According to recent data, the majority of retailers think artificial intelligence (AI) will be a competitive necessity in the next few years. This comes as no surprise, with the expansive list of benefits that AI brings to the retail industry, including improved customer experience, reduced operational costs and increased efficiency. As retailers are rushing to realize the benefits of AI and machine learning technologies in tandem with customers expecting a top-notch in-store experience across all touchpoints, the challenges with adoption are becoming apparent. At some point, whether online or in-store, consumers will want to speak with a live person. When it comes to integrating technology into the retail experience, there will inevitably be a time when it makes more sense for a customer to speak with someone face-to-face or on the phone.

According to recent data, the majority of retailers think artificial intelligence (AI) will be a competitive necessity in the next few years. This comes as no surprise, with the expansive list of benefits that AI brings to the retail industry, including improved customer experience, reduced operational costs and increased efficiency. As retailers are rushing to realize the benefits of AI and machine learning technologies in tandem with customers expecting a top-notch in-store experience across all touchpoints, the challenges with adoption are becoming apparent. At some point, whether online or in-store, consumers will want to speak with a live person. When it comes to integrating technology into the retail experience, there will inevitably be a time when it makes more sense for a customer to speak with someone face-to-face or on the phone.

Each year, I take a look at the major digital transformation trends hitting every industry. Next up are the big digital transformation trends in retail for 2020. Before getting into this year's trends, I want to go over some of the hits and misses we chose for 2019. While we did see major and necessary improvements in omni-channel retail and AI/cognitive computing, I'd say we still have some work to do with cardless checkout and smart beacons. Yes, those technologies are still percolating and will likely continue to mature in the coming year.

Artificial intelligence (AI) has crossed the chasm; more companies and more executives than ever before have come to realize the value that augmented intelligence offers their firms. These companies have actively moved to implement the technology in their organizations. In that respect, AI has achieved what many other technologies have tried -- but failed -- to do. It has disrupted the norm. Is This New Approach Really Needed?

In an era of fast fashion, retailers are producing cheap clothes quickly in order to get the latest trends in store. However, this fashion concept comes at a enormous cost to our health, planet, and economy. Dana Thomas, author of'Fashionopolis: The Price of Fast Fashion and the Future of Clothes,' joined Cheddar to discuss the negative impact of inexpensive clothes and what we can do as consumers to create a more sustainable future.

Ecommerce has emerged as the most popular online activity around the globe. Revenues have hiked almost twice in the past five years with expectations of the total retail ecommerce sales worldwide of $2.3 trillion in 2017 to go up to $4.88 trillion US dollars in 2021. Due to this, there has been a rapid downfall of revenues for the traditional brick-and-mortar stores. To keep pace with global consumer demands, ecommerce sites are incorporating new emerging technologies into their portals every day, including artificial intelligence (AI). The use of user personalization registered shopping habits, tailored advertisements and customer engagement is just the tip of the iceberg to boost sales.

The robot uprising is coming to a store near you. And no, I'm not talking about Skynet building T-1000 Terminators to take over the world (or store in this case). I am talking about how the retail store is drastically changing to become more automated, using artificial intelligence, and relying on non-human assistance for check-outs, price checks, and inventory management. Robots and drones are in stores now and retailers are looking to build upon their capabilities for the foreseeable future. Robots in the warehouse are certainly nothing new.

Whereas it used to be that only ecommerce giants such as Amazon and Walmart used machine learning algorithms to figure out sales trends, now small retailers are also leveraging machine learning to understand this dynamic fashion market, which may provide them a better chance to succeed. Intelligent, AI-enabled systems can also help provide greater intelligence for fashion brands by identifying patterns and predictive analytics that can provide insight into fashion trends, purchase patterns, and inventory-related guidance. One company at the forefront in innovation with AI applied to fashion is Stitch Fix, an online personal styling service. The company is using machine learning algorithms to provide better customer experiences for customers and make their supply chain more efficient.

Over 7,000 store closings have already been announced in 2019. On the same day Apple unveiled the launch date of its subscription service Arcade, brick-and-mortar video game hub GameStop announced store closures. During Tuesday's quarterly earnings call with analysts, GameStop chief financial officer Jim Bell said the company was "on track to close between 180 and 200 underperforming stores globally by the end of this fiscal year." Bell also said there have been 195 store closures since last year. How many stores could close in the U.S. was not disclosed.

Caper, the first AI-powered shopping cart that uses computer vision to enable a seamless grab-and-go retail experience, announces that it has closed a $10 million Series A round of funding led by Lux Capital. Following Caper's Seed funding, First Round Capital, Y Combinator, Hardware Club, Sidekick Fund, and FundersClub reinvested in the Series A - fortifying their confidence in Caper as builders of game-changing technologies for the grocery industry. Red Apple Group, a well-known New York supermarket chain that operates Gristedes and D'Agostino, as well as other undisclosed strategic investors, also participated in the round. The funding will be used to expand the team and fulfill its rollout pipelines with mega-retailers.