AI in Retail Market to reach $8bn by 2024 Artificial Intelligence (AI) in Retail Market | Page 3

U.S. Artificial Intelligence (AI) in Retail Market Share, By Technology, 2017
(USD Million)
Softbank Robotics America has also deployed Pepper in stores in California and has
yielded a 70% rise in foot traffic. Following this instance, Pepper spent time in a
fashionable apparel store, the Ave, and the retailer experienced a 98% increase in
customer interaction, as customers were less intimidated about asking questions to
an AI creation, subject to the lack of fear of being judged as silly. There was also a
remarkable 300% increase in revenue, apparently. In 2016, Nestle also expressed
plans to acquire Pepper robots to use them in Nescafe in Japan.
Though there is a popular fear that the widespread use of AI technology can cost
humans their jobs, a fact which can somewhat hinder artificial intelligence (AI) in retail
market growth, experts are of the opinion that AI can actually increase opportunities
and even create a novel job market. For instance, though the Amazon Go store did
not have a cashier there were plenty of people around the store who were needed to
help customers. Therefore, AI is essentially evolving the type of jobs humans are
needed to perform and increasing the scope of service on offer in the retail space.
The efficiency that AI can add to the workplace is anticipated to be blessing to the
retail industry workers. Combined with the human connection presented by the
average retail employee and the targeted marketing of AI, the retail industry is aiming
to make a big difference in the shopping scenario in future. As per estimates, artificial
intelligence (AI) in retail market size will be pegged at a remarkable $8 billion by 2024
– a substantially appreciable development from its initial valuation of $650 million in
2017.
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