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Nowadays, retail industry is in a constant state of transformation. The sector highly depends on data from its own operations and customer analysis as a whole to make crucial decisions. The retailers are attempting to survive the fierce competition on the market and fast-changing customer shopping habits using technology. Artificial intelligence in retail industry comes with several benefits such as predictive merchandising, programmatic advertising, market forecasting, in-store visual monitoring & surveillance, and location-based marketing. The implementation of technology has impacted constant changes in CRM and sales, manufacturing, logistics and customer service. Big data in retail is an add-on to the already decorated technological advancements. Artificial intelligence in retail market is expected to grow at a CAGR of 34.4% from 2020 to reach US$19.9 billion by 2027. With technology at its core, retail business owners are investing in cutting-edge trends including robotics, data analytics, and logistic automation. Soon, brick-and-mortar retail stores will work like online stores with the power of digitization. Analytics Insight has listed the top 10 AI companies that are redefining the retail industry.
International Business Machines (IBM) is a global technology company that provides hardware, software, cloud-based services and cognitive computing. Founded in 1911 following the merger of four companies, IBM is changing the digital world with its cloud and data-driven technologies. The company's retail technology solutions fuel the industry's digital transformation, providing elevated omnichannel customer experiences. Retail and consumer product companies can leverage IBM's data and technology to create unique customer experiences, improve agility and optimize the supply chain.
Artifiacia is a Bengaluru, India-based AI company that helps merchants use authentic customer photos and videos in their marketing to deliver better commerce experiences to millions of users around the world. The company builds and leverages cutting-edge machine learning and computer vision algorithm to power its customers and bring product innovation to the market.
Intel Corporation is an American manufacturer of semiconductor computer circuits. Headquartered in Santa Clara, California, the company is now serving many purposes with futuristic technologies. The company's retail digital transformation is powered by analytics and artificial intelligence. By taking massive amounts of data and transforming it into actionable insights, retailers can create an incredibly personalized, hyper-convenient experience that leads to greater loyalty and revenue.
Signifyd is a SaaS-based, enterprise-grade fraud technologic solution for retail and e-commerce stores. It simplifies fraud detection through a financial guarantee, allowing businesses to increase sales while reducing fraud losses. The solution solves various market issues like lost in chargebacks, customer dissatisfaction from mistaken declines, and operational costs due to tedious and manual transaction investigation.
Sentient Technologies is an American artificial intelligence-based technology company headquartered in San Francisco. Sentient operates distributed artificial intelligence on an unprecedented scale, routinely running multiple distributed AI jobs on millions of AI processing nodes, producing actionable results validated on large and complex datasets. The company offers platforms to cater for the needs of retailers with solutions by AI technology and is classified as SCALE, evolutionary intelligence and deep learning.
SAP (Systems, Applications and Products) was founded in Walldorf, Germany, and now has offices around the world. Originally known for leadership in enterprise resource planning (ERP) software, SAP has evolved to become a market leader in end-to-end enterprise application software, database, analytics, intelligent technologies and experience management. SAP leverages advanced technologies for retail industry to make business services hurdle free.
Infinite Analytics is a Cambridge, Massachusetts and Mumbai, India based company that was founded with an intention of becoming the premier artificial intelligence and personalization engine in the retail and e-commerce search and recommendation space. Since its founding in 2012, the company has built a great reputation in the marketplace with disruptive solutions. Through the use of Natural Language Processing (NLP), machine learning and predictive analytics, Infinite Analytics predicts user's behaviour for retail applications.
Standard Cognition is a software development company that provides technology to help retail stores see what people are picking up off the shelves and eventually purchasing and walking out without having to wait in line to pay. It empowers customers to shop without waiting in long lines, scanning or stopping to check out. Available to any retailer, the solution helps reduce labour costs, improve the customer experience, and enhance profit margins. It also helps small-size retailers to compete with large chains and online offerings.
Bloomreach is an API company that helps retail and e-commerce customers to create, personalize and scale shopping experience. Bloomreach's flagship product, brX, is the only digital experience platform built specifically for brands, retailers, and B2B companies who want to grow their revenue online while delivering each of their customers a premium, personalized commerce experience. The company allows developers to build, deploy and modify pages without any code.
Deep Instinct is a cybersecurity company that applies deep learning to find threats. By leveraging deep learning's predictive capabilities, Deep Instinct's on-device solution protects against zero-day threats and APT attacks with unmatched accuracy. The company's uncharted territory of deep learning finds a security product that would stop even the most sophisticated types of attacks.
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