Product ID: SQMIG45C2052
Report ID:
SQMIG45C2052 |
Region:
Global |
Published Date: February, 2024
Pages:
252
|
Tables:
95 |
Figures:
76
Artificial Intelligence In Retail Market Drivers
Rising Use of AI-powered Chatbots for Improved Customer Experience:
Artificial Intelligence In Retail Market Restraint
Lack of Infrastructure and Higher Implementation Costs to Limit Adoption of AI in the Retail Sector:
Usually, well known retail brands are always looking for the newest technologies for creating an improved genuinely engage of customers clients; but in developing markets many factors may limit a growing market. Masses and web-level retailers like Walmart have likely shifted to artificial intelligence (AI) powered managing both the in-shop and internet platforms. Before the advent of blockchain technology, SMEs and startups were facing a unique set of barriers hindering their coming to terms and adoption of modern technology due to absence of necessary infrastructure and inadequate technical skills. According to the IBM cloud-data service, whichever realistic value is known as 37% of practitioners thinks that the existence of AI expertise is a barrier while implementing these technologies (AI).
Data Security and Privacy Issues Present Contradiction:
As one of the main swimming pools for AI systems in retail is customer database with huge amounts of data, there appear the problem about data security and privacy. Retailers must comply with the strict regulations of GDPR and, among other things, make sure the robust cybersecurity measures are in place to prevent customer information from leaking out or unauthorized access, which may imply a loss of consumers' trust in form of a breach and retailer's reputation at stake.
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Product ID: SQMIG45C2052