Retailer spending on AI is projected to grow from $2 billion last year to $7.3 billion by 2022. So say panelists at ICSC RECon 2019.
According to moderator Deborah Weinswig, founder and CEO of Coresight Research, the retail industry spent the most on AI in 2018 (as compared to other property sectors like healthcare, for example), according to their research. “China’s retailers are using data to drive spectacular retail,” she explained.
AI is all about personalization, she said. “As a future role of AI in retail, communication, optimization, and rationalized inventory are key,” she added.