As said by industry players Monday this week, the retail sector will be the fastest growing sector among the industries in terms of Artificial Intelligence adoption. At a panel discussion on AI revolution during the NRF 2019(National Retail Federation), CEO and founder of U.S. retail and tech consultancy Coresight Research, Deborah Weinswig said that technology will keep on to remove impedance from brick-and-mortar retail and AI will become retailers’ go-to technology. Through the next three years, the adoption rate of AI tech in retail sector will go beyond.
The adoption rate exceeds in manufacturing, banking, and healthcare sector that have used the high-end technology in recent years. Even data also demonstrated that the retail industry topped in investing on AI with USD 3.4 billion in the last year, followed by the USD 3.3 billion in the banking sector, Weinswig added. In addition, she said that AI has outlined key facets of the retail industry, including optimization, communication, rationalized inventory and experiential retail, with technologies equipped the most rule-based reasoning, Machine Learning, Natural Language Processing (NLP), and machine vision.
She further noted that AI has helped retailers improve customer experience without adding staff, owing to smart Chatbots that is able to answer customers’ requests, AI voice recognition blurring the distinction between the computer and human interface, and data analysis to envisage customer preferences and make suggestions. Weinswig also anticipated that China would be the top country, followed by the U.S., in AI investment during 2017 to 2022, due to its huge investment, the presence of large tech giants like Alibaba and Tencent, supportive government policies and a massive volume of data based on its large population.