Artificial intelligence in retail and e-commerce is injecting a fresh dose of energy, helping solution providers optimize their operations, explore new ways to engage with customers and take customer experience to the next level. The pursuit of personalization has emerged as the new frontier for achieving retail success.
Today’s digitally adept consumers are characterized by rapidly evolving preferences and demand tailored, instantaneous and seamless shopping experiences. AI, with its capacity to intuitively comprehend customer preferences and create customized services, stands as the ultimate solution for meeting these expectations. However, sustaining profitability in retail necessitates more than just fostering loyalty through enhanced experiences.
Retailers are confronted with formidable challenges such as geopolitical instability, economic fluctuations and the pressing issue of climate change. In this landscape, traditional approaches are losing efficacy, prompting the strategic integration of AI, which offers advanced analytics and predictive capabilities to enable retailers to swiftly adapt to market vicissitudes.
The global market for AI-based retail was valued at USD 7.14 billion in 2023 and is expected to experience substantial growth, reaching USD 85.07 billion by 2032 at a projected CAGR of 31.8 percent. The e-retail market size, on the other hand, is estimated at USD 6.27 trillion in 2024 and is expected to reach USD 8.48 trillion by 2029, growing at a CAGR of 6.23 percent during the forecast period.
In this edition of Retail Tech Insights, we explore recent developments in AI-based retail and e-commerce and how companies harness cutting-edge technologies to offer top-notch solutions.
We feature insights from industry expert Kelsey Knight, VP of Global E-commerce, Slumberkins, who discusses strategies for e-commerce businesses to thrive post-pandemic, emphasizing profitability, customer retention, internal alignment, incremental improvements and strong leadership. We also include perspectives from Sascha Netuschil, Head of Data Science, bonprix, who shares her 11-year journey as a data scientist, leading a team to develop AI-driven sales products and address challenges in retail tech.
In this edition featuring the Top AI-Based Retail Solutions Companies and Top E-Commerce Solutions Providers in 2024, we aim to help you find the right partner for your business requirements.
