As the modern world seeks innovation and convenience, retail providers are faced with the new challenge -- to keep up with the trend or fall behind. Due to this, many retailers are delving into the latest technologies that seek to address the new needs of their businesses, and that may mean looking toward enterprise software development. Let's look at how retailers are innovating and dive deeper into their artificial intelligence and robotics solutions. According to Statista, by 2021 online e-commerce sales are set to total a record of $4.8 trillion (USD). Meanwhile, in 2018 this amount was estimated at a lower $2.8 trillion.
Tesla and SpaceX CEO Elon Musk is renowned for making dire predictions about how artificial intelligence will be a threat to humankind. While it's not yet self-evolving to the point of being an imminent danger, in 2017 AI did grow like crazy. At least that's the topic several CEOs wanted to mention when asked what they saw as the biggest trends in tech this year.
Artificial Intelligence in retail market is expected to grow at CAGR of 38.5% during the forecast period, 2019–2026. AI has become a cardinal element across various industry verticals for digitalization, especially in the retail segment. According to the World Economic Forum, e-commerce is on the verge of becoming the most important retail channel, driving 42% of consumption growth and 90% of the growth from mobile e-commerce. Thus, implementing advanced technologies in e-commerce, such as artificial intelligence, would offer better prospects for the retail industry in the coming years. AI is predicted to unleash a digital disruption in retail with prominent industry players ramping-up their businesses.
There's an endless sea of content as it pertains to best practices, how to leverage AI for your business, how it will impact consumers, and the list goes on (way on). The truth is, some AI is too complex and unnecessary for businesses to be worrying about investing in for their brand at this stage, especially given current and short-term demands. But with constant talk of AI and automation in the media, the pressure is on, it's tense, and it's noisy. In an attempt at cutting through that exact noise, insights were gathered from 11 tech leaders that go deeper on where that focus should be (and why). Businesses need to carefully and methodically weigh their options on whether or not AI is right for them and if so, methodically plan their roadmap accordingly to ensure both product and consumer longevity.
The range of technologies that comprise artificial intelligence (AI), including natural language processing-driven bots, machine learning (ML) and deep learning, along with robotic process automation (RPA), are changing the ways in which business is done across a number of industries, from insurance, to legal and financial services, through to retail, travel, hospitality and transportation. The impact of AI on these particular industries is hard to overstate. What we are seeing here across the board is far more than a trend. These technologies are revolutionising and re-inventing these industries in ways that go far beyond just automation – they are speeding up and reshaping existing business processes, while enabling new ones that were not possible earlier. Similarly, as some job roles disappear, many others will be created to help train, explain and sustain these algorithm-driven business processes.