As retailers around the world increase efforts in developing targeted marketing campaigns for different audiences, predicting accurately which customers are most likely to churn ahead of time is crucial for marketing teams in order to increase business profits. This work presents a deep survival framework to predict which customers are at risk of stopping to purchase with retail companies in non-contractual settings. By leveraging the survival model parameters to be learnt by recurrent neural networks, we are able to obtain individual level survival models for purchasing behaviour based only on individual customer behaviour and avoid time-consuming feature engineering processes usually done when training machine learning models.

Among many technologies used in retail, Information Technology is a major advancement that helps retailers to organize their commerce in a better way, manage their credits, and help in maintaining satisfactory customer service. IT, in the retail sector, is mostly employed in storing and processing data. This technology is extensively used by retailers to understand market demands and consumer responses. The database obtained through Information Technology can assist businessmen and women in making infallible decisions and save the firm from potential risks. Electronic Point Of Sale is software that works with automated technology.

In today's world, data is the engine that powers every company. The potential benefits of the data are being pursued by many significant organizations from various industries. Thanks to the solutions that data scientists have offered, several economic sectors are undergoing a fundamental revolution. As tech behemoths like IKEA, Amazon, and Netflix already make use of all potential advantages, the application of data science in the retail industry has increased as well. In India, the retail industry is expected to reach a whooping height of US$ 2 trillion by the year 2032, according to a survey held by the Boston Consulting Group. There is too much potential for income and growth for retailers and consumer goods companies in particular, in this data-driven world than can be ignored.

Many of the biggest technology headlines in 2022 were about artificial intelligence (AI). Commercial and enterprise applications of generative AI such as ChatGPT are already making a big splash in 2023, but what about the retail industry? Here, the impact of AI is likely to widen and deepen this year. AI in particular may have an outsized impact on physical stores. It can be easy to forget that, amidst all the talk about e-commerce, most people still do the vast majority of their shopping in bricks and mortar stores.

Whether it's eBay's smart search feature, improved recommendation systems, Sephora's shade finder, or Amazon's Just Walk Out Technology, AI is applied at almost every stage of the retail process for a more pleasant and efficient shopping experience. AI is admittedly having a big impact on businesses all around the world, just as it is starting to play a pivotal role in retail. If you're interested in learning more about what a career in artificial intelligence entails, consider taking one of the DataMites Artificial Intelligence Courses. Our Artificial Intelligence Courses are carefully crafted to instill vital skills in potential candidates to take over the field. In addition to artificial intelligence, we also provide training in data science, python, machine learning, data analytics, and more!

To some extent, I feel bad for the retail industry. They seem to be hit first and hardest by the tribulations and changes our world faces: pandemics, supply chain disruptions, geopolitical conflicts, rapidly shifting consumer demands, emerging social platforms, new distribution channels, endless opportunities in digital, and so on. These challenges, combined with thin margins and complex operations, makes retail one of the toughest industries to succeed in. Some questions that are top of mind include, How can you know if the changes you're making are delivering the value you expect? How do you tie together digital and physical channels?

The retail industry continues to be a hotbed of innovation, with activity driven by supply chain optimisation, technology, and risk mitigation, and the growing importance of technologies such as robotic inventory management and smart checkout. In the last three years alone, there have been over 133,000 patents filed and granted in the retail industry, according to GlobalData's report on Artificial Intelligence: AI-assisted surveillance. However, not all innovations are equal and nor do they follow a constant upward trend. Instead, their evolution takes the form of an S-shaped curve that reflects their typical lifecycle from early emergence to accelerating adoption, before finally stabilising and reaching maturity. Identifying where a particular innovation is on this journey, especially those that are in the emerging and accelerating stages, is essential for understanding their current level of adoption and the likely future trajectory and impact they will have.

AI in retail industry is rapidly transforming the customer journey and experience. The fundamental steps of shopping have mostly stayed the same throughout the years: enter a store, choose the ideal item, and pay for it. With personalization, automation, and more efficiency, artificial intelligence has the ability to revamp the conventional shopping experience totally. The retail sector has been going through a digital shift for a while now. Every branch of retail companies has seen a rise in speed, efficiency, and accuracy, largely because of sophisticated data and predictive analytics technologies that support businesses in making data-driven business choices.

The field of computer vision in retail is getting bigger. More and more retail and e-commerce enterprises are using computer vision solutions to meet customer needs better and keep track of inventory. Clearly, there are no limits to how AI and computer vision can be used in retail. Let's talk in-depth about how artificial intelligence based computer vision is used in retail and what it can do. Retail AI and vision can enhance people's shopping experiences and retailers' overall profits in various ways, including image optimization, analysis of consumer behavior, management of shelf space, and monitoring of in-store health.

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.