AI in Retail Industry: Reshaping Shopping Experience and Business Profitability

Abstract

Abstract

Artificial Intelligence (AI) is depicted as the actions of machines doing tasks that usually require human intelligence. Though this idea of Artificial Intelligence can be traced back to Greek mythology, it was only during modern history, the world witnessed the development of programme-driven computer machines. Now it has become a web of millions of codes and algorithms and is increasingly playing an integral role in every industry sector. E-commerce Industry had once disrupted the age-old traditional retail industry, especially in India where the retailers now largely depend on these platforms for their product’s sale. Today it's coming in the form of Artificial Intelligence which will be a great advantage for the retail industry. To be competitive today, retailers need to respond to their customers like never before, at the same time reducing the amount of waste and inefficiency in their operations. They can get there with data, but it takes intelligent analysis to make sense of the vast amount of data. This article analyses the emerging trends and practices of using Artificial Intelligence in retail industry in order to enhance customer experiences and result in value additions to retail businesses.

Keywords: Artificial Intelligence, Retail Business, Digital Retailing, Smart Retailing