Spending on advanced analytics and AI in India has tripled between 2018 and 2021, according to the report by BCG and RAI. India also accounts for 16 per cent of the global talent for advanced analytics and AI. Nevertheless, India lags behind other Asian countries in terms of advanced analytics maturity, especially in the areas of technology, people and skills, and data management.
However, Indian retailers are catching up. Large brick-and-mortar and online retailers have implemented various solutions along the entire value chain. According to the study, medium-sized Indian retailers are also pursuing a pragmatic approach with focussed use cases.
The enormous potential of advanced analytics and AI promises to fundamentally transform the Indian retail industry and enable significant revenue growth and efficiency gains.