Will AI accelerate or disrupt Asia’s leadership in retail?

WITH the global retail e-commerce market expected to more than double in value between 2022 and 2032 to reach US$7.9 trillion, retailers are looking at an enormous and exciting opportunity.

A crystal ball to chart opportunities and trends in this fast-moving retail space would certainly be handy. Imagine the opportunities retailers could have unlocked a decade ago if they had known that e-commerce and then social commerce were going to take off the way they did. Lucky for retailers, they already have one – the insights that their own business leadership give them. After all, Asia is not just riding the retail revolution wave; in fact, Asia has been setting the pace for years now with super-apps and, most recently, the introduction of live-streaming technology for retail.

While the region is only growing wealthier and more digital, Asia still hasn’t reached its prime. And artificial intelligence (AI) might be the gamechanger for the region. From automating personalised advertisements to forecasting demand and even optimising pricing systems – growing AI adoption by retailers could propel Asia’s retail market to new heights.