated checkout solution is made to fit with retailers’ existing stores and technology.

Standard doesn't use any facial recognition or biometrics, and all deployments are on-premise to ensure maximum performance and security for retailers and shoppers alike.Trigo: Using proprietary algorithms and affordable off-the-shelf sensor kits, Tel Aviv-based Trigo allows retailers to analyze anonymized shoppers’ movements and product choices in real time.

Once a customer reaches a certain threshold, the system sends an alert, along relevant video clips, to the appropriate staff member.Clips from the VaakEye product demo videoBehavioral analyticsDeep North: Deep North provides an analytics platform that builds real-time video intelligence for retailers based on video data from CCTV and other cameras that those retailers already use.