If you are looking for an answer to the question What is Artificial Intelligence? and you only have a minute, then here's the definition the Association for the Advancement of Artificial Intelligence offers on its home page: "the scientific understanding of the mechanisms underlying thought and intelligent behavior and their embodiment in machines."
However, if you are fortunate enough to have more than a minute, then please get ready to embark upon an exciting journey exploring AI (but beware, it could last a lifetime) …
You can call yourself a guru of retail pricing if you can make the right pricing decisions for every one of your products, separately and combined, based on their demand elasticity at any given moment. Each of your pricing decisions has to help you reach all of your current business goals and ensure the best shopping experience at the same time. In other words: to find a balance between your profits and traffic. Let's take a step back to where everything begins – your business strategy. The company's strategy is supposed to be converted into its pricing strategy and subsequently into pricing tactics.
High street stores are facing stiff competition from the internet. Once-dominant retail chains are collapsing. Progressive retailers are turning to artificial intelligence to learn more about individual customers, improve their shopping experience and increase revenue growth. According to a report by Research and Markets, the global AI adoption in the retail market is expected to grow by over 35% a year. Retailers are increasingly employing it to study consumer behaviour and capture relevant data through technologies like computer vision.
Customers love voice and chat assistants, the conversational interfaces that turn on the lights, help home chefs cook an egg to perfection, and make it easy for consumers to research and buy goods online. However, while customers are already building strong relationships with these conversational assistants, retailers are still learning how to best use conversational bots to drive engagement and strengthen their customer relationships. Nonetheless, these conversational assistants represent a fantastic opportunity for retailers to humanize their interactions with customers at scale, as long as it's done with proper understanding of what it takes to engage with customers and how to deploy voice and chat to drive growth and return in 2020. Conversational interfaces fall into two categories: voice and chat. Voice assistants are mediums that can be accessed through voice commands on a smart speaker or smartphone application.
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Smart is a word in transition. Once almost exclusively applied to human (and some animal) intelligence, today everything and anything is called "smart." With the growing field of AI (artificial or augmented intelligence) predicting self-learning inanimate objects, smart might be a minimum term with genius close behind. In construction, the application of computer technology to every facet of the trade is achieving inroads at companies large and small. But the focus is now turning to the implementation and installation of smart technology in the actual buildings.
For e-retailers, deep learning offers immense opportunities to increase conversion rates and improve the brand image through positive customer experience. According to a 2018 U.S. Census Bureau report, the e-Commerce industry has shown impressive growth in the past one decade. The online revenues have steadily eaten into an additional 1.5% of the yearly retail sales for the past several years. Tech giant Amazon is projected to make up half of all eCommerce sales in the US by 2021. Statista predicts the global e-Commerce sales will amount to $ 4.88 trillion; thereby, showcasing a yearly growth of 20%.
In the last couple of years, the retail industry has been considerably impacted because of technologies like Artificial Intelligence and Machine Learning. Especially, the companies that rely on online sales are integrating Machine Learning resources to increase sales and reduce costs. If we go by the books, Machine Learning can be defined as the scientific study of algorithms and statistical models to perform specific tasks by making use of patterns and inference. And interestingly, Artificial Intelligence and Machine Learning goes hand in hand because Machine Learning is considered as a subset of Artificial Intelligence. It's easier said than done to determine which of the industries have altered the most under the influence of Machine Learning and Artificial Intelligence technologies, but the retail sector is definitely one of them.
Successful retailers are already modernising their work environments, extracting more value from their data, deepening their understanding of customers, innovating faster and migrating their operations to the cloud – all to become more competitive. While some retailers are focused on improving their existing operations processes, this is not enough. Real value creation and cost reduction comes when retailers reimagine the operations process entirely and take a digital-first strategy, rather than making incremental changes to existing models. This is where artificial intelligence (AI) has a crucial role to play. Cognizant's research indicates that the revenue impact of new technologies, including AI, is $634bn (£483bn) globally.
The new-age customer is digitally enabled, savvier, and looks for personalized experiences. FREMONT, CA: Businesses across all industries are rapidly adopting digitalization, and this is mainly because of the emergence of Industry 4.0. Advanced technologies have revolutionized the retail sector and brought forth its latest form - Retail 4.0. The retail industry is undergoing a large scale renaissance of sorts, from automation of the operational process to churning of digital data encompassing the buyer's journey. Studies show that 79 percent of consumers believe personalized services from sales representatives, is an essential factor in determining which store they chose to shop in.