Retail AI industry takes stock as holiday season ends
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As the holiday season peaks, retail technology, including retail AI, faces an uphill battle amid a looming recession and poor third-quarter results . It's the sector's worst quarter for funding in five years, CB Insights reported — and between Fed interest rate hikes and widespread layoffs in the tech industry, the fourth quarter could follow.
Despite this, the retail industry has increasingly shifted towards the widespread adoption and use of artificial intelligence (AI) technologies, including chatbots, blockchain solutions procurement and e-commerce tools. Some say the heightened focus on AI in the current economic climate indicates companies are looking for a solution that can reduce operational costs while aiming to increase sales as budgets begin to tighten further.
Does the slowdown in retail tech funding mean that AI innovation is at risk?
“The retail technology market has become saturated with one-size-fits-all solutions, which has created extremely complicated tech stacks for retailers,” said Marcel Hollerbach, co-founder and chief innovation officer at Productsup, a commerce software company. “We are at a pivotal time in the industry where companies are looking to condense the number of systems they operate. This does not mean that retail technology is in trouble, rather that investors are considering a larger list small business in which to invest their money."
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look here Where retail AI continues to growAt present, physical stores are still leading retail sales. Retail management software company Aptos reports that around 85% of retail sales still take place in real life, away from screens. But even with lackluster financing in the third quarter, e-commerce still topped the list of most retail tech deals completed during the period.
“E-commerce gets the majority of this attention and investment because it is...
Check out all the Smart Security Summit on-demand sessions here.
As the holiday season peaks, retail technology, including retail AI, faces an uphill battle amid a looming recession and poor third-quarter results . It's the sector's worst quarter for funding in five years, CB Insights reported — and between Fed interest rate hikes and widespread layoffs in the tech industry, the fourth quarter could follow.
Despite this, the retail industry has increasingly shifted towards the widespread adoption and use of artificial intelligence (AI) technologies, including chatbots, blockchain solutions procurement and e-commerce tools. Some say the heightened focus on AI in the current economic climate indicates companies are looking for a solution that can reduce operational costs while aiming to increase sales as budgets begin to tighten further.
Does the slowdown in retail tech funding mean that AI innovation is at risk?
“The retail technology market has become saturated with one-size-fits-all solutions, which has created extremely complicated tech stacks for retailers,” said Marcel Hollerbach, co-founder and chief innovation officer at Productsup, a commerce software company. “We are at a pivotal time in the industry where companies are looking to condense the number of systems they operate. This does not mean that retail technology is in trouble, rather that investors are considering a larger list small business in which to invest their money."
EventOn-Demand Smart Security Summit
Learn about the essential role of AI and ML in cybersecurity and industry-specific case studies. Watch the on-demand sessions today.
look here Where retail AI continues to growAt present, physical stores are still leading retail sales. Retail management software company Aptos reports that around 85% of retail sales still take place in real life, away from screens. But even with lackluster financing in the third quarter, e-commerce still topped the list of most retail tech deals completed during the period.
“E-commerce gets the majority of this attention and investment because it is...
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