The human brain is more than just an organ – it is a complex system that helps humans to analyze information and take simplified decisions in various situations. But it cannot always gauge all the possible outcomes of a decision and hence our decision-making ability gets limited in certain circumstances. But what we cannot achieve with the powerof our brain is today being achieved by applying Artificial Intelligence (AI). It is much more than neural networks and complex algorithms; it involves enabling machines to take appropriate decisions in all possible circumstances.
With the huge amount of data being transmitted from electronic devices every day, it becomes imperative for the data-driven organizations to collect and identify a pattern in them. But, what exactly could be the advantage of collecting and analyzing data? Well, to predict the future it is necessary to understand the past and the present.
One of the biggest beneficiaries of Artificial Intelligence is physical retail. It is facing immense competition from e-Commerce portals, which not only provide user-friendly shopping experiences but also come up with relevant suggestions for future purchases. The need of the hour for physical retailers, therefore, is to revamp their business processes and come up with innovative measures to provide a more than satisfying customer experience along with an efficient stock management strategy. Artificial Intelligence (AI) can help achieve both. Here is a brief overview of how AI can help drive transformation in physical retail.
AI has started revolutionizing the way in which physical retailers go about taking business decisions and with the enhancement of customer’s technical abilities, it can be safely claimed that AI will play an important role in the future of retail.