Juniper Research estimated that the annual spending on AI in Retail will reach $7.3B by 2022. At the same time, most of the AI and machine learning solutions in Retail revolve around customer experience, 74% of them to be exact. Smart chatbots and robots have the potential to eliminate cashiers. AI and machine learning systems:
- Enable personalized recommendations of makeup (Sephora and Olay).
- Help consumers find the right clothes sizes (ASOS).
- Simplify store navigation (Macy’s).
- Measure customer preferences (Uniqlo).
Outside of customer experience, Artificial Intelligence in Retail can:
- Improve logistics & stock management.
- Streamline food preparation and manufacturing process.
- Measure marketing data.
- Drive smarter business decisions.
AI permeates various aspects of retail constantly finding new creative applications. At this point, it’s quite obvious that AI will be part of the retail landscape for decades to come.