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Artificial intelligence (AI) in retail is the application of artificial intelligence technologies to the retail industry. AI can be used in retail for tasks such as automated customer service, product recommendations, and fraud detection.
AI can improve the customer experience in retail by providing personalized recommendations and automated customer service. AI can also help retailers improve their operations by optimizing stock levels and identifying opportunities for cost savings. Finally, AI can help retailers detect and prevent fraud.
The key players in the Artificial Intelligence (AI) in Retail Market are Google LLC, Salesforce.com Inc., Oracle Corporation, SAP SE, Accenture PL, Infosys Limited, Intel Corporation, Amazon.com Inc., ViSenze Pte. Ltd. and Evolv Technology Solutions Inc.
Artificial intelligence in retail is still in its early developmental stages. However, there are a number of potential applications and use cases that are starting to emerge. The key drivers of AI in retail can be summarized into three main areas:
1. Enhancing the customer experience: AI can be used to personalize the shopping experience for customers and provide them with recommendations for products and services that they may be interested in. This can help to increase customer satisfaction and loyalty.
2. Improving operational efficiency: AI can be used to streamline and automate various retail operations such as inventory management, order fulfilment, and customer service. This can help to improve efficiency and reduce costs.
3. Generating new insights: AI can be used to analyze large data sets to generate insights that can help with decision-making around product development, marketing, and pricing. This can help retailers to better understand their customers and stay ahead of the competition.
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The Artificial Intelligence (AI) in Retail Market is segmented by type, technology, and region. By type, the market is classified into online and offline. By technology, the market is bifurcated into machine learning and deep learning, NLP, and others. By region, the market is divided into North America, Europe, Asia-Pacific, and rest of the world.
There are three key trends in Artificial Intelligence (AI) in Retail technology:
1. The use of AI to personalize the shopping experience
2. The use of AI to improve customer service
3. The use of AI to streamline the supply chain
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