Technologies such as artificial intelligence (AI), computer vision and IoT have changed every part of the shopping experience from browsing to checkout.
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Sep 19 2022
Artificial Intelligence in the Retail Industry: Improving Shopping Experience
Technology has disrupted almost every industry worldwide, and the retail sector is no different. A retailer's first thought when discussing technology's impact on retail and shopping is usually e-commerce. However, technologies such as artificial intelligence (AI), computer vision and IoT have changed every part of the shopping experience from browsing to checkout.
The global AI in retail market is expected to reach $24 billion by 2027, rising from $3 billion in 2020 and displaying a year-over-year growth rate of 29.7%.
According to Statista, the consumer goods and retail sectors have been using AI for various purposes, but mostly customer care, quality control, inventory management, personalization, pricing and fraud detection.
An innovation's key differentiator is personalization
Before artificial intelligence, retailers customized client experiences via mailing lists or loyalty programs, which may even end up in spam and never be read, and promotions were advertised in catalogs or through broadcasts, options which were expensive and displayed the same information to all shoppers.
Nowadays, leveraging artificial intelligence, computer vision, and other new technologies, retailers are able to better understand and offer what customers desire, without them having to interact with the retailer.
The use of artificial intelligence and advanced analytics allows us to gain a great deal of information about each individual buyer, including their meal preferences, food allergies, and the reasons behind their purchase. Retailers can use this information to craft customized promotions to attract buyers and increase sales by knowing who is walking down their aisles.
Optimizing tasks with robots
As a result of high turnover and plunging profit margins, restaurants are struggling to maintain margins. Thankfully a new trend is emerging, brands are discovering that automation is the answer to fix this problem.
Robots are a popular application of artificial intelligence in the retail industry. One of the most interesting uses for these robots is as shop assistants. Automated kitchen assistants can take over repetitive and time-consuming tasks in restaurant kitchens, saving time and potentially increasing profit margins by cutting costs.
In this matter, the Spanish company Br5 offers robotic solutions for human services. Their robots are able to pour a perfect beer, open bottles of wine or bottles of beer, prepare hamburgers, paellas, or even cocktails, always in collaboration with people. These Br5 robots work for the hospitality industry but can automate any function.
