International Data Corporation (IDC) today published an IDC Innovators report profiling four technology vendors that have introduced powerful tools incorporating artificial intelligence and machine learning (AI/ML) for use in the retail industry. The four companies are: AiFi, Birdzi, Eversight, and Lily AI.
Retail is a prime testing ground for AI/ML because it offers massive transaction volume and scale, complicated retail problem scenarios, and elevated levels of repetitive engagement relative to other industries. Accordingly, the IDC Worldwide Artificial Intelligence Spending Guide shows retail will be the leading industry for AI spending over the next five years. While these investments will largely focus on solutions that improve the customer experience through automated customer service and recommendation engines, there are other areas where mature AI applications deliver substantive value to retailers, including demand forecasting, price optimization, computer vision and search. Innovations in AI apply new ways of applying intelligence algorithms and machine learning that can serve retail.
"AI is becoming more and more of an inherent retail capability, and soon will not only have ubiquitous application, but also be invisible to the retail consumer," said Ananda Chakravarty, research vice president, Retail Merchandising and Marketing Analytics Strategies at IDC. "The opportunities for retail AI are limited only by imagination, data, and culture."
The report, IDC Innovators: AI Opportunities in Retail (Doc #US42731417), profiles four emerging vendors focused on retail that have introduced powerful tools with successful AI outcomes. For purposes of this study, IDC casts a broad net with specific focus on innovation in AI applications or underlying AI software technologies that drive autonomous stores, personalization, price/promotion optimization, and image recognition and pattern matching. The four companies are:
AiFi uses computer vision and multi-level AI to identify products through pattern recognition and monitor human activity with biometric tracking using standard camera technologies.
Birdzi offers a customer-centric personalization platform that can instantly generate highly personalized marketing campaigns capable of targeting millions of customers at scale.
Eversight offers a dynamic price optimization tool that provides a full picture of base price value through continual testing and learning using AI and ML.
Lily AI converts visual product images into data attribute sets to help define differentiating factors that impact customer purchase.
About IDC Innovators
IDC Innovators reports present a set of vendors – under $100 million in revenue at time of selection – chosen by an IDC analyst within a specific market that offer an innovative new technology, a groundbreaking approach to an existing issue, and/or an interesting new business model. It is not an exhaustive evaluation of all companies in a segment or a comparative ranking of the companies. Vendors in the process of being acquired by a larger company may be included in the report provided the acquisition is not finalized at the time of publication of the report. Vendors funded by venture capital firms may also be included in the report even if the venture capital firm has a financial stake in the vendor's company. IDC INNOVATOR and IDC INNOVATORS are trademarks of International Data Group, Inc.
For more information about IDC Innovators research, please contact Jen Melker at jmelker@idc.com.
About IDC
International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology, telecommunications, and consumer technology markets. With more than 1,300 analysts worldwide, IDC offers global, regional, and local expertise on technology, IT benchmarking and sourcing, and industry opportunities and trends in over 110 countries. IDC's analysis and insight helps IT professionals, business executives, and the investment community to make fact-based technology decisions and to achieve their key business objectives. Founded in 1964, IDC is a wholly owned subsidiary of International Data Group (IDG), the world's leading tech media, data, and marketing services company. To learn more about IDC, please visit www.idc.com. Follow IDC on Twitter at @IDC and LinkedIn. Subscribe to the IDC Blog for industry news and insights.
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A new IDC Innovators report profiles four technology vendors that have introduced powerful tools incorporating artificial intelligence and machine learning (AI/ML) for use in the retail industry.
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