Retail includes:

Consumer Products and Other Value Added Retail Products

Source: PwC Research

Core Benefits of AI in Retail

Startups capitalizing on these benefits reaped from AI

Sizing & Styling: FindMine, Invertex, Bold Metrics

Conversational Commerce: Satisfi, Conversable, Mona, Deepomatic, Niki.ai, Kip

In-Store Visual Monitoring: Eversight, Cosy (Cognitive Operational Systems), Trax Image Recognition

Visual Search: Staqu, ViSenze, Cortexica, Seez, GrokStyle, Heuritech

Real-Time Pricing & Incentives: ZenClerk, Personali, Granify

Natural Language Search: Twiggle, AddStructure

Integrated Online & In-Store Analytics: Plexure, Manthan Software Services

Location-Based Marketing & Analytics: DataBerries, Invisible Media, Grey Jean Technologies

Real-Time Product Targeting: Dynamic Yield, AntVoice, Reflektion

Multichannel Marketing: Unata, Thirdshelf, Emarsys, Jetlore, Tinyclues, Sidecar Interactive, SmarterHQ, Crobox, CrossCues, AgilOne

Predictive Merchandising: Blue Yonder, Celect

Network of physical locations and online capabilities lead to innovation

Walmart has a tech incubator called Store No. 8 in Silicon Valley to “incubate, invest in, and work with other startups, venture capitalists and academics to develop its own proprietary robotics, virtual and augmented reality, machine learning and artificial intelligence technology.”

Lauren Desegur, VP of customer experience engineering at WalmartLabs said, “We’re essentially creating a bridge where we are enhancing the shopping experience through machine learning. We want to make sure there is a seamless experience between what customers do online and what they do in our stores.”

Startups that are on the cutting edge of retail

Maxerience is involved in embedded system and visual intelligence to provide business analytics in consumer space. Their IP’s transform standard vision and detection algorithms to give an accuracy improvement of 3x in dynamic environments.

FaceMedia, implements face and body-detection based technologies to deliver solutions for retail, digital signage, and advertising. They help customers analyze consumer insights and identify key metrics about visitors of shopping malls.

DressLife empowers online shoppers to filter clothing according to their probability of keeping and liking the product based on an artificial neural network.

DigitalBridge is a magical room visualization tool that allows your customers to see what your home- decoration products look like in their room. Their computer vision technology analyzes and generates a 3D space to work from.

GoFindAI uses deep learning models on over 20 million images from 600+ US-based eCommerce stores. Once trained, the app’s intelligence analyzes patterns, structures, styles, and other details for recommendations.

Focal Systems deploys Computer Vision technology via an easy- to-use tablet mounted on shopping cart handle-bars. The tablet allows real- time out-of-stock detection for retailers, digital advertising for advertisers, and deal-finding for shoppers.

Other Benefits of AI in Retail

When provided with the sales data, machine learning can discover patterns in your customer's buying preferences and learn what they buy together. Based on this, AI can provide you with suggestions on what items to put next to each other in your store to get your customers to purchase more.

On-demand customization as the norm and greater availability of what you want, when and how you want it.
Ready to go: Product recommendation base on preferences.
Medium-term potential: Fully customised products.
Longer-term potential: Products that anticipate demand from market signals.

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