AI Industry report to 2026 – Machine Learning expected to grow, Food and Grocery to augment significant growth
Machine Learning Technology is Expected to Grow Significantly
- Machine learning is one of the key technologies that is expected to create value for retailers as more and more businesses take advantage of Big Data. Retail companies are using advanced analytics to get insights into consumers buying behavior.
- AI is revolutionizing shopping experiences by making them more personalized, efficient, fruitful, and relevant. Amazon introduced the Amazon 4-star retail store that will showcase 4-star products rated based on its product recommendation engine that identifies trending products and customers’ favorites.
- According to IBM, 62% (global) of retailers reported that the use of information (Big Data and analytics) is providing an edge for their organizations. Such non-relational databases are ideal for real-time applications that generate huge amounts of data, making them suitable for deploying machine learning algorithms.
Food and Grocery to Augment Significant Growth
- AI in the food and grocery retail market helps in the pricing and promotion of the products in the store.
- Many foods and grocery retailers in the region have deployed AI-based solutions to optimize their supply chain operations and inventory. AI is helping retailers in maintaining and managing their customers and understanding their buying patterns of them. AI technologies are adopted by both online and offline retail businesses to engage customers and improve sales turnover.
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