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Artificial Intelligence in Retail – Could this actually be a blessing in disguise?

February 21, 2019 / Hitendra Rathore
SHARESHARESHARE

Artificial Intelligence (AI) has the tremendous power to shape up the retail stores. AI technology has already passed its infancy stage and now it is capable of dominating various industries of the market.The increase in the AI based startups is proof for this. The AI startups have risen more than 1.8 Billion USD in the past 4 years and this technology is deployed in almost all the industries for a better working environment and productivity. The retail industry is one of the biggest industries present out there and artificial intelligence has a greater impact on this industry too.It has been estimated that by 2025, the AI industry is expected to reach $35,870 Million. AI is capable of changing the entire life circle of a product or sales, right from manufacturing to the after sales support this technology can be incorporated in various situations for the greater good. It benefits both sellers and shoppers.Since Millennials have got the power to spend and shop for themselves, they are more interested in self-service. Gen Z is more interested in taking control of the entire store where they are shopping, be it an online store or brick and mortar one.