What is the future of shopping?
Retail industry will change the shopping story.
In the near future, artificial intelligence (AI) would be in major demand by the consumers to make interactions as seamless as possible. Many of us as an end user are unaware of the fact that Google uses AI to improve their search . It provides us with the correct results most of the times.
How would an end user get impacted by AI?
Behind the scenes of any AI-powered systems, there is a long and complex computational process involved with the trained data set for the algorithm to perform so that the user gets an overwhelming experience. This experience is so fast and seamless that the user thinks everything is happening magically.
Here are some interesting facts about AI and retail:
- By 2020, 85 percent of customer interactions in retail will be managed by artificial intelligence, according to Gartner .
- According to Business Insider, shoppers who interact with online reviews and opinions are 97 percent more likely to convert with a retailer than customers who do not.
- Seventy percent of US millennials and 62 percent of millennials in the UK say they would appreciate a brand or retailer using AI technology to show more interesting products.
From my two years of experience of working at the juncture of AI and retail industry, there are certain conclusions and insights I have drawn. There has been a humongous transformation over the years in the retail industry and I am pretty sure this field is ready to be disrupted that will make the consumer journey more intuitive with the ease to interact with the products/experience of their liking.
How AI can transform the entire retail industry?
Personalised online shopping
Personalised products recommendations