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How Emerging Technologies are Shaping Indian Retail in 2024

Explore the cutting-edge technologies like Generative AI, IIoT, and more that are set to transform the Indian retail industry in 2024, with insights on Probz.ai.

Dheeraj Kumar
22/01/2024

In 2023, the Indian retail sector has been a hotbed of innovation, embracing advanced technologies to fuel its growth. As we approach the end of the year, the industry is doubling down on tech to meet the changing needs of its diverse customer base. Here's a look at the technologies set to make a big impact in 2024.

Generative AI is stepping out of the shadows of buzzwords into the spotlight of investment, especially in retail. With an estimated investment of USD 32 billion by 2028, it's enhancing online engagement and in-store experiences alike. From acting as virtual style assistants to improving demand forecasting, Generative AI is revolutionizing how retail operates.

The Industrial Internet of Things (IIoT) is set to overhaul supply chains, making them more responsive with interconnected sensors and devices. This technology is not just about smart in-store gadgets but transforming the entire supply chain for better productivity and efficiency.

With the complexity of the Indian market, traditional forecasting methods fall short. Foundation Models and Large Language Models (LLMs) offer a more nuanced approach, using vast data stores and local insights to predict demand with unprecedented accuracy.

The introduction of the Digital Personal Data Protection Act in 2023 has put a spotlight on data privacy. Retail brands are now leveraging AI to navigate the fine line between using customer data for improving services and ensuring privacy.

As online shopping grows, so does the need for seamless checkout experiences. Technologies like AI-powered chatbots, QR code payments, and biometric authentication are making online transactions smoother and more secure.

Finally, edge computing solutions are being explored to manage in-store dynamics better, from crowd management to integrating digital signage, enhancing both efficiency and customer experience.

In conclusion, as the Indian retail industry continues to evolve, technologies like Generative AI, IIoT, and edge computing are at the forefront, driving growth and improving customer experiences. Amidst this technological revolution, Probz.ai stands out as an AI-powered platform offering both qualitative and quantitative insights, helping businesses navigate the complexities of the retail landscape with data-driven decisions.

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Dheeraj Kumar

data specialist

Archit has been working in the field of data science since 2018. He has worked with various clients in the field of healthcare, education, and finance. He has worked with various clients in the field of healthcare, education, and finance. He has worked with various clients in the field of healthcare, education, and finance.

Member since Mar 15, 2021

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