The Impact of Artificial Intelligence in Retail

As we've seen unfold in recent years, artificial intelligence (AI), machine learning (ML) and data analytics are rapidly changing the speed at which the retail industry operates. As these technologies become increasingly popular among leading retail companies, it's clear that early adopters of AI have seen a sizable financial advantage compared to retailers that haven't yet adopted the technology. Non-adopters will need to erode their margin to stay competitive on price, while adopters with sizable financial gain will be able to weather volatility on price inputs. AI is being used as a differentiating factor between smaller retailers as a way to get ahead and capture market share. The gap between adopters and non-adopters will continue to grow, meaning AI is no longer just a way to get ahead of competitors -- it's become a pivotal part of staying relevant in the industry and maintaining innovation.