- What you will discover...
- Retailers are increasingly under pressure to implement AI to some extent because their competitors have started to do so.
- AI is the next step following the implementation of sophisticated big data & analytics (BDA) approaches, and unlock huge data volumes if they can be accessed in an automated way in real-time without any human effort.
- Retailers face various challenges that could be addressed through AI, such as the need to profile customers, achieve greater personalization, understand market trends, and improve operational efficiency.
- In comparison to humans, AI-based systems are always available and do not come with risk factors such as sickness, strikes and other personal issues.
- Retailers tend to be under pressure to reduce operational expenses, from in-store processes to supply chain management and order fulfillment. AI-based systems and tools can lead to significant cost reductions over time; however they often require upfront investments.