Is Artificial Intelligence Altering the Retail Industry?

Wherever you go today, the presence of Artificial Intelligence (AI) is quite evident. AI is building a niche for itself across all sectors, be it the retail industry, manufacturing industry, security and surveillance systems, etc. Several e-commerce companies have already started using AI to understand their customers better; a few companies who have recognised the potential of using AI in e-commerce are in the process of adopting it already.

AI has been consistently influencing various industries by enhancing how businesses execute certain processes. In simple words, AI is altering the pattern in which buyers behave. Gathering evidence and analysing how consumers are shopping these days is complicated as there is a massive amount of data to explore; with the intervention of AI, this has become easy.

AI offers features like marketing messages which are customised that compel customers to check on the offers that are being offered by a particular brand. AI is capable of detecting the underlying patterns within your shopping behaviour based on the commodities you purchase and the mode you use in order to buy them.

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In the past, customer feedback was obtained using feedback cards or via the suggestion box. With the popularity of social media increasing day by day, it has now become a platform for users to express their feedback publicly. Retailers are now using social media in order to respond to their customer queries.

Going forward, AI will play a crucial role even in this context. Soon, AI systems could be enabled for the bulk analysis of various sources of unstructured and messy data which includes video or customer recorded verbal comments or data.

Undoubtedly, AI is altering the retail landscape. It looks like AI is the way forward, for both businesses as well as consumers. The speed at which AI is being adopted by businesses and accepted by the consumers depict that AI is here to stay for long.

For any clarifications/feedback on the topic, please contact the writer at bhavana.pn@cleartax.in

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