Deep Dive: The Future Customer Experience--AI and IoT in Retail - Fung Global Retail & Technology

Many retailers are struggling to devise the perfect cross-channel experience for their customers--one that takes advantage of digitalization to provide targeted, just-in-time product or service information in an effective and seamless way. The key internal capabilities needed to ensure a successful digital shopping experience are personalization, automation and the unique identification of the customer across shopping channels. In this report, we discuss how AI and IoT are impacting the retail industry. We explore how these technologies are changing the way retailers operate and provide examples of how major industry players are using AI and IoT to increase operational efficiency and unlock new revenue opportunities. Retailers that aim to remain competitive cannot afford to ignore the potential benefits of these technologies. AI, a technology that enables computers to make autonomous decisions, is a step forward in automation that is changing the retail industry. Retailers are using AI to analyze customer data, adapt how they interact with shoppers and predict demand in order to better manage inventory. Because consumers are bombarded with an unprecedented amount of information, being able to deliver highly personalized content for each individual customer is crucial to staying ahead of the competition. Meanwhile, the use of AI to anticipate demand and estimate when items will be returned should translate into more efficient business operations.