The North America retail market is an example of incumbent disruption and slow-moving, executive responses to technology-fueled change. The world’s largest consumer-driven economy is likely a precursor to market shifts that will impact retailers across the globe.
According to the latest worldwide market study by Juniper Research, global spending by retailers on AI services will reach $12 billion by 2023 — that’s up from an estimated $3.6 billion in 2019. Juniper expects over 325,000 retailers to adopt AI technology over the forecast period.
Juniper forecasts that the number of retailers using blockchain in the U.S. market alone will grow by over 7,500 percent between 2018 and 2023 to reach nearly 15,000 retailers by the end of 2023.
“Retailers have more work to do on their apps to inspire omnichannel shopping. In 2019, smartphones will influence 32.2% of U.S. offline retail sales. With more than $1 trillion on the line, we selected nine top U.S. retailers to see what kind of digital experience they bring to the table online and in-store.”
Retail is arising from the first chapter of digital transformation — upheavals of shopping behaviors, business models, and industry structure. New retail formats are emerging as customer behaviors change, and newcomers shake things up. Retail’s next regeneration is taking shape.
Here is one of four key takeaways. From the high-tech retailing content track and floor space section at CES, it’s clear that technology companies want to disrupt and improve the retail customer experience.
Currently, nearly one-quarter of industry workloads are in the public cloud, but retailers expect that to rise to one-third in 2020. Pure-play retailers, especially the digital natives that started with a “cloud-first” approach, are taking advantage of the cloud’s ability to scale as needed.