Retail Intelligence Software Statistics 2024

In today’s fast-paced retail environment, understanding the shifting dynamics of consumer behavior and market trends is paramount. Retail intelligence software, a sophisticated tool designed to analyze vast amounts of data, has transformed the way businesses operate, offering unparalleled insights into sales performance, customer preferences, inventory management, and more. With 2024 on the horizon, the latest advancements and statistics in retail intelligence software are poised to significantly influence strategic business decisions. This article delves into the crucial data that will shape the retail landscape, providing a comprehensive overview of the current state and future projections of this indispensable technology.

For business leaders, marketing professionals, data analysts, and supply chain managers, the insights gleaned from retail intelligence software are invaluable. These stakeholders rely on accurate and timely data to make informed decisions that drive growth, enhance customer satisfaction, and optimize operational efficiency. The statistics presented in this article highlight key industry trends and benchmarks, enabling these professionals to stay ahead of the competition and navigate the ever-evolving retail sector with confidence.

By leveraging the latest retail intelligence software data, companies can tailor their strategies to meet emerging market demands and consumer expectations. Whether it’s adjusting pricing strategies, optimizing stock levels, or crafting targeted marketing campaigns, the actionable insights provided by this technology are crucial for staying competitive. This article aims to equip decision-makers with the knowledge they need to harness the full potential of retail intelligence software, ensuring their organizations thrive in an increasingly data-driven world.

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Top Retail Intelligence Software Statistics 2024

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Regional Retail Performance

• TheGlobal Powers of Retailing report analyzes the retail performance of the Top 250 retailers by region. ^[?]
• The ten companies from the Africa/Middle East region in the top 250 occupy a retail revenue share of 1.3%. ^[1]
• South African retailer Shoprite opened an additional 117 stores during the financial year and aims to open 275 stores next year, with a retail sales growth of 9.6%. ^[1]
• The Africa/Middle East region saw a composite performance growth in retail revenue of 8.6% in FY2021. ^[1]
• The top-five retailers in the Africa/Middle East region increased their total market share from 61% to 63%, with the top three showing double-digit growth. ^[1]
• FY2021 saw a 15.7% share of retail revenue from the 60 Asia Pacific companies in the top 250. ^[1]
• Retail revenue growth in Asia Pacific for South Korea, Japan, and China (including Hong Kong SAR) was 3.9%, 11.1%, and 10.8%, respectively. ^[1]
• The composite CAGR for companies in the Asia Pacific region for FY2016-2021 was 6.7%, 3.3 percentage points above the previous year. ^[1]
• Europe contributed 90 companies to the top 250 retailers worldwide, accounting for 33.2% of total revenue share. ^[1]
• High-end fashion retailer LVMH in Europe grew by 51.4% year-on-year, reaching nearly USD 56.3 billion. ^[1]
• The FY2021 composite net profit margin in Europe totaled 4.4%, the second-largest net profit margin of any geographical region. ^[1]
• The fastest-growing retailer in the Latin America region was Mexican department store El Puerto de Liverpool, with a 35.5% year-on-year retail revenue growth. ^[1]
• Chile was the fastest-growing market in Latin America, with retail revenue growth of 18.5%. ^[1]
• North America saw 79 companies in the top 250, contributing a 47.9% share of global retail revenue. ^[1]
• An 8.9% year-on-year composite retail growth was recorded in North America. ^[1]
• Nearly 46% of North American retailers achieved double-digit annual retail revenue growth in FY2021, a six-percentage point increase from the prior year. ^[1]

Market And Revenue Statistics

• The global Artificial Intelligence Market is anticipated to reach $1,811.8 billion by 2030, up from $136.6 billion in 2022, with a CAGR of 38.1%. ^[2]
• By 2025, the Fourth Industrial Revolution is expected to generate $7 trillion in value. ^[2]
• Globally, the Artificial Intelligence Market will increase output to over half a trillion US dollars by 2024. ^[2]
• Artificial Intelligence is projected to contribute 26% of China’s GDP by 2030. ^[2]
• Indian and Chinese firms have the highest usage of Artificial Intelligence at 60%. ^[2]
• From 2000 till now, new Artificial Intelligence businesses have increased 14 times. ^[2]
• By 2025, Artificial Intelligence and other automation technologies can potentially replace 85 million professions globally. ^[2]
• Intelligent robots worldwide could replace 30% of the human workforce by 2030. ^[2]
• The projected growth of the AI software market from 2016 to 2025 is from $1.4 billion to $59.8 billion. ^[2]
• AI’s projected global contribution to GDP growth by 2030 is $15.7 trillion. ^[2]

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Retail Technology And Innovations

• Amazon uses predictive analytics to reduce its click-to-ship time to 15 minutes, a 225% decrease. ^[2]
• 87% of companies using AI have adopted or are considering using it to predict sales and improve email marketing. ^[2]
• In 2021, Artificial Intelligence in the Retail Industry reached $4.84 billion and is anticipated to increase at a CAGR of 30.5% from 2021 to 2028. ^[2]
• AI-enabled retail technology deals financing worldwide from Q1 2018-Q3 2022 showed significant investments in supply chain and logistics. ^[5]
• Retailers expect generative AI to have a $9.2 trillion impact on the sector by 2029. ^[4]
• The AI in retail market size is projected to grow from USD 9.36 billion in 2024 to USD 85.07 billion by 2032, with a CAGR of 31.8%. ^[7]

Consumer Behavior And Preferences

• According to Colliers International, average sales per square foot in the U.S. decreased from $382.90 in 2019 to $338.30 in 2020 due to the COVID-19 pandemic. ^[3]
• North American retailers generate an average of $56.44 per transaction. ^[3]
• The probability of selling to an existing customer is 60-70%, whereas for a new customer it is only 5-20%. ^[3]
• 73% of retail industries intend to use AI to improve their cost in 2021. ^[2]
• 75% of businesses propose adopting AI systems to eliminate double-dealing. ^[2]

Business Intelligence And Analytics

• The Retail AI Council and Salesforce surveyed 1,390 decision-makers in the retail industry to understand generative AI strategies. ^[4]
• 50% of retailers surveyed say they have the ability to fully comply with data security standards and data privacy regulations. ^[4]
• 50% of organizations that use AI reported a significant increase in their overall productivity. ^[6]
• 48% of marketing leaders cited AI as making the most significant difference in how customers interact with them. ^[8]

Challenges And Risks

• 13% of customers completely trust companies to use AI ethically, and 63% are concerned about bias in AI outputs. ^[4]
• Retailers see hallucinations (38%) and toxicity (35%) as major risks with AI implementation. ^[4]
• Many retailers struggle with using their data for making decisions (40%) and making their data accessible (47%). ^[4]

Future Trends And Predictions

• By 2023, the Artificial Intelligence global market will land at $1,811.8 billion. ^[2]
• By 2023, 8 billion AI voice assistants will be in existence. ^[2]
• The use of AI in purchasing packaged goods has led to a 20% reduction in forecast errors. ^[2]
• 84% of companies believe that AI will make them better than their rivals. ^[2]

Technological Advancements

• AI in the Retail Industry reached $4.84 billion in 2021 and is anticipated to increase at a CAGR of 30.5% from 2021 to 2028. ^[2]
• AI empowers 40% of digital transformations and drives 100% of IoT initiatives. ^[2]
• AI-enabled tools like chatbots responded to 85% of customer service interactions in 2020. ^[2]
• By 2025, 80% of retail executives expect their companies will use intelligent automation technologies, and 40% already use some form of it. ^[12]

Economic Impact And Investments

• AI business ventures have increased 14 times over the last two decades, with financing increasing six times since 2000. ^[2]
• AI startups raised $12.2 billion across 1,166 deals in Q1 2024, reflecting a 4% increase from Q4 2023. ^[10]
• By 2023, global AI market size is expected to exceed $1 trillion, with a projected value of around $2 trillion by 2030. ^[15]
• In 2023, AI funding for generative AI surged to $25.2 billion, nearly eight times the previous year’s investment. ^[16]

Adoption And Usage

• 35% of companies currently use AI, and an additional 42% are exploring AI. ^[14]
• 41% of smaller companies are currently developing AI strategies. ^[14]
• The majority of human roles are predicted to be replaced by robots and technology, although this transition won’t happen for another 50 years. ^[2]

Key Performance Indicators (kpis)

• North America’s top retailers aim to have 98.5% in stock on the most important and profitable items within their businesses. ^[3]
• The Retail Owners Institute shows that GMROI measurements for Hardware Stores in 2021 were $1.77 compared to $3.05 for Lumber and Building Material Stores. ^[3]
• Retailers report that 67% are fully able to capture customer data, 39% can clean that data, and 42% can harmonize it. ^[4]

Consumer Trust And Ethics

• 13% of customers completely trust companies to use AI ethically, while 63% are concerned about bias in AI outputs. ^[4]
• 85% of respondents support a national effort to make AI safe and secure. ^[10]
• 79% of Americans say they trust businesses not much or not at all to use AI responsibly. ^[10]

Data And Analytics

• Business Intelligence Market is expected to thrive and grow to about $33.3 billion by 2025. ^[11]
• The Retail Analytics Market is set to grow from $6.07 billion in 2023 to $7.47 billion by 2028. ^[13]

Miscellaneous

• In 2024, several key payment types will expand, including installments, biometrics, and real-time payments. ^[9]
• In 2024, retailers will test strategies for enticing current and future shoppers to allocate more of their wallets to their store or brand. ^[9]
• By 2030, AI is expected to contribute $15.7 trillion to global GDP growth, showcasing its immense potential and transformative impact on economies worldwide. ^[2]

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