By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
SmartData CollectiveSmartData CollectiveSmartData Collective
  • Analytics
    AnalyticsShow More
    data-driven white label SEO
    Does Data Mining Really Help with White Label SEO?
    7 Min Read
    marketing analytics for hardware vendors
    IT Hardware Startups Turn to Data Analytics for Market Research
    9 Min Read
    big data and digital signage
    The Power of Big Data and Analytics in Digital Signage
    5 Min Read
    data analytics investing
    Data Analytics Boosts ROI of Investment Trusts
    9 Min Read
    football data collection and analytics
    Unleashing Victory: How Data Collection Is Revolutionizing Football Performance Analysis!
    4 Min Read
  • Big Data
  • BI
  • Exclusive
  • IT
  • Marketing
  • Software
Search
© 2008-23 SmartData Collective. All Rights Reserved.
Reading: Major Trends Involving Artificial Intelligence in Retail
Share
Notification Show More
Aa
SmartData CollectiveSmartData Collective
Aa
Search
  • About
  • Help
  • Privacy
Follow US
© 2008-23 SmartData Collective. All Rights Reserved.
SmartData Collective > Business Intelligence > Artificial Intelligence > Major Trends Involving Artificial Intelligence in Retail
Artificial Intelligence

Major Trends Involving Artificial Intelligence in Retail

AI technology is giving a fighting chance for retailers struggling with more competition from online merchants.

Ryan Kh
Last updated: 2021/11/17 at 5:48 PM
Ryan Kh
5 Min Read
using big data in retail
Shutterstock Licensed Photo - By Zapp2Photo
SHARE

AI has become incredibly important for the retail sector. This is partly because the industry must take measures to avoid collapsing in the wake of new competition from online retailers.

Contents
Major AI Trends in RetailOnline ShoppingProductionAutomationThe Future of Artificial IntelligenceAccurate demand forecastsConclusion

It is believed that the retail sector will irreversibly decline in the future. This is primarily due to the growing popularity of e-commerce. In the U.K., 85,000 jobs disappeared from the retail sector in the first quarter of 2018, and about 30,000 retailers reported financial difficulties.

Despite the partly negative overall picture, global retailer revenue continues to grow, up 4.1% from prior periods as of 2018. And even with the growing pace of e-commerce, many sales are still made in conventional stores. What role does artificial intelligence play in this, and how does artificial intelligence affect the speed of retail evolution?

Expanding access to AI is not a global problem, but its use in retail is most often hampered by regulatory issues of the system itself, their technical side. Experts dispel the current fear of whether retailing could disappear altogether. People will always want to buy something, which means retailers will never be out of work.

More Read

big data and IP laws

Big Data & AI In Collision Course With IP Laws – A Complete Guide

Personalizing Learning Experience with AI Voice Over Generator
Revolutionizing Procurement: The Power of AI in Vendor Management Systems
Transforming Healthcare Technology: The Powerful Collaboration between AI and Nurses
AI-Based Analytics Are Changing the Future of Credit Cards

Major AI Trends in Retail

Here are some of the biggest ways that retailers are harnessing the power of machine learning and AI.

Online Shopping

At this point, the proliferation of online shopping has not yet reached a large scale, which is not a cause for concern. It is known that 85% of sales are still made in conventional stores. This is due to the fact that customers prefer to examine and touch the thing they want to buy. And many customers just like the feeling of walking through a store.

Another big disadvantage of e-commerce is that not all customers these days know how to buy online, and so to meet their needs, many online stores open traditional stores.

Production

Once trained in the expected quality of products, artificial intelligence will be able to do the customization, distribution and workflow management at factories. This will of course ensure a higher product quality.

There will also be less rejected products and packaging. Everything will be done based on a repeatable algorithm. Artificial intelligence can accurately calculate and specify the levels of raw materials and products needed for production. And all of this can be done in a fraction of a second, without stopping other processes in production. AI can also deal with testing and identifying defective products.

Automation

Today, property taxes and the cost of living are going up, which means that retail business owners are spending more and more money each year to pay each employee. And the introduction of artificial intelligence in the company can help solve these problems by reducing unnecessary employees. This approach would allow for more efficient staffing management, automated warehouses, and the involvement of chatbots. If we don’t take the existing traditional business online, the outlook for the next five years will not be bright. There are, of course, downsides to digitalization, such as the need to rebuild infrastructure around new data. Some retailers use outdated accounting systems, or different systems in each store in the chain. The main challenge in such a case is to collect data in a single repository.

The Future of Artificial Intelligence

Many companies refuse to implement AI because quick and big profits are important for business, and Artificial Intelligence is a long-term project that will bring a lot of profit in the future, but to begin with you need to consider the cost of IT specialists, maintenance and upgrades because it needs to consider the cost of maintaining AI.

Accurate demand forecasts

AI is a very powerful advantage of your business over competitors because demand forecasts created by machine learning are more accurate and cheaper. It is they help to understand what products are more attractive to the customer and save on ordering certain products.

Conclusion

The future of retailing is closely connected with the introduction of artificial intelligence. Experts also say that in the near future we can expect smart dressing rooms and virtual shelves displaying products that people can buy, taking into account their shopping history. 

NIX can provide artificial intelligence consulting and set up AI for your business.

TAGGED: artificial intelligence, Retail business and big data, retail industry
Ryan Kh November 17, 2021
Share This Article
Facebook Twitter Pinterest LinkedIn
Share
By Ryan Kh
Follow:
Ryan Kh is an experienced blogger, digital content & social marketer. Founder of Catalyst For Business and contributor to search giants like Yahoo Finance, MSN. He is passionate about covering topics like big data, business intelligence, startups & entrepreneurship. Email: ryankh14@icloud.com

Follow us on Facebook

Latest News

big data and IP laws
Big Data & AI In Collision Course With IP Laws – A Complete Guide
Big Data
ai in marketing
4 Ways AI Can Enhance Your Marketing Strategies
Marketing
sobm for ai-driven cybersecurity
Software Bill of Materials is Crucial for AI-Driven Cybersecurity
Security
IT budgeting for data-driven companies
IT Budgeting Practices for Data-Driven Companies
IT

Stay Connected

1.2k Followers Like
33.7k Followers Follow
222 Followers Pin

You Might also Like

big data and IP laws
Big Data

Big Data & AI In Collision Course With IP Laws – A Complete Guide

5 Min Read
artificial,intelligence,entity,using,voice,to,communicate,as,represented,by
Artificial Intelligence

Personalizing Learning Experience with AI Voice Over Generator

7 Min Read
vendor management system an AI role
Artificial Intelligence

Revolutionizing Procurement: The Power of AI in Vendor Management Systems

5 Min Read
AI and nursing
Artificial IntelligenceExclusive

Transforming Healthcare Technology: The Powerful Collaboration between AI and Nurses

7 Min Read

SmartData Collective is one of the largest & trusted community covering technical content about Big Data, BI, Cloud, Analytics, Artificial Intelligence, IoT & more.

giveaway chatbots
How To Get An Award Winning Giveaway Bot
Big Data Chatbots Exclusive
data-driven web design
5 Great Tips for Using Data Analytics for Website UX
Big Data

Quick Link

  • About
  • Contact
  • Privacy
Follow US
© 2008-23 SmartData Collective. All Rights Reserved.
Go to mobile version
Welcome Back!

Sign in to your account

Lost your password?