AI Brings All-new Element Into Retail
Together, machine learning and AI will reshape the retail experience
Retailers who utilize artificial intelligence (AI) and machine learning (ML) are becoming more prevalent and this movement is creating an all-new consumer shopping experience that will shape the industry.
According to PYMNTS.com, AI and ML are bridging the gap between online and in-store shopping. Merchants who employ this new data collection technology have started gathering and analyzing their consumers’ online activities, purchase histories, and other data points to customize the consumer experience across all channels. There are more than 1.1 billion product and service listings through which AI-based image recognition can help shoppers search for products they might want to buy.
First Adopters: Large Retailers
One of the world’s largest retailers, Walmart, is hoping to reduce checkout theft by using cameras powered by AI. Since deploying the cameras two years ago in 1,000 of their stores, they have seen positive results. Loss due to causes such as theft, scanning errors, waste, and fraud has declined in stores where the cameras have been utilized.
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