How Artificial Intelligence Is Revolutionizing Retail Market – Business

If you want to be successful in retail, you have to use technology at an early stage and put the customer at the center of all decisions. The digitization and technical progress, especially artificial intelligence (AI), are changing retail market in numerous industrial sectors, including tech, agriculture, studios, product testing, inspection, certification, insurance, and most important, retail. Customers are buying more and more online instead of from traditional stores, having a presence across all relevant sales channels has long been part of everyday life, and innovative business models are becoming increasingly popular. AI enables business models that were barely conceivable just a few years ago. Retail companies should use the changes strategically to get as close as possible to their customers. As a 2019 survey by EY and Microsoft shows, the gap between companies that embrace AI and those that are hesitant is widening.