Category Archives: Retail

Revolutionizing Retail and eCommerce with AI-Driven Customer Insights

AI/ML, eCommerce, RetailMindfire Solutions

Introduction

The retail scenario in the US has evolved into a mix of offline stores and eCommerce sites facilitating online sales. The share of eCommerce in total retail shares is currently at around 16% and is expected to reach 20% by 2027.

 

eCommerce as percentage of total retail sales in the US fom 2019 to 2027 (projected)
Source: Statista

According to a survey in the US, 93% of consumers rely on online reviews while making purchasing decisions. This signifies the importance of data and the ability to extract insights from it.

The competition in the retail and eCommerce space has become intense. Customers look for values like convenience, personalization, service quality, and a lot of other factors along with pricing and product quality.  As of 2023, more than two-third of retailers in the US and EMEA were using AI to enhance their retail and eCommerce operations. Continue reading Revolutionizing Retail and eCommerce with AI-Driven Customer Insights →

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