ARTIFICIAL INTELLIGENCE IN RETAIL MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Key Developments

• In January 2024, Lenovo, a global technology leader, launched its AI-powered, end-to-end retail solutions designed to support smarter, safer, and more secure experiences for retailers and shoppers across any category. These solutions aim to help retailers reduce loss, grow business opportunities, and enhance customer experiences through intelligent transformation.
• In January 2024, Salesforce announced new AI-powered tools and data innovations to transform every shopping experience. Powered by the Einstein 1 Platform, these AI-infused tools for commerce and marketing help retailers and marketers optimize customer interactions by leveraging real-time insights into shopper preferences and behaviour. By integrating generative AI capabilities into Salesforce Commerce Cloud and Marketing Cloud, businesses can create more personalized experiences, increase customer loyalty, drive revenue growth, and boost employee productivity.
• In May 2023, Upliance.ai, a consumer hardware startup focused on smart appliances, integrated ChatGPT into its flagship product, DelishUp, a smart cooking assistant designed to simplify the cooking process through automation. This innovative integration allows users to receive personalized recipe suggestions and real-time assistance while cooking. Additionally, Upliance.ai plans to expand its product line into the home appliances category, establishing a strong presence in the artificial intelligence sector within the retail industry.
• In February 2023, Google, a leading technology company known for its innovative cloud solutions, partnered with Accenture, a global professional services firm, to launch new tools aimed at helping retailers innovate their businesses and leverage cloud technology. This collaboration involved integrating Accenture's ai. RETAIL platform with Google Cloud, building on their joint successes to provide retailers with enhanced capabilities for modernization and growth.
• In January 2023, EY (Ernst & Young), a global leader in assurance, consulting, strategy, transactions, and tax services, launched the EY Retail Intelligence solution built on Microsoft Cloud. This innovative solution is designed to provide clients with a time-saving and secure shopping experience by leveraging Microsoft Cloud for Retail and its advanced technologies, including artificial intelligence (AI), analytics, and image recognition, to deliver valuable insights across all customer touchpoints.