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| AI in Retail |
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Namratha Prasad |
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It is generally accepted that the retail industry is the poster child for the use of Artificial Intelligence (AI). Experts in AI believe that the technology offers a wide range of applications for the retail segment. Significant adoptions of AI by retailers include self-driving delivery robots, automated warehouses, intelligent chatbots, personalized recommendations, and deep supply chain analytics.
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| Through AI, retailers want to lower costs, and increase revenues. It is widely accepted that AI helps brands improve the efficiency of their retail operations and make them more customer-centric. AI is also expected to change the customer service cycle in retail. Retail companies that gather and possess customer data are expected to create personalized shopping experiences using AI, thereby enabling meaningful conclusions to be drawn from massive amounts of data. |
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As of 2019, only 19% of large retailers in the US, UK, Canada and Europe had deployed AI, according to Gartner. Most analysts feel that the upfront investment required for AI is the most important obstacle to AI adoption. However, the number of retailers using AI is expected to change rapidly in the next few years. |
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| Gartner revealed that while 31% of retailers were piloting AI technologies, another 27% were planning to deploy AI by the end of 2020. As per Global Market Insights, the retail segment is expected to make investments in AI by more than US$ 8 billion by 2024. |
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