How AI Revolutionizes Retail

By: Retail CIO Outlook | Friday, August 14, 2020

Artificial intelligence is offering unique value propositions for the retail industry. Take a look at it.

FREMONT, CA: The retail industry is leveraging the potential of artificial intelligence (AI) to transform the dynamics of the way it operates. The use cases that AI offers are riding the retail technology trend today. Well, what is it that makes AI a revolutionary technology that creates a profound impact on retail companies? Read on and find it out.

Sources say that there are approximately, around 2 million fashion brands out there in the market globally, which are thriving ahead of their competitors. This states that the retail industry is sailing across the ocean of growth and development. This forward-looking attitude of retailers is changing the industry constructively and making it better at a lightning-fast pace. This also invokes the darker side, which could be the vulnerability to brand royalty. AI is here to stay and bolster the integrity of the brand in every possible way.

Every customer today is savvy of shopping online but, at the same time, expects highly personalized experiences which they would cherish for a longer period of time. The customer wants a really wide panorama of products and the latest collection but does not want to over flooded by the number of products either. This is where AI plays a very crucial role in setting things right according to the preferences and interests of the customers. This technology is already known well for its capability in collecting, analyzing, and drawing practical and actionable insights from a huge chunk of data. With the application of a smart AI algorithm, retailers can sort their sites and display only those sets of new and fascinating products as per the choice of the customer.

This use case of AI also helps the users in selecting what they are looking for instantly from a lot of their favorite products. AI, thereby, helps the retail industry to not just survive in the orbit of competition but also thrive ahead. Along with personalization, AI also has the capacity to remove frictions from the checkout process and feedback generation as well.