Influence of AI in Retail and supply chain-Humaci.com

1. Influence of AI in Retail and supply chain- Humaci.com The use cases for artificial intelligence continue to increase by the day ― marketing, supply chain, customer service, user experience, personalization ― and will continue to surge as retailers turn to artificial brainpower to transform the increasingly complex and various amounts of data they collect on an on-going basis into actionable insight. Artificial intelligence (AI) has arguably been used to reinvent marketing, a new survey of retail supply chain professionals, mostly in the grocery space, shows that only one in three has incorporated AI capabilities into their supply chain management processes. E-commerce providers and retailers are integrating Al with various applications, such as planning and procurement, inventory management and sales forecasting, production, supply chain management, in-store operations, and marketing. Customers can seamlessly manage change and adapt their supply chain overtime to meet demands. With the recent technological breakthroughs in AI, algorithm developments and ever- increasing processing power, we are likely to see an explosion of AI technology driving more sophisticated solutions in the supply chain to speed and improve the delivery of products and services to customers. In 2017, Datamation, a review publication about the emerging technology for the enterprise IT sector, concluded, Artificial intelligence and logistics fundamentally alter supply chain management across the world.” Machine learning can help to effectively integrate all the product tracking information available to retailers while providing customers with a personalized shopping experience. Retailers can leverage data to provide a more seamless and personal experience for customers, which increases conversion, repeat purchase and loyalty,” said Karen McCormick, chief investment officer at VC firm Beringea, whose portfolio includes personal styling service Thread, which uses AI and machine learning to help men buy clothes. Being fundamental to the concept of artificial intelligence, machine learning can increase the precision of supply chain planning (as well as marketing predictions) and, therefore, boost sales levels to their full potential. With the erosion of the brick-and-mortar model and the rise of real- time consumer expectations, supply chain/inventory management practices must embrace machine learning that far outpaces the speed of human thought and action.

2. According to Ensemble IQ, 52% of retail supply chain executives say they spend too much time on data crunching; AI and machine learning solutions overcome this. With channel convergence and the rise of new formats, understanding what customers need and forecasting for each physical or digital location is critical—and because many of today's systems are outdated and incapable of understanding today's complex consumer behavior, it's important that retailers adopt technology to process the data most effectively. The Artificial Intelligence (AI) in the retail market is expected to grow from USD 993.6 Million in 2017 to USD 5,034.0 Million by 2022, at a Compound Annual Growth Rate (CAGR) of 38.3%. Factors such as increasing necessity for surveillance and monitoring at a physical store, growing awareness, and application of AI, enhanced user-experience, improved productivity, Return on Investment (RoI), maintaining inventory accuracy, and supply chain optimization is driving the global Artificial Intelligence in the retail market. One of the most important skills of the future supply chain workforce will be digital dexterity The ability to adapt to technology at a rapid pace and the readiness to use advanced analytics and artificial intelligence (AI) in decision making will be crucial in an increasingly automated environment.