Showing posts from June, 2021

Artificial Intelligence in Retail Industry - Part 1

  Retailing has always been called a combination of art and science but for much of its existence there’s usually been too much of the former and not enough of the latter. Traditional retailers' business models arc facing disruption by new entrants who can deliver greater value to customers more efficiently. In recent years, authors have argued that the traditional value chain drives inefficiencies and that the value chain is shortening as manufacturers, third parties and customers are increasingly engaging with customers directly. These inefficiencies combined with the inability to adapt to a changing competitive landscape leaves traditional retailers vulnerable to disruption from market entrants. To remain competitive and survive in an ever-changing and diversified customer market, retailers need to become leaner , more agile, and innovate their value chain by adopting new technologies. Of the new technologies that are impacting the retail industry, AI has been earmarked as