Generative AI could lower the price of your T-shirt.
Across retail functions, generative AI — which covers AI technologies that generate entirely new content — could boost productivity in the retail and CPG industries by an estimated 1-2% of global revenues, amounting to $400B – $660B each year, per McKinsey. Cost reduction across departments could eventually make goods cheaper for consumers.
For now, many retail-specific generative AI solutions aim to improve digital shopping operations, engagement, and conversion. These include making 3D images for e-commerce product pages, writing personalized marketing emails at scale, and targeting search results and suggestions on e-commerce sites.
In the market map below, we identify 49 vendors across 8 categories in retail operations, merchandising, and marketing.
Note: Our map includes technology vendors that have received funding in the last 5 years. This market map is not exhaustive of the space.
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