This study aims to analyse artificial intelligence (AI) and its applications in the global retail industry in 2017.
- The research scope of the study includes the following:
- Technology Trends (which includes artificial intelligence, Internet of Things, Big Data, and cloud computing)
- Industry Trends (which includes artificial intelligence providers, retail)
- Innovative start-ups and incumbents in retail and artificial intelligence
- The applications of artificial intelligence in retail and their underlying trends
A general overview of artificial intelligence is given and its relevance to business in 2017. Applications of artificial intelligence in recent years which are integrated into existing workflows and those that create new ones are assessed for commercial viability and impact. Strategies for navigating artificial intelligence as a retail or information technology (IT) vendor are assessed and the imperative for both to adopt a data focused mindset is described.
Artificial intelligence and machine learning are terms which refer to the latest tools and technologies in predictive and statistical data analysis. While there are a number of older applications which use data analytics, exponential hardware and software research progress has brought us to an inflection point where artificial intelligence functions are cheaper, simpler to implement, and vastly more powerful than their predecessors.
Companies across the retail industry are testing and implementing different applications of artificial intelligence from price and process optimisation through to new models of customer interaction.
Collecting and harnessing data matters; technology driven firms are leading in all growth metrics, and those that utilize artificial intelligence have compounding customer value as each new piece of customer data optimizes and improves predictions and recommendations. The most valuable position for any retail business in the face of these challenges is building a strong customer experience. Maintaining this customer relationship is the only defensible competitive advantage against the industry shaping forces of artificial intelligence.
Key Questions this Study Will Answer:
- The following are some of the key questions that this study will provide answers to:
- What is artificial intelligence and why is it relevant to the retail sector?
- What are the key applications of artificial intelligence for retail sector participants?
- Who are the key providers of artificial intelligence services to retailers?
- What best practices can be determined from successful strategies using artificial intelligence in retail?