Artificial selection

Four companies offering innovative solutions integrating artificial intelligence for retail named IDC Innovators

NEEDHAM, Mass., September 7, 2022 – International Data Company (IDC) today released a report from IDC Innovators profiling four technology vendors that have introduced powerful tools integrating artificial intelligence and machine learning (AI/ML) for use in the retail industry by retail. The four companies are: AiFi, Birdzi, Eversight and Lily AI.

Retail is a prime proving ground for AI/ML, as it offers massive transaction volume and scale, complex retail problem scenarios, and high levels of repetitive engagement compared to other sectors. As a result, IDC’s Global AI Spending Guide shows that retail will be the top industry sector for AI spending over the next five years. While these investments are largely focused on solutions that improve customer experience through automated customer service and recommendation engines, there are other areas where mature AI applications deliver substantial value to consumers. retailers, including demand forecasting, price optimization, computer vision and research. AI innovations apply new ways of applying intelligence algorithms and machine learning that can serve retail.

Artificial intelligence is increasingly becoming an inherent capability in retail, and soon it will not only have ubiquitous application, but it will also be invisible to the retail consumer,” said Ananda Chakravarty, vice president of Research, Retail Merchandising and Marketing Analytics Strategies at IDC. “The opportunities for retail AI are limited only by imagination, data and culture.”

The report, IDC Innovators: AI Opportunities in Retail (Doc #US42731417), showcases four emerging retail-focused vendors who have introduced powerful tools with successful AI results. For the purposes of this study, IDC casts a wide net with a particular focus on innovation in AI applications or the underlying AI software technologies that drive stand-alone stores, personalization, price optimization/ promotions, image recognition and pattern matching. The four companies are:

AiFi uses computer vision and multi-level AI to identify products through pattern recognition and monitor human activity with biometric tracking using standard camera technologies.

Birdzi offers a customer-centric personalization platform that can instantly generate highly personalized marketing campaigns capable of targeting millions of customers at scale.

Insight offers a dynamic price optimization tool that provides a complete picture of base price value through continuous testing and learning using AI and ML.

Lily AI converts visual product images into sets of data attributes to help define the differentiators that impact customer purchase.

About IDC Innovators

IDC Innovators Reports feature a set of vendors – less than $100 million in revenue at time of selection – chosen by an IDC analyst within a specific market that offer an innovative new technology, a breakthrough approach to an existing problem and/or an interesting new model activity. It is not an exhaustive assessment of all companies in a segment or a comparative ranking of companies. Suppliers in the process of being acquired by a larger company may be included in the report provided the acquisition is not finalized at the time of publication of the report. Vendors funded by venture capitalists may also be included in the report even if the venture capitalist has a financial stake in the vendor’s business. IDC INNOVATOR and IDC INNOVATORS are registered trademarks of International Data Group, Inc.

For more information about IDC Innovators research, please contact Jen Melker at [email protected]

About IDC

International Data Corporation (IDC) is the world’s leading provider of business information, consulting services and events for the information technology, telecommunications and consumer technology markets. With more than 1,300 analysts worldwide, IDC offers global, regional, and local expertise on IT technology, benchmarking, and procurement, as well as industry opportunities and trends in more than 110 countries. IDC’s analysis and insight help IT professionals, business executives, and the investment community make fact-based technology decisions and achieve their key business goals. Founded in 1964, IDC is a wholly owned subsidiary of International Data Group (IDG), the global leader in technology media, data and marketing services. To learn more about IDC, visit Follow IDC on Twitter at @IDC and LinkedIn. Subscribe to the IDC-Blog for industry news and insights.