Retailers have begun to embrace artificial intelligence (AI) in attempt to enhance customer experiences and improve operational efficiency. Many retailers across different sectors such as apparel, homewares and health & beauty have made strides in providing consumers with a new way to shop using AI. The use of AI can increase overall customer engagement and by integrating AI technology, retailers can offer a degree of personalisation allowing them to create a better customer loyalty strategy. The report provides an overview of AI in the retail and apparel sector, discusses the impact of COVID-19 on the theme, highlights the players that have invested in AI and calls out the laggards that have not invested enough. The report also outlines the AI value chain, discussing machine learning, the importance of data science, computer vision, smart robots, AI chips and context-aware computing. At the end of this report there is also a thematic scorecard where retailers are given a rating based on their investment in AI technologies, giving insight into where different companies stand in comparison to each other.
- Retailers are facing challenges in enticing consumers back to their bricks-and-mortar stores, amid the ongoing rise of online. In attempt to do so, retailers have begun to embrace AI to enhance the instore shopping experience. Retailers have also adopted AI in attempt to elevate convenience for customers and remain at the forefront of consumers' minds when shopping.
- As a result of the shift to e-commerce driven by COVID-19, retailers have adopted AI-integrated personalisation as a method to yield greater customer loyalty.
- Retailers that implement AI are revolutionising operational processes by making tasks more efficient. Operators in the retail and apparel space can use AI to find optimal suppliers and adjust prices based on competitors' offerings. By utilising AI as a tool, operators can better stand out among competitors and appeal to consumers in an increasingly digital world.
- GlobalData provides insight into the theme of AI within the retail and apparel sector. The report provides an overview of AI, how AI is shaping the retail and apparel landscape, the benefits of incorporating such technologies, and the challenges that retailers face in doing so.
- The report also outlines the retail and apparel players that have successfully integrated AI-related technologies into their business operations providing case studies, while also revealing the operators that are lagging within this theme.
- GlobalData takes a deep dive clearly outlining the AI value chain, discussing the important components that drive AI including machine learning, data science, conversational platforms, computer vision, AI chips, smart robots and context-aware computing. The document provides market size and growth forecasts for the Global AI platform and mentions key mergers and acquisitions relating to the AI theme within the retail and apparel market.
Reasons to Buy
- Gain a better understanding of AI, its functions and how it is being used within the retail and apparel space.
- Gain an understanding of the challenges that retailers face when embracing AI
- Learn about specific cases where AI has been successfully integrated in retailer operations, providing clairty on the actions of competitors.
- Better understand the components in the AI value chain.
- Learn about the key mergers and acquisitions relating to AI in the retail and apparel space.
- Get access to GlobalData's thematic scorecard rating where operators have been given a rank based on their investment in the AI theme.
- Learn about the leading AI adopters and vendors in retail and apparel alongside specialist vendors in the AI space.