Retail spending on AI to reach $7.3B by 2022

Global retail spending on artificial intelligence will grow to $7.3 billion per year by 2022, up from an estimated $2 billion in 2018, according a study from Juniper Research. In coming years, retailers will spend heavily on AI tools that will enable them to differentiate and improve the services they offer customers. These will include automated marketing platforms that generate tailored, timely offers, and chatbots that provide instant customer service. Retailers are planning to spend more on AI, with customer service and sentiment analytics receiving the most attention, Juniper found in its most recent research. A key tool for retailers seeking to improve their customer experience will be applying AI to understand customer reaction to the products purchased and the service received.