“According to insights from IDC, retail leads in both spending and adoption of AI technology. In 2018 retailers put $3.4 billion toward AI tech, compared to bankers’ $3.3 billion. Banking, manufacturing and healthcare all fall behind the retail sector’s projected adoption rates of 54% over the next three years. In the next 12 months alone, 41% of retailers plan to invest in AI and machine learning solutions.”
Source: Grocery Dive
Why is retail becoming the fastest adopter of AI technology? AI promises to deliver personalized insights on consumers at scale, and as consumer-facing businesses, retail outlets have a lot to gain from the implementation of this technology. Some of the strongest uses of AI come from delivering personalized marketing experiences to customers, including the facilitation of buyer decisions through customized recommendations. Companies including Uniqlo, Macy’s, and Olay are already experimenting with ways in which AI can help customers make tough choices from the increasingly varied assortment of products out there. AI promises to deliver the breakthrough capability to continue offering a plethora of choices without overwhelming the consumer.