Retailers today are faced with mounting pressure to maximize their bottom lines while maintaining cost expectations for consumers. But amid volatile market changes, ever-evolving customer expectations and increased competition online, this is increasingly challenging to realize.
Enter artificial intelligence (AI). Many retailers are turning to AI to help boost productivity while keeping costs in check. Research finds the global market size for AI in retail is expected to grow drastically, from $4.84 billion in 2021 to $31.18 billion in 2028. This sharp increase is attributed to surging demand for AI-powered retail solutions as the industry continues to undergo digital transformation.