Retailers are not only ready to adopt AI-embedded practices but are reaching a state where the integration of AI into their traditional business practices is now a must in order to effectively respond to a tumultuous market. What we have experienced in recent years — global health crises bottlenecking supply chain flows and the disruption of demand projections — has pushed organizations to take the necessary next steps in optimizing business processes through the utilization of AI.
According to a study led by Capgemini, analysts have estimated that global annual spending on AI by retailers is estimated to reach $7.3 billion by 2022. Why is this so?
The answer comes down to five main use cases:
- Customer insights
- Supply chain optimization
- Pricing optimization
- Store enhancement
- Website optimization
The plethora of solutions retailers discover within these use cases can overhaul rigid processes and transform them into agile, value-generating operations. From churn prediction and demand forecasting to personalized recommendation engines, in-store automation, and more, we investigate, across all five use cases, the ways that the integration of enterprise-wide, Everyday AI is transforming the world of retail and CPG.
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