Apac
  • Home
  • CXO Insights
  • CIO Views
  • News
  • Conferences
  • Newsletter
  • Whitepapers
  • About us
Apac
  • Admired Tech

    Agile

    AI Healthcare

    Artificial Intelligence

    Augmented Reality

    Aviation

    Big Data

    Blockchain

    Cloud

    Cryptocurrency

    Cyber Security

    Digital Transformation

    Drone

    HPC

    Infrared

    Internet of Things

    Networking

    PropTech

    Remote Work

    Scheduling Software

    Simulation

    Startup

    Storage

    Wireless

  • Banking

    E-Commerce

    Education

    FinTech

    Food and Beverages

    Healthcare

    Insurance

    Legal

    Manufacturing

    Pharma and Life Science

    Retail

    Travel and Hospitality

  • CISCO

    Microsoft

    Oracle

    Salesforce

    SAP

    ServiceNow

  • Business Intelligence

    CEM

    Cloud-based Planning

    Cognitive

    Compliance

    Contact Center

    Contact Tracing

    Contactless Payments

    Corporate Finance

    CRM

    Custom Software Development

    Data Center

    Enterprise Architecture

    Enterprise Communications

    Enterprise Contract Management

    Field Service

    HR Technology

    IT Service Management

    Managed Services

    Procurement

    Product Management

    RegTech

    Revenue Management

Menu
    • CISCO
    • Collaboration
    • Compliance
    • Contact Center
    • Healthcare
    • IT Service Management
    • Microsoft
    • Retail
    • MORE
    #

    Apac CIO Outlook Weekly Brief

    ×

    Be first to read the latest tech news, Industry Leader's Insights, and CIO interviews of medium and large enterprises exclusively from Apac CIO Outlook

    Subscribe

    loading

    THANK YOU FOR SUBSCRIBING

    • Home
    • News
    • Retail
    Editor's Pick (1 - 4 of 8)
    left
    AI becomes Personal

    Sherif Mityas, CIO & Chief Experience Officer, TGI Fridays

    Is Your Head in the Sand?

    Marc Kermisch, VP & CIO, Red Wing Shoe

    Laying a Foundation for the New-Age Retail Industry

    Paul Karras, SVP & CIO, Wilton Brands

    Driving a Performance Culture

    Paul Scorza, CIO, Ahold USA

    Discover the First Mile

    Ruben Martin, Co-Founder &CTO/ COO, Quivers

    The Missing Link for Retail: Closing the Loop between Point of Sale and Marketing

    David Inggs, CTO, VMob

    It all Comes Together in Retail.  In a World of Possibilities, Where to Start?

    Simon Kennedy, CIO, The Warehouse Group

    End to End Supply Chain Planning is the Need of the Hour

    Abel Correa, CIO, Arvind Lifestyle Brands Limited

    right

    AI Restoring Power to Brick and Mortar Retailers

    By Apac CIO Outlook | Friday, December 06, 2019
    Tweet

    Ever since the 20th century, store owners and sales executives have less and less influence on the functioning of the store, but AI can reverse this trend and empower retailers. 

    FREMONT, CA: The retail landscape has undergone a holistic paradigm shift since the early 20th century. The industry changes suit as naturally as the trees presenting unending design progeny with each season. To carefully curate this process, online has been the industry's latest achievement. Shopping is made fun and easy with the digital transformation for the customers, but the mimic of retail experience onto the digital space has presented its challenges to the retailers. 

    The new wave of online retail has disrupted many physical retailers; struggle to compete on price, assortment, and convenience has become a staple. AI-based advances in the e-commerce industry have also offered refuge to brick and mortar stores in recent times. It is necessary to understand the retail brands before identifying the applications of AI. The three kinds of retailers who have stood out from being under pressure are: 

    1. Value-based
    2. Experiential
    3. Convenience

    How can AI affect a transformation across the three critical areas of value, experiential, and convenience retailing?

    For those retailers focused on the value, AI can enable leaner operating models to realize significant efficiencies. ML and process automation will enact as the main levers of transformation in value retail by delivering continuously cumulative, incremental benefits that have a last impact over time. 

    In the case of experiential retailers, AI will assist in the delivery of more personalized and immersive retail experiences. By integrating AR and deep learning, newer applications can be unlocked to enhance the in-store journey by processing and interpreting images and texts. Developments like smart mirrors, which assist in trying on the designs digitally with the help of AR, have seen success in the early stages itself. 

    As convenience retail spaces encourage the consumer friendliness, AI has already craved a mark in this area. Many convenience stores have already installed self-checkout counters and a smart camera system that interprets images captured predicting the checkout total of the customers. AI also possesses the potential to assist the convenience stores in using the limited space available to them flexibly.

    On a much fundamental level, the most crucial decision a retailer in convenience need to make is the location of their stores. Since recently, the prediction of revenues for new locations has become more comfortable with AI offerings. It has the potential to collect new sources of data to segregate the local drivers for store performance. 

    Regardless of what retailers focus on, may it be value, experience, or convenience, AI can provide them all something to make them meet the customers. It assists retailers in executing the systems effectively and will transform the way the store owners work with data. 

    Check This Out: Top Retail Artificial Intelligence Companies in Europe

    tag

    Process Automation

    Weekly Brief

    loading
    Top 10 Cyber Security Service/Consulting Companies - 2020
    Top 10 Cyber Security  Companies - 2020

    Featured Vendors

    I-Sprint Innovations

    Dutch Ng, CEO

    HP

    Richard Bailey, President - Asia Pacific & Japan (APJ)

    ON THE DECK

    Cyber Security 2020

    Top Vendors

    Cyber Security 2019

    Top Vendors

    Previous Next

    I agree We use cookies on this website to enhance your user experience. By clicking any link on this page you are giving your consent for us to set cookies. More info

    Read Also

    Key Cybersecurity Challenges in 2021

    Key Cybersecurity Challenges in 2021

    Unleashing the Potential of ERP Systems

    Unleashing the Potential of ERP Systems

    Cloud-Based AR/VR Technologies Transform the Retail Sector

    Cloud-Based AR/VR Technologies Transform the Retail Sector

    How Credible is Cloud Storage Security?

    How Credible is Cloud Storage Security?

    How Internet of Medical Things Changing the Facets of Healthcare

    How Internet of Medical Things Changing the Facets of Healthcare

    IoT and the Challenges it Faces

    IoT and the Challenges it Faces

    Loading...

    Copyright © 2021 APAC CIOoutlook. All rights reserved. Registration on or use of this site constitutes acceptance of our Terms of Use and Privacy Policy  |  Sitemap |  Subscribe

    follow on linkedinfollow on twitter follow on rss
    This content is copyright protected

    However, if you would like to share the information in this article, you may use the link below:

    https://www.apacciooutlook.com/news/ai-restoring-power-to-brick-and-mortar-retailers-nwid-7014.html