Delhi. Delhi. The idea of digital transformation has penetrated almost every sector. This has brought a wave of technological progress. One innovation that has caught everyone's attention is Artificial Intelligence (AI). This cutting-edge technology, once limited to imagination, has now become a reality. And the truth is that there is going to be no reduction in its growth. According to Mordor Intelligence, the AI market size is expected to experience a remarkable CAGR of 31.22% from 2024 to 2029. So, it is now clear that AI is no longer just a buzzword; It has also become a proven ingredient for increasing the profits of an organization. However, if we talk about one sector that has seen massive growth with the continuous development of this new age technology, it is none other than the retail sector.
As AI gains attention in retail, significant changes have occurred in the industry, including customized shopping experiences and inventory management optimization. Furthermore, the use of AI in retail has not only improved operational efficiency but also changed how firms engage with customers, resulting in increased sales and customer satisfaction. According to IDC, worldwide spending on AI-focused systems is expected to surpass $300 billion by 2026, with banking and retail being the leading industries.
E-commerce is also set to grow, with revenues projected to reach $163 billion by 2026, according to IBEF. Not only this; Multichannel retail, interactive shopping experiences and lightning-fast hyperlocal delivery will all make an impact in the years to come. Additionally, organized retail will also flourish thanks to government efforts for digital payments, GST reforms and better corporate standards. But wait – there's more! Tier II and III cities will also become hubs of retail development, bringing innovative formats and high-end malls. Now, the question arises: How is AI making shopping more luxurious and changing the game forever?
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