The research highlights the main forecasts for retail tech in 2020
AI and robots: what to expect from 2020 retail tech market. Source: pixabay.com
CB Insights conducted research, revealing that computer vision and AI will enhance shopper and inventory tracking, as well as enabling more cashier-less checkouts.
The study found that retailers will look for more electronic shelf tags and mobile shopper analytics. This way, they will get the right deals to the right shoppers, driving loyalty and profitability.
It is also expected that AI will enable more personalized product recommendations, whereas brands will develop on-demand manufacturing. Besides, some retailers and brands will know consumers via facial recognition.
The research highlighted that retailers will deploy AR and VR across platforms. This way, they will enable try-on, product interaction, and customer service.
Car commerce, smart vending, and online-to-offline (O2O) pop-ups will multiply, according to the study. The reason for that is the need to expand retailers’ understanding of the customer journey to purchase.
Furthermore, marketplaces with more narrow missions will tailor experiences and assortments. This way, they intend to increase productivity and profitability.
The data found that automation and robots will speed up fulfillment in the store backroom, thus boosting efficiency on the floor. There will be more robotic last-mile fulfillment tests in urban areas as well.
CB Insights unveiled that stores will function as return depots, and startups will promise they can reduce returns.
At the same time, D2C (direct-to-consumer) food will remain competitive, since companies and meal delivery services narrow their audiences.
We’ve reported that global AI software market value is expected to jump from $22.6 billion in 2020 to $126 billion by 2025. AI is using automation, deep learning, and natural language processing to streamline business operations and decision making.
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