The European region is observing a substantial growth in the retail analytics market driven by the rising incursion of digitalization, shift in consumer preferences, the discrepancy in the supply chain, and rising investments in advanced technologies. It is estimated that the market will witness a noteworthy valuation of over USD 6 billion from Europe.
The retail industry has undergone a drastic makeover during the pandemic and is expected to have post-pandemic shockwaves. COVID-19 outbreak accelerated the significance of online shopping channels for consumers where Artificial Intelligence (AI) technology emerged as a key contributor. AI is being adopted by online and offline retail businesses to engage customers and improve sales turnover, boosting digital transformation. According to a recent study by Mordor Intelligence, global AI in the retail market is expected to register a CAGR of 35% for the forecast period of 2021 to 2026.
AI in retail is playing a significant role. The industry is witnessing a wave of conversational AI sweeping across the retail industry, and every brand is looking to add AI-based solutions to automate routine transactions and processes. By converting the online data of consumers into usable insights, retailers are able to make better business decisions. Additionally, chatbots and voice bots are an integral part of any major brand’s customer engagement strategy. They are helping customers in refining their search for a product, answer queries or suggest products linked to their shopping history. Such use cases help lower the number of human employees, significantly reduce operational expenses, and improve efficiency.
In this edition, Retail Tech Insights has compiled a list of the Top 10 AI Powered Retail Solution Providers in Europe. Besides, the magazine also includes insights from thought leaders in the sectors on the industry trends, recent innovations, best practices, and their advice for aspiring CIOs and CXOs.
We present to you Retail Tech Insights’ “Top 10 AI Powered Retail Solution Providers in Europe - 2021.”