Fintech PR
Artificial Intelligence In Retail Market Expected To Reach $57.8 Billion By 2030
PALM BEACH, Fla., Sept. 12, 2023 /PRNewswire/ — FinancialNewsMedia.com News Commentary – Technological advancements in AI are increasingly disrupting various functions across industries, including retail. The emergence of smart technologies for various applications in these industries is increasingly creating opportunities for the integration of AI-powered voice recognition tools as a part of smart solutions to further improve end-user experience. In addition, the widespread adoption of smart gadgets and smart devices among consumers is increasingly driving the demand for various AI-powered voice and speech-enabled tools in the retail industry. Retail organizations are continuously reassessing consumer preferences and aligning categories and offers accordingly to improve customer engagement and product demand. This requires agile demand planning and a clear prioritization of focus resources, which contributes to the growing demand in the AI in retail market. Many leading retail players eyed this crisis as a new opportunity to revisit and restructure their existing strategies and develop advanced product portfolios… In addition, factors such as favorable government policies & initiatives, including financial packages, tax rebates & incentives, employment packages for employees, rent reduction for shops, and increasing investments in advanced technologies are further expected to contribute to the growth of the artificial intelligence in retail market. A report from Meticulous Research projected that the Artificial Intelligence in Retail Market to Reach $57.8 Billion by 2030, at a CAGR of 41% from 2023 to 2030. The report said: “The growth of the AI in retail market is driven by factors such as the growing awareness about AI and big data & analytics, the adoption of multichannel or omnichannel retailing strategies, and the need to enhance end-user experience and improve productivity. The increased adoption of AI-powered voice-enabled devices and the growing number of smartphones are expected to create growth opportunities for the players operating in this market.” Active Companies active today in markets include: VSBLTY Groupe Technologies Corp. (OTCQB: VSBGF) (CSE: VSBY), Amazon.com, Inc. (NASDAQ: AMZN), Oracle Corporation (NYSE: ORCL), Walmart Inc. (NYSE: WMT), The Kroger Co. (NYSE:KR).
Meticulous Research added: “Based on type, the online retail segment is expected to account for the largest share of the artificial intelligence in retail market in 2023. In the online retail sector, AI helps enhance customers’ purchase decisions, informs the availability of alternative or new products, optimizes buying processes, identifies new markets, and automates workflows. In addition, AI solutions enable retailers to overcome geographical limitations, gain new customers with search engine visibility, locate products quicker, and enable customers to compare products. These factors drive the growth of this segment.”
VSBLTY Groupe Technologies Corp. (OTCQB: VSBGF) (CSE: VSBY) BREAKING NEWS: VSBLTY SIGNS LOI TO 36 Month VSBLTY ANNOUNCES ALL SYSTEMS GO FOR SUCCESSFUL AI LAUNCH in BRAZIL – Financing, Technology, Deployment, Advertisers and Clients Aligned – VSBLTY Groupe Technologies Corp. (Frankfurt: 5VS) (“VSBLTY”), a leading software provider of AI-driven security and retail analytics technology, is pleased to announce the successful launch of its “Store as a Media” in Brazil. Many years of partnerships and experience have culminated to achieve this new joint venture. VSBY has been able to attract industry leader as partners whose vision aligns with ours, it’s the perfect storm.
The partnership’s initial installations have been executed perfectly, on time on budget and already delivering advertising impressions.
Comment: What is different in this market is the precise selection of an established media player in the out of home ecosystem that will allow us to avoid the growing pains of establishing store as a new media channel. We expect that our path to scale and revenue will be truncated because of this change.
The first installations of a planned 5000 have exceeded our expectations, this supply chain has no weak links thanks to our partners.
“Our dedication, experience and technology focused on the “Store is a Media” has given the Company the credibility to have some of the world’s largest companies in their industries to partner with us. To have one of the worlds’ best known consumer goods companies and one of the worlds advertising giants as partners a great achievement for our firm, especially when our visions align so well.” stated VSBLTY Co-founder & CEO Jay Hutton.”
The company and its partners are installing media screens in stores that will generate AI driven advertisements customized to the demographic of the consumer, such as age, gender, time of day and other data points. This technology can provide data that no other form of advertising can deliver. The Company’s technology using its AI based software can report for example that a 30-year-old female watched their advertisement for 4 seconds and it led her to purchasing the projected product. CONTINUED… Read the full Press Release for VSBLTY Groupe Technologies at: https://vsblty.net/news-events/
In other active tech companies in the markets this week:
Oracle Corporation (NYSE: ORCL) recently announced fiscal 2024 Q1 results. Total quarterly revenues were up 9% year-over-year in USD and up 8% in constant currency to $12.5 billion. Cloud services and license support revenues were up 13% in USD and up 12% in constant currency to $9.5 billion. Cloud license and on-premise license revenues were down 10% in USD and down 11% in constant currency to $0.8 billion.
Q1 GAAP operating income was $3.3 billion. Non-GAAP operating income was $5.1 billion, up 13% in USD and up 12% in constant currency. GAAP operating margin was 26%, and non-GAAP operating margin was 41%. GAAP net income was $2.4 billion. Non-GAAP net income was $3.4 billion, up 19% in USD and up 17% in constant currency. Q1 GAAP earnings per share was $0.86 while non-GAAP earnings per share was $1.19, up 16% in USD and up 14% in constant currency. Short-term deferred revenues were $11.1 billion. Q1 operating cash flow was $7.0 billion, up 9%, and Q1 free cash flow was $5.7 billion, up 21%.
Amazon.com, Inc. (NASDAQ: AMZN) and its Counterfeit Crimes Unit (CCU) recently announced the filing of two new lawsuits against Kamryn Russell, Ashley Hawat, and their co-conspirators who knowingly attempted to evade Amazon’s brand protection systems in an effort to promote, advertise, and facilitate the sale of counterfeit luxury fashion goods such as jewelry, handbags, and accessories.
Amazon works across the globe to fight counterfeiters, filing joint lawsuits with brands to eliminate the sale of counterfeits not only in Amazon’s store but across the supply chain. Through its partnership with brands of all sizes, Amazon’s CCU constantly uncovers new approaches counterfeiters take to try to deceive customers and evade the law. The CCU uses that intelligence to equip law enforcement to pursue bad actors. In 2022, the CCU sued or referred for investigation over 1,300 criminals in the U.S., UK, EU, and China.
Walmart Inc. (NYSE: WMT) recently announced that company leadership will participate in upcoming investor events, with several including live webcasts on Walmart’s investor relations website at stock.walmart.com.
September 19, 21: GroceryShop – Walmart Investor Relations will host onsite meetings with members of the investment community.
September 20: Consumer Conference – hosted by Wells Fargo. Walmart Investor Relations will participate in meetings.
September 27: Global Sustainability Forum – hosted by Goldman Sachs. Kathleen McLaughlin, executive vice president, chief sustainability officer, will participate in a fireside chat at 12:00pm CDT. This session will be webcast live through the “Events” link at stock.walmart.com. A transcript of the session will be available after the event and will be archived on the company’s website.
The Kroger Co. (NYSE:KR) and Albertsons Companies Inc. ACI recently entered into a deal with C&S Wholesale Grocers, LLC, to divest more than 400 stores and other assets in relation to the $24.6 billion proposed merger agreement. This divestiture deal marks an important step toward completing the planned merger.
In October 2022, Kroger and Albertsons formed an agreement to merge their businesses. The merger deal, which is likely to close in early 2024, will help the combined entity to firm its position in the competitive grocery space. The combined entity would benefit from a loyal customer base, digital investments, increased purchasing power and a broader product portfolio. The transaction is likely to boost Kroger’s strategy of Leading with Fresh, Accelerating with Digital, thus enabling the new organization to support its go-to-market strategy comprising Fresh, Our Brands, Personalization and Seamless.
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