A report from Meticulous Research projected that the Artificial Intelligence (AI) in Retail Market to Reach $57.8 Billion by 2030, at a CAGR of 41% from 2023 to 2030. The report said: “The growth of the AI in retail market is driven by factors such as the growing awareness about AI and big data & analytics, the adoption of multichannel or omnichannel retailing strategies, and the need to enhance end-user experience and improve productivity. The increased adoption of AI-powered voice-enabled devices and the growing number of smartphones are expected to create growth opportunities for the players operating in this market.”
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Meticulous Research added: “Based on type, the online retail segment is expected to account for the largest share of the artificial intelligence in retail market in 2023. In the online retail sector, AI helps enhance customers’ purchase decisions, informs the availability of alternative or new products, optimizes buying processes, identifies new markets, and automates workflows. In addition, AI solutions enable retailers to overcome geographical limitations, gain new customers with search engine visibility, locate products quicker, and enable customers to compare products. These factors drive the growth of this segment.”
Technological advancements in AI are increasingly disrupting various functions across industries, including retail. The emergence of smart technologies for various applications in these industries is increasingly creating opportunities for the integration of AI-powered voice recognition tools as a part of smart solutions to further improve end-user experience.
In addition, the widespread adoption of smart gadgets and smart devices among consumers is increasingly driving the demand for various AI-powered voice and speech-enabled tools in the retail industry. Retail organizations are continuously reassessing consumer preferences and aligning categories and offers accordingly to improve customer engagement and product demand.
This requires agile demand planning and a clear prioritization of focus resources, which contributes to the growing demand in the AI in retail market. Many leading retail players eyed this crisis as a new opportunity to revisit and restructure their existing strategies and develop advanced product portfolios.
In addition, factors such as favorable government policies & initiatives, including financial packages, tax rebates & incentives, employment packages for employees, rent reduction for shops, and increasing investments in advanced technologies are further expected to contribute to the growth of the artificial intelligence in retail market.
Groupe Technologies Corp. (Frankfurt: 5VS) (“VSBLTY”), a leading software provider of AI-driven security and retail analytics technology, is pleased to announce the successful launch of its “Store as a Media” in Brazil. Many years of partnerships and experience have culminated to achieve this new joint venture. VSBY has been able to attract industry leader as partners whose vision aligns with ours, it’s the perfect storm.
The partnership’s initial installations have been executed perfectly, on time on budget and already delivering advertising impressions.
Comment: What is different in this market is the precise selection of an established media player in the out of home ecosystem that will allow us to avoid the growing pains of establishing store as a new media channel. We expect that our path to scale and revenue will be truncated because of this change.
The first installations of a planned 5000 have exceeded our expectations, this supply chain has no weak links thanks to our partners.
“Our dedication, experience and technology focused on the “Store is a Media” has given the Company the credibility to have some of the world’s largest companies in their industries to partner with us. To have one of the worlds’ best known consumer goods companies and one of the worlds advertising giants as partners a great achievement for our firm, especially when our visions align so well.” stated VSBLTY Co-founder & CEO Jay Hutton.”
The company and its partners are installing media screens in stores that will generate AI driven advertisements customized to the demographic of the consumer, such as age, gender, time of day and other data points. This technology can provide data that no other form of advertising can deliver. The Company’s technology using its AI based software can report for example that a 30-year-old female watched their advertisement for 4 seconds and it led her to purchasing the projected product.