26 september 2023
By: JASMINE ANAND
The retail sector has been experiencing a significant digital transformation owing to Internet of Things and Artificial Intelligence. In fact, AI has taken on a central role in introducing a new era of unparalleled insights and untapped potential in the retail ecosystem. Let us understand how AI is benefitting the retail sector.
AI in retail streamlines customer support, from automated checkouts to mood tracking. It also offers personalised, immersive shopping experiences, fostering greater customer engagement.
Retailers must distinguish products, provide compelling services, and embrace predictive analytics for proactive innovation rather than reactive responses to market shifts, ensuring sustained consumer interest.
AI in retail automates routine tasks, empowering workers for complex roles. Its functions include optimising labor schedules, tracking deliveries, and planning delivery routes efficiently.
AI reduces expenses by optimising advertising, targeting likely buyers, and managing inventory efficiently, minimising waste and maximising profits.
AI-driven supply chain management predicts and adapts to demand, inventory, environmental factors, supplier capabilities, and customer needs, boosting productivity, on-time delivery, and revenue growth.
Global AI in retail market poised for growth, driven by consumer trends and operational efficiency, reshaping the industry.