Brooklyn, New York, Dec. 13, 2023 (GLOBE NEWSWIRE) -- According to a new market research report published by Global Market Estimates, the global generative AI in retail market is expected to grow at a CAGR of 10.4% from 2023 to 2028.
With the growth of online shopping, retailers are seeking ways to stand out in a competitive market. Generative AI helps in creating unique and visually appealing content, from product designs to marketing visuals, improving the online shopping experience.
Key Market Trends
- Personalized Shopping Experiences: Generative AI is enabling retailers to create highly personalized shopping experiences for individual consumers. Through advanced algorithms, AI analyzes customer preferences, purchase history, and behavior to generate tailored product recommendations, personalized marketing content, and even virtual shopping assistants. This level of personalization enhances customer satisfaction, increases engagement, and contributes to higher conversion rates.
- Visual Merchandising and Content Creation: Generative AI is revolutionizing visual merchandising and content creation in the retail industry. AI-powered tools can generate high-quality and contextually relevant visuals, including product images, videos, and virtual try-on experiences. This not only streamlines the content creation process but also ensures consistency across various channels. Retailers can dynamically generate content that resonates with their target audience, fostering a visually compelling and immersive shopping environment.
- Inventory Management and Demand Forecasting: Generative AI is playing a crucial role in optimizing inventory management and demand forecasting for retailers. By analyzing historical sales data, market trends, and external factors, AI algorithms can generate accurate demand forecasts. This aids retailers in maintaining optimal inventory levels, reducing overstock and stockouts, and ultimately improving supply chain efficiency. The ability to predict demand patterns with precision helps retailers optimize their product assortment and make data-driven decisions to meet customer expectations.
Browse 147 Market Data Tables and 115 Figures spread through 163 Pages and in-depth TOC on “Global Generative AI in Retail Market - Forecast to 2028’’
Key Market Insights
- As per the end user outlook, the supermarkets and hypermarkets segment is expected to be the largest segment during the forecast period
- As per the application type outlook, the supply chain & logistics segment is analysed to be the largest segment during the forecast period
- Asia Pacific is estimated to be the fastest-growing region in the global market
- North America is analyzed to account for largest share of the global market during the forecast period from 2023-2028
- Key players operating in the global generative AI in retail market include IBM Corp., Microsoft Corp., Intel Corp., Oracle Corp., Google LLC, AWS Inc., S.A.E., Adobe, Infective AI, and Anthropic, among others
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By Application Type (Revenue, USD Billion, 2023-2028)
- Supply Chain & Logistics
- Sales & Marketing
By End User (Revenue, USD Billion, 2023-2028)
- Physical Stores
- Online Stores
- Supermarkets and Hypermarkets
By Regional Outlook (Revenue, USD Billion, 2023-2028)
North America
- U.S.
- Canada
- Mexico
Europe
- Germany
- U.K.
- France
- Spain
- Italy
- Netherlands
- Rest of Europe
Asia Pacific
- China
- India
- Japan
- South Korea
- Thailand
- Indonesia
- Malaysia
- Singapore
- Vietnam
- Rest of APAC
Central and South America
- Brazil
- Argentina
- Chile
- Rest of CSA
Middle East and Africa
- Saudi Arabia
- UAE
- Israel
- South Africa
- Rest of MEA
Contact: Yash Jain
Director - Global Accounts & Strategic Advisory
Email address: yash.jain@globalmarketestimates.com
Phone Number: +1 6026667238
LinkedIn: https://www.linkedin.com/in/yash-jain-global-market-estimates/
Website: www.globalmarketestimates.com
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