GUEST COMMENT How artificial intelligence is transforming the retail sector

The use of artificial intelligence (AI) in the retail sector is nothing new. Retailers have long used AI to analyse previous purchases and online search history and proactively predict future behaviour based on the results of that analysis. As technology has progressed, AI has allowed for data points to be analysed deeper and faster than ever before, and now, thanks to AI, the most forward-thinking retailers can work out exactly which product a consumer wants at what time. As a result, retailers can respond more effectively and more efficiently to consumers' buying needs. The power of AI has the potential to totally transform businesses within the retail sector and beyond with annual worldwide AI revenue expected to increase to $36.8 billion in 2025, up from $643.7 million in 2016. As retailers continue to battle both tough competition and the harsh economic environment that is prevalent across the sector today, AI could be one solution that would enable them to provide the best service and attract customers to their stores.