The retail sector is increasing its use of artificial intelligence; and as a result, the consumer goods market is expected to be completely revamped within the next few years. In 2016, only 4% of retailers used some form of Artificial Intelligence; however, that number grew to 28% - up 600% - by the end of 2018. The future of customer serve will involve a higher use of chatbots & virtual assistants, as well as cameras and robotics to ease the flow of operational tasks and improve customer satisfaction.
Additionally, personalized recommendations see great improvement as major retailers with a large clientele are improving their technology systems. By 2023, an estimated 95% of supply chain vendors will rely on artificial intelligence learning to improve day-to-day operations.
The bulk of retailers implementing artificial intelligence are multi-category department stores, food and grocery, home improvement, and apparel and footwear stores. Although humans have an eye for precision, Artificial Intelligence has better chances in improving predictivity, efficiency, customer satisfaction, and enterprise. McDonald’s, Kroger, Walmart, Amazon, Target, and H&M are among a few of the retailers with plans to integrate machine learning into their business models.
The future of retail is expected to look unlike anything we have ever seen before: technology to bring fragrances to life, customer service bots, and predictive drive-thru menus. More information on the conglomeration of artificial intelligence and retail can be found in the infographic below.
Comments
Log in or sign up to join the conversation.