This article is brought to you by Retail Technology Review: Retail Technology Show 2023: Retail Express to join leading tech innovators. Q&A with Ed Betts, Retail Lead Europe at Retail Express, who considers ahead of the show the role of intelligent merchandising technology and its critical place in the future of retail. The critical role that technology plays in retail is unquestionable. Within the industry we are now talking more and more about smart retail technology which is any technology that is used to improve efficiency and effectiveness of operations, such as Artificial Intelligence (AI). So, in short, the Retail Technology Show on 26-27 April in London is where all the leading vendors get together and Retail Express is excited to be there.

Imagine if you could walk into a supermarket, grab whatever you need, and just walk out. Your account would automatically be charged and an itemized bill will be sent your way. Amazon Go stores are living examples of such a utopian dream. You can learn more about Amazon Go from the video below. And that reality is being powered by artificial intelligence.

If you've ever researched a topic online only to be presented with an ad for a related product seconds later, you've experienced the power of artificial intelligence in the retail industry. Most consumers know AI is playing an ever-larger role in enticing us to make purchases--it's a level of personalization that can be welcome at times (and a little alarming at others). But retailers are using AI for far more than sending out email promotions or displaying timely online ads. AI is helping the retail industry track consumers' behavior both online and in stores; guiding retailers in making smarter decisions when it comes to pricing, inventory levels and store layouts; and much more. Below, 15 members of Forbes Technology Council explain some of the ways retail businesses leverage AI that many consumers don't know about (but should).

Artificial Intelligence has been making game-changing impacts in the business world. Nowadays, businesses, especially retailers, regardless of size, are increasingly enthusiastic to build and deploy AI solutions. In fact, retail businesses must implement AI-like trending digital solutions to remain competitive and improve customer experiences. A few weeks ago, when FuGenX decided to add more services to its AI service portfolio, it has conducted a series of deep research across industry verticals to find which industries have more pain points that can be solved by our cutting-edge AI solutions. As per the research reports, retail was expectedly at the top of the list.

It is no secret that AI has revolutionized the retail industry. Since its inception, it has transformed almost every sector of this industry. AI is undergoing improvements every day, increasing the chances of growth for every business utilizing AI. A couple of decades ago, AI was a dream that has now materialized. In a matter of years, any retail business that doesn't climb up the AI bandwagon will most likely become just a part of history.

Retailers may not think of themselves as being in the business of managing data, but in many ways, they are. No other industry has more direct access to firsthand information about its customers through their behavior--what they like and what they don't like, what they need and when they need it, what makes them happy and what frustrates them, and more. While retail interactions are first and foremost about helping people access the goods they need and want, taking the next step to think about them in terms of what they can teach--what data they can provide--can open up a host of opportunities for retail businesses. And once that data is collected, artificial intelligence can help retailers take practical next steps. From better predicting their inventory needs to managing and supporting their employees, retail businesses can improve their operations and their customers' experience and, thereby, the bottom line.

Artificial intelligence (AI) is defined as robots performing skilled work or machines performing activities that previously needed human intelligence. Although the notion of Artificial Intelligence may be traced back to Greek mythology, the world first experienced the emergence of stored-program electronic computers throughout modern history. Because the market is changing too quickly in this fast-growing retail business, merchants must re-examine their current policies. In this current age of digitization and intelligence, they must reflect on whatever they are doing, how they are doing it, and how they are improving their product. We've seen how the E-commerce sector impacted this centuries-old conventional Industry, particularly in India, where shops increasingly rely on these platforms to sell their products.

Thanks to the rise of new technologies, the world we live in today is vastly different from the world we lived in, even just a few years ago. One of the most profound changes the internet has brought about is the rise of the internet of things (IoT). The IoT refers to the network of physical devices connected to the internet that can collect, store, share, and interpret data. With IoT in mind, one of the biggest trends in the tech world is the rise of Artificial Intelligence. The AI technology has been used in everything from computers to medical devices, and it will only become more prevalent in our everyday lives.

The retail business is getting back on track and has been witnessing steady growth after the dismal impact of the third wave. There has been buoyancy in the market with the removal of lockdown restrictions. After a long time of distress and uncertainty, things are getting back to normalcy as businesses have started taking pertinent steps to resume operations and focus on sales, marketing, and inventory management. The realization of digital transformation coupled with the indispensable role of artificial intelligence (AI) has been one of the major outcomes of Covid-19 implications on the retail sector and the vast possibilities and opportunities it can create with such transformations. With the emergence of e-commerce, buyers experienced the first crucial shift that successfully made it possible for them to buy things from anywhere at any time.

Note: This article is provided by Reshift Media, a Canadian-based digital marketing and development organization specializing in retail businesses. Artificial Intelligence (AI) is helping lead a digital transformation in the retail industry, with recent reports forecasting that global spending on AI systems will soar from $85.3 billion in 2021 to greater than $204 billion by 2025. These funds are allocated to a number of areas in AI development, but for most retailers, improving customer experience is at the forefront. With everything that the retail industry has faced throughout the pandemic, such as changes in consumer buying behaviour, the implementation of new technologies and BOPIS strategies, and the substantial rise of e-commerce, improving the customer experience has become essential. AI can help streamline that process for retailers in a variety of ways.