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7 Companies Revolutionizing Retail in the USA

In 2024, the retail industry is expected to experience robust growth, with the global retail market size projected to increase from approximately $28.85 trillion in 2023 to $31.31 trillion, marking a compound annual growth rate (CAGR) of 8.5%.

The retail industry in the United States is going through changes, driven by the increasing use and integration of intelligence (AI). As we progress further into the era, AI technologies are transforming how retailers engage with customers, handle operations and promote their products. From improving shopping experiences to streamlining supply chain management, AI is completely changing the retail landscape. 

In 2024, the retail industry is expected to experience robust growth, with the global retail market size projected to increase from approximately $28.85 trillion in 2023 to $31.31 trillion, marking a compound annual growth rate (CAGR) of 8.5%. This upward trend is anticipated to continue, pushing the market size to around $42.76 trillion by 2028, with a steady CAGR of 8.1% from 2024 onwards. Specifically, in the United States, retail sales are forecasted to reach $7.2 trillion in 2024. The significant growth in the retail sector is largely driven by technological advancements, particularly the integration of AI and automation, enhanced data analytics, and a shift in consumer preferences towards local and omnichannel shopping experiences. These factors are reshaping the retail landscape, highlighting the industry’s dynamic nature and the critical role of innovation in sustaining market expansion.

Leading this transformation are companies that utilize AI to offer state of the art solutions thereby establishing new benchmarks, for efficiency, customer happiness and overall business success. These companies are not adapting to changing consumer needs. Also shaping the future of retail by utilizing AI to develop more interactive, responsive and intelligent shopping environments. Here are 7 companies using AI to change the landscape of retail in the US. 

1- Vue.ai

What They Do: Vue.ai offers AI and automation solutions for the retail industry, including intelligent content generation and digital experience management.

Retail Application: Their technology automates product tagging and generates product descriptions, significantly improving the efficiency of online catalog management. For example, Vue.ai’s on-model fashion imagery tool allows retailers to visualize and style products on models faster and more cost-effectively than traditional photoshoots.

2- Lalaland

What They Do: Lalaland provides AI-generated fashion model images for online retail, aiming to enhance the shopping experience by offering diverse and inclusive virtual models.

Retail Application: Retailers can use Lalaland to create diverse model images showcasing their products, helping customers see how clothes might look on body types similar to their own, thereby enhancing the shopping experience and potentially reducing return rates.

3- Synthesia

What They Do: Synthesia enables the creation of realistic product images and videos from text descriptions using generative AI.

Retail Application: This technology allows for the rapid generation of promotional videos for new products without the need for physical samples or extensive photoshoots, streamlining content creation for marketing purposes.

4- Fashable

Application: Fashable uses generative AI for sustainable fashion design.

Specific Implementation: Leveraging generative AI, Fashable designs new fashion products based on current trends and customer feedback. This approach allows for the rapid prototyping of designs without the need for physical fabric, addressing issues like unsustainable manufacturing and unsold inventories

5- Sam’s Club

Application: AI-powered exit technology.

Specific Implementation: Sam’s Club has deployed AI-powered technology at over 120 locations to streamline the checkout process. This technology captures images of carts and verifies payment for all items within a member’s basket, significantly speeding up the exit process and enhancing customer satisfaction

6- eBay (ShopBot)

Application: eBay’s ShopBot serves as a personal shopping assistant.

Specific Implementation: ShopBot uses conversational AI and natural language processing to understand customer queries and provide personalized product recommendations. Customers can interact with the bot using text, voice, or photos, and the bot engages in further conversations to refine its suggestions based on the user’s needs

7- Shopify (Shopify Magic)

Application: Shopify Magic automates the content creation process for online stores.

Specific Implementation: This tool uses generative AI to automatically generate product descriptions, email subject lines, and headers for online stores. By inputting basic information, Shopify Magic can produce various content types, enhancing the efficiency and appeal of online retail presentations

Picture of Anshika Mathews
Anshika Mathews
Anshika is an Associate Research Analyst working for the AIM Leaders Council. She holds a keen interest in technology and related policy-making and its impact on society. She can be reached at anshika.mathews@aimresearch.co
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