Emerging technologies like AI and machine learning are offering exciting new opportunities for both online and brick & mortar retailers as the customer's shopping journey is rapidly evolving.
The last few years have been challenging for the retail sector with over 12,000 brick and mortar stores closing in the US in 2019, online customer engagement falling, and shopping cart abandonment touching 70%. In this grim scenario, leveraging the power of AI and ML to innovate and reimagine the customer journey across the retail value chain is not just desirable but an imperative for survival.
Furthermore, according to a recent study by McKinsey, AI is going to have the biggest impact on retail out of all other sectors, crossing $800 million in total investment.
Check out the full white paper below written by aspiring technologist Aryn Chadha