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Retail business is growing at an astonishing pace keeping the customer at the heart, spoiling them with jaw-dropping deals and effective payment options. Customers have slowly begun narrowing down their choices to connect with brands that in turn connect with them and provide them with personalized shopping experiences. This new age of customers expects the best shopping experience, that involves minimal efforts, and at the lowest cost. They want their favorite brands to be familiar with their preferences so that they can save time on unnecessary data entry points and have a seamless checkout experience.
Artificial Intelligence (AI) and Machine Learning (ML) have introduced a whole new level of shopping experience for customers looking to connect with their favorite retail brands. Every area in the retail business can be automated with the help of AI thereby increasing efficiency, accuracy, and customer satisfaction. With the help of AI, retail businesses can formulate data models to extract meaningful insights. This would further help them in efficient forecasting and make better data-driven decisions.
According to International Data Corporation, the Global AI market is expected to break the $500 billion mark by 2024 with a five-year compound annual growth rate (CAGR) of 17.5% and total revenues reaching an impressive $554.3 billion.
Let us take a deeper dive into some of the top use cases of AI in Retail:
With the help of a team of industry-led experts, Aress can design, develop, and deploy Artificial Intelligence and Machine Learning-based products and solutions to help your retail business achieve greater heights along with giving your customers a revolutionary shopping experience. We have already developed some ready-to-deploy AI models, chatbots with the help of Optical Character Recognition (OCR) and NLP technologies to address specific business objectives. Feel free to get in touch with our experts for a free consultation or visit https://www.aress.ai/ for more details.
Category: Analytics, Artificial Intelligence, Big Data and BI