AI is found in almost every corner of the retail industry. But are all the companies properly aware of the technique of deploying it?
FREMONT, CA: Today, AI is deployed in every part of the business and is functioning flawlessly and delivering transformative results. However, few are aware of this technology. In fact, there has been a track record of incomplete or failed attempts of harnessing AI for actionable retail insights.
The following are some of the predictions for 2020 and beyond on the possible future of AI in retail.
1. AI that has been proven out in the real world will overshadow the lab-grown AI.
Products leveraging AI can integrate a wide array of AI algorithms, techniques, and approaches, from simple to complex. The battle-hardened AI solutions for authentic retail environments have been effective at detecting true competitors, shoppers, and market signals amongst diverse and proliferating data sources. This results in solutions that can take in both real-time and historical data to smartly factor for seasonality, item strategy, product lifecycle phases, etc.
2. Successful AI can leverage ML’s ability to evolve constantly.
Retails will be able to get optimal results by using the sophisticated AI that leverages self-learning algorithms for functioning optimally and evolve in dynamic market situations. In the increasing pace of transformation, it is risky for the retailers to hit the pause button on the crucial applications while considerably paid strategic consultants perform intricate optimization exercises for keeping their AI impactful and relevant. The science that leverages ML for detecting early transformations, and evolves accordingly, will be the key to making retailers flexible and positioned to succeed.
3. Retailers efficient with AI will be strategically and holistically embracing it.
An organization achieves true success when it harnesses broad-ranging organizational change and skill development as part of their bigger initiative, which is supported by prescriptive and analytics-focused AI solutions. By combining top-down executive leadership and mandates, proven AI technology has a track record of real-world success, and matrixed influencer campaigns for building broad support among peer groups, an enterprise can leverage AI and emotional intelligence to be responsive and proactive in a fast-paced market environment.
In a nutshell, the retails that will harness AI will hold the potential to stand strategically and realistically to gain competitive advantage and improve customer loyalty in 2020 and beyond.