A comprehensive systematic review of machine learning in the retail industry: classifications, limitations, opportunities, and challenges

Machine learning has profoundly transformed various industries, notably revolutionizing the retail sector through diverse applications that significantly enhance operational efficiency and performance. This comprehensive review examines the state-of-the-art machine learning applications in the retail sector from 2019 to 2024, focusing on supervised learning, unsupervised learning, and ensemble methods. It aims to identify and categorize recent machine learning applications in retail, evaluate the performance of machine learning algorithms, and determine the most suitable algorithms for specific retail use cases. This review article examines 56 studies and identifies 20 unique machine learning applications within the retail sector. This review also discusses the challenges and opportunities of implementing machine learning in retail, offering valuable insights to guide future research and enhance retail performance and customer satisfaction. The findings highlight the strengths and limitations of different machine learning methods, providing insights into their practical applications and future potential.