Impact of Artificial Intelligence on Retail Industry

Technologically, the world is advancing every second. Whether it is the media industry, healthcare institutions, government organisations or the e-Commerce sector. No different is the case for the retail industry. Though slowly but gradually, machine learning, in the form of Artificial Intelligence (AI) is peeping into this sector as well.

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The top players of this market are well-aware of this change and as a result, renowned brands and retailers are ready to put innovation exponentially in their strategies to remain competent. With an eye to transform digitally, market leaders are putting their step forward towards these technologies in anticipation to push their business forward.

To note some – Rebecca Minkoff introduced smart mirrors in dressing rooms, an idea which showed boost in their sales. Kate Space brought Everpurse – a smartphone-charging handbag as a part of the branding strategy.

Worldwide Director of the Innovation Group at J. Walter Thompson Intelligence – Lucie Greene – has said in a report, “As tech giants have developed deep learning algorithms, big data is being increasingly used to power insights in retail that formerly would have only emerged from human intuition.” The report also mentioned that nearly 70% consumers are excited to know about it and would like to see its usage in the retail industry.

One of the noted examples of application of this technology is North Face, which uses a tool called Fluid Expert Personal Shopper, powered by IBM’s Watson Cognitive computing technology. Because of the tool’s natural language capability, it enables users to have better relative search experiences than ever.

Another aspect of AI on which retailers are focusing is visual listening. By using algorithms, this form of AI examines photos and shared posts on consumers’ social media profiles for respective retail brand.

So this is well-known that retailers are looking for one or the other methods to develop and grow with AI. Staying compliant in this ever-growing competitive market is very necessary, and even the most popular brands are aware of it

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