Impact of Artificial Intelligence on Retail Industry

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

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

To notify 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 before.

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 of the respective retailer 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 the same.

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