I, retail robot – how AI is changing the face of the market - Fourth Source

With the Artificial Intelligence (AI) market predicted to grow at a CAGR of 53.65% from 2015 to 2020, momentum for AI is undoubtedly surging. AI, which is essentially the capability of a machine to imitate intelligent human behaviour (such as visual perception, speech recognition, etc.) and carry out multiple tasks, is proven to drive greater efficiency, and is on course to play a key role in propelling the growth of the retail sector. As consumers continue to demand greater speed and easier access to product and service information, fuelled by our connected world and the internet of things, AI will dramatically enhance the customer experience through improving responsiveness, personalisation and productivity. The potential of AI and its anticipated impact on the future of retail is massive, and by embracing it early on, brands and retailers have the opportunity to gain a major competitive edge. In a world where a growing number of customers now check their smartphones while in store and browse consumer-generated content (CGC), such as product ratings, reviews and Q&As, photos and videos, retailers and brands need to evolve and react to demands that blur the lines between online and offline shopper journeys.