Industry Experts Reveal AI/AR are the Game-Changing Tools in Retail Industry
2.5
Perfect Corp’s AI trends report reveals that 38.4% of industry experts see virtual fitting rooms as the most effective use of AI and AR in retail, driving a 2.5x increase in sales conversions. Additionally, 77% of retail leaders prefer conversational AI agents for personalized customer interactions, while others highlight the potential of AR/VR showrooms and product discovery AI. The report emphasizes that AI and AR technologies are reshaping retail by enhancing customer engagement and merging digital and physical experiences.
3%
Best Buy’s Q2 revenue fell 3% year over year to $9.3 billion, with domestic online sales down 1.6%. Despite the decline, net earnings rose 6.2% to $291 million, and the company raised its full-year earnings guidance, expecting revenue between $41.3 billion and $41.9 billion. Analysts noted the 2.3% drop in comparable sales was better than expected, signaling potential stabilization in the consumer electronics market.
26.4%
Instagram has come up with a new feature called Instagram Broadcast Channels, this feature allows the creators or brands to connect with a group of users on a single platform. Currently, this feature is available for creators with 10k followers. Brands like Nike and e.l.f. Cosmetics use channels to engage with users, share updates, and leverage influencer partnerships for social commerce. 19.2% of US shoppers have seen shopping-related influencers on Instagram, which rose to 26.4%.
44%
One in four Gen Z consumers shops weekly on Chinese platforms like Temu, Shein, TikTok Shop, and AliExpress, drawn by low prices and trendy items. Shein leads in popularity, with 44% of Gen Z making monthly purchases, followed by Temu at 41% and TikTok Shop at 36%. Although Amazon scores higher in customer experience, it’s adapting to new features and a budget marketplace to compete with these emerging platforms.
243
Reddit is one of the few social platforms increasing user engagement, with monthly time spent rising from 215.2 minutes in June 2023 to 243.0 minutes in June 2024, according to Comscore. This growth is driven by Reddit’s appeal to niche communities, expanded ad offerings, and plans for AI-driven search enhancements. Despite capturing 7.8% of US adults' daily time on social networks, Reddit still accounts for just 0.9% of social ad spending, suggesting significant potential for revenue growth.
26%
As per the recent earnings report, Walmart digital ad revenue surged 26% in Q2 than Amazon was stuck to 20% growth and Walmart Connect has also hit 30% YoY growth. Walmart is expected to capture 6.8% of all US retail media ad spend this year, totaling $3.72 billion, highlighting its rising influence in the digital advertising spac
80%
Dell has become the leading trader in providing AI-oriented servers that are based on Nvidia chips. With this, the company has reported sales of $3.1 billion up from $1.7 billion in the last quarter. The company beat Wall Street expectations with $25.03 billion in revenue and an 80% surge in server sales, driving an 85% increase in net income. Despite a slight upward revision in full-year revenue guidance, the stock rose over 3% in extended trading.