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Artificial Intelligence is Making its Mark in the Retail Industry

siliconreview Artificial Intelligence is Making its Mark in the Retail Industry

In 2017, artificial intelligence has registered a global wide share of $650 million. It is predicted to record a CAGR of 40% in coming years 2018 – 2024. Artificial inelegance is one of the fastest growing verticals in the retail market. With the increase of e-commerce platform and large technologies which include artificial inelegance, it is evident that the retail market will surely grow in the future. Artificial intelligence in retail is also synced with blockchain, Internet of things (IoT) and AR. The main reason for synchronizing is to give many consumers better interface between the apps and the person using it.

Many companies, for example, Baidu, Alibaba, and Tencent are implementing artificial intelligence in its own market. Baidu mainly grasped attention by providing convenience stores in order to manage food stock with the help of Artificial Intelligence. Keep in mind this company is supporting Ping++ which is an AI service provider ever since 2017 from the month of September. By optimizing PaddlePaddle (deep learning platform designed by Baidu) along with a CTR model a positive impact occurred on sales. Hence, Baidu introduced this model to various stores for testing.

These three giants are currently competing with the U.S in terms of resource and capital. Not to mention, they are currently positioning themselves to be the future of “AI platforms”. Expanding in various countries and also investing heavily in U.S. based AI startups; the three major companies mentioned above are growing at a rapid speed. There might be more innovations in the future; all we can do is wait.