Artificial Intelligence in Retail: Use Cases, Tools & Business Benefits
AI’s impact on operational efficiency, CX personalisation, and the rise of omnichannel
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The retail industry is going through a period of major upheaval!
With global political and economic instability following on the heels of the COVID-19 pandemic, the ongoing supply chain disruptions and soaring inflation are immensely impacting brick-and-mortar retailers and e-commerce. Meanwhile, all retailers must adapt to an entirely new paradigm of customer expectations.
As customers continue to become more discerning and margins shrink, retailers are looking towards accelerated digital transformation and new technologies that can improve operational efficiency and enable differentiation to remain profitable. Adopted innovations are taking many forms: virtual dressing rooms, IoT adoption, improved support for mobile e-commerce and, perhaps most crucially of all, artificial intelligence solutions.
AI in retail
Artificial intelligence and machine learning (AI/ML) technology are transforming the retail landscape at a rapid pace. The global market for AI in retail was valued at USD 5.79 billion in 2021, and according to a recent report by Grand View Research, it is expected to grow at a 23.9% compound annual growth rate (CAGR) from 2022 to 2030. (Grand View research)
AI/ML has numerous applications in the retail industry, from driving personalised customer experiences to forecasting or inventory tracking – which is particularly valuable for BOPIS strategies and other cross-channel buyer journeys. AI is enabling new levels of operations optimisation through the reduction and automation of repetitive tasks, and unprecedented insight into problems like machine malfunctions.
This whitepaper offers guidance for retailers who are looking to onboard AI/ML strategies within their organisation. From experimentation to production, this whitepaper covers:
- The current state of the retail industry
- How retailers use AI: from e-commerce to brick-and-mortar
- Retail pain points that AI can solve: Omnichannel, chasing e-commerce and operational efficiency
- Benefits of AI/ML in retail: Customer experience, improved forecasting and many more
- A business case from the retail industry: market basket analysis
- How retailers can scale up AI with MLOps and more!