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Retailers’ AI Spending Expected to Quadruple by 2028

Machine learning and deep learning systems to spur explosive growth.

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Retailers’ AI Spending Expected to Quadruple by 2028
Infographic explaining artificial intelligence, machine learning and deep learning. PHOTOGRAPHY: elenabs/iStock.com

Spending on artificial intelligence (AI) in the retail sector is predicted to grow from $7.3 billion this year to $29.45 billion by 2028, a new analysis from Reportlinker.com finds. Driving that growth – which translates into an annual increase of 32.17 percent – will be ongoing innovations and implementations in machine learning and deep learning.

“Digital transformation in retail is about more than just connecting things,” the report notes. “It involves turning data into insights that guide decisions and lead to improved business results. AI largely produces these insights in retail, specifically via machine learning and deep learning.”

For retailers, the report says, “this results in fantastic customer experiences, chances to increase revenue, rapid innovation, and intelligent operations—all of which help set you apart from your rivals.”

One of the major ways retailers can use AI technology is to discern client intent. “Heat mapping in the store is one illustration. Cameras and computer vision work together to reveal which items are taken, which are returned, and where customers go after leaving the shelf. Retailers can utilize this information to develop experiences that encourage product engagement and aid in product education.”

Click here for more from the study, including top AI providers and the hottest geographic markets for such tech.

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Alex and Gladys Rysman are the third generation to run Romm Jewelers in Brockton, Mass. And after many decades of service to the industry and their community, it was time to close the store and take advantage of some downtime. With three grown children who each had their own careers outside of the industry, they decided to call Wilkerson. Then, the Rysmans did what every jeweler should do: They called other retailers and asked about their own Wilkerson experience. “They all told us what a great experience it was and that’s what made us go with Wilkerson.” says Gladys Rysman. The results? Alex Rysman says he was impressed. “We exceeded whatever I expected to do by a large margin.”

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