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Retail Experts Opinion: How Ai Is Changing The Retail Industry?
The retail industry is one of the most emerging, dynamic, and fast-paced sectors across the globe. It comprises the process of selling goods or services through multiple distribution channels to their customers to earn profits.
The dynamics of the retail industry is growing drastically with strong growth due to improved customer’s confidence in terms of both grocery and non-grocery products. The spectrum of this industry is quite high as it serves its customers through small outlets and big departmental stores. According to retail industry expert rapid expansion in the population across the globe, rise in consumer spending, buying behaviour, and development in retail infrastructure is driving the growth of the retail industry.
Retail experts say that changing product preference of the consumers, along with an increase in disposable income, is forcing the retail professionals to adopt AI in this industry. By the implementation of these disruptive technologies, the pattern of traditional retail is expected to survive in a new way. The retail industry professionals need to make sure that they grab the latest technology for their business growth and high profits.
Expert survey shows that 55% of the retailers say that they are focusing on implementing or considering technology, which focuses on delivery innovations to improve their customer experience. Development of e-commerce platforms, online sale, and distribution channels with the application of AI are enabling the retail professionals to re-evaluate their every aspect of operations ranging from customer service to advertising, merchandising, logistics for order fulfilment.
The expert network group analyzed that every customer seeks personalized services and engagement. AI helps the retailers to understand their customers and predict future behaviors. AI enables retailers to forecast the actual quantity demanded by the customers. Retail owners can increase accuracy, operational efficiency, save both time and money for the organization. AI also plays a significant role in determining the retailer’s supply and development plans to stay ahead in the market.
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