In the past few years, The Artificial Intelligence (AI) sector has seen a steady rise in the market. As a matter of fact, it is estimated that by the year 2022, its overall market share will grow from the current USD 993.6 Million to a whopping USD 5,034.0 Million at a Compound Annual Growth Rate of 38.3%. This form of growth has been associated with various factors. Some of these factors are such the demand for monitoring services at retail stores, enhanced user-experience, Return on Investment, improved productivity, and an ever-growing awareness.
As a way of attracting more people, AI technologies has developed an online retail market platform (Ecommerce Customer Experience) which will act as the supplier and buyer of products. The onset of this online platform will mark the entry of the largest market share during the forecast period. This online retail company will bring together the sale and purchase of CPG, electronic goods, FMCG, and other different kinds of life essentials. The good thing about this online store is the fact that unlike the previous manual brick-and-mortar stores, where customers were forced to stand for long hours on queues waiting to be served, the new online system creates a platform where customers no longer have to stand in long queues for hours to buy their preferred goods or get served.
Thanks to this online Ecommerce Customer Experience platform, customers can now purchase their goods and inquire about services by simply using their phones to launch the set applications or simply making an online payment via the designated websites.
The global AI retail market is segmented into different types depending on the demand. For instance, the most common segments are solution, technology, application, region, and the deployment mode.
The AI-based shopping system has not only been designed with the customer in mind, but the retailers as well have been considered. The online shopping platform will also attract other companies such as the competitors who might want to borrow a leaf of the new product. The online retail program will consist of product vendors such as Microsoft, IBM, Oracle, Amazon Web Services, Intel, Google, and NVIDIA.
The AI online interface will include four different dynamics namely devices, restrains, opportunities, and challenges. In devices, for instance, the growing awareness and subsequent application of the AI system will be considered. Restraints will include incompatibility concerns while the opportunities will bring together the growing number of smartphones and the adaption of a cloud-based system.