AI is gradually changing the retail industry, and the companies that are not willing to adopt the new trends might be left behind in the marketplace.

FREMONT, CA: Artificial intelligence (AI) is making an appearance in nearly every sector, starting from healthcare to retail. In the healthcare industry, AI systems can go through patient data faster and can also assist with robotic surgery.

In other businesses, it can boost sales, identify frauds, track patterns, and also foresee future sales trends. AI has started to make its appearance in the retail industry, which can entirely change the way customers shop.

Supply Chains and Returns:

Since AI might not be able to take over the customer service experience, but if a customer returns a purchase to an online retailer in the next few years, it shall end up dealing with an AI-driven program. There have been predictions that utilizing AI to manage supply chains and returns can save retail companies upwards of $340 billion a year by the next three years. A few might also adopt customer-facing AI programs such as chatbots to guide the common customer questions, but most of AI is likely to function behind the scenes.

Automatic Checkout:

Companies in the retail industry will most likely witness an automated, cashier-less checkout, as their next application. Some companies are working toward building brick and mortar stores that are cashier-less, rather than filling the cart and walking to the cash register. Customers can scan the items they want on their phones and pay via the card of their choice, or the ones that are linked with the brand. As the technology evolves, more stores will shift from the traditional retail model and implement the cashier-less option. It might get more convenient for the consumers, but on the other hand, it might also have a negative impact on those who have been looking for employment in the industry.

Shifting to E-Commerce:

E-commerce, as a concept, has been in the industry for a long time now. For example, in the fitness industry, people have been investing in on-demand fitness services, accessing workout plans for training, all on their phones or computers. It might not be long before most of the retail industry shifts to an entire e-commerce model.

See also: Top Artificial Intelligence Solution Companies