Artificial intelligence as a major trend in retail is gaining even more momentum, according to reports out this week from Vantage Market Research and P&S Intelligence. This is no surprise to us here at Zippin where we’ve been leading the charge with our AI-powered checkout-free technology platform since launching our first store in 2018. We have since opened over 50 stores with innovators and market leaders.
Vantage Market Research estimates the Global Artificial Intelligence in Retail market will increase 34% over the next six years, growing from $2.938 billion in 2021 to $17.086 billion in 2028. Numerous factors contribute to this growth including improved productivity, maintaining the accuracy of inventory and supply chain optimization. Importantly, the report calls out a new era with a focus on improving customer outcomes and experiences using AI technologies.
P&S Intelligence estimates that the AI retail market will reach a value of $36.462 billion by 2030 in large part due to the fact that retailers are using the technology to personalize services and recommendations for shoppers. AI’s ability to predict behavior can help with supply chain planning, intelligence gathering and demand forecasting, the study says.
Innovative brands and retailers are already in on the ground floor
Retailer adoption of AI solutions is a fast-growing trend amongst our customers and partners—from concessionaires and venue operators, to airports and convenience stores. These innovative companies understand the positive impact AI can have on their business. And they've quickly seen how implementing checkout-free technology has allowed them to offer shoppers a significantly improved shopping experience, while increasing efficiencies and redeploying staff to better serve them.
Zippin's World-Class AI Team
Zippin's co-founder and Chief Scientist, Motilal Agrawal, leads the AI team at Zippin. Previously, Motilal specialized in machine learning and computer vision as a principal computer scientist at SRI International. There he led teams collaborating with researchers at Stanford, MIT, Carnegie Mellon, Columbia, and the University of Maryland, that moved AI applications to where they are today.
Enabling checkout-free technologies for retail is a complex task, and Motilal’s team is immersed in deep learning, sensor fusion and computer vision: the AI technologies that provide actionable data insights that retailers are using to improve everyday touch points for their shoppers.
Over the coming weeks, Motilal will be sharing his expertise in a three-part series that takes a deep dive into the core technologies that power this new way to shop. He’ll explore the role of AI in delivering checkout-free shopping, and providing an overall delightful customer experience.
