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Artificial Intelligence Report, Retail Technology Report

Artificial Intelligence in Retail - Thematic Research

The 'AI' Impact on Retail Business

AI can significantly transform how retailers operate, connect with customers and provide services. Retailers who implement AI are entering a new era that revolutionizes operational processes by making various tasks more efficient, such as responding to customer queries, finding the optimal suppliers, and adjusting prices based on competitors’ offerings and local demand.

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  • 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.

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Are human agents in the Retail business under threat?

AI cannot fully replace the experience that customers get when talking to friendly and emotive human sales assistants and call center agents. Most retailers are aware of this limitation, and if they understand the benefits of omnichannel strategies, then they do not look to take AI too far, but would rather implement it in an integrated way to assist customers without forcing them to use this automated channel.

A seamless combination of channels is the key to success, such as using AI to answer simple queries in customer service chats but handing off more complex ones to human agents.

Find out more about how you can utilize AI in our latest report.

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