The rapid development and improvement of AI tools and techniques is strikingly challenging the traditional retail industry and its dated processes. In the era of New Retail, many of the successful brick and mortar shops are running the risk of fading out in the market space eventually. Only when they adapt to the changing scenarios and outstanding innovations can they bring back their popularity and compete with the rest. The New Retail concept implements the trend of utilizing AI technologies such as computer vision and NLP in unmanned stores and warehouses. This way, accelerating the supply chain upgrades opens up more opportunities for the future of shopping. The steady growth of the global economy and the consequent surge in the retail industry has a lot to do with the AI technologies that are in place to make processes more comfortable than ever.
Some of the AI technologies that support the retail industry have to include 2D/3D computer vision, or in short, CV, widely applied across unmanned warehouses, stores, shelving, and a virtual display. Implementation of 2D or 3D CV often includes combination with other advanced technologies in New Retail spaces. Similarly, keeping in mind the importance of communication as one of the key factors in retailing, Natural Language Processing (NLP) is imperative. As human interactive technologies catch much of the limelight, NLP has become a favorite among giant retailers, supporting machine translation, text data mining, semantic computing, etc. Moreover, to maintain unmanned fast and intelligent environment for New Retail, Robotics forms one of the core elements. Robotics can be applied in package receiving, package storage, order picking, and other packaging processes, with the help of deep learning and CV. In New Retail Applications, AI technologies powered machine learning and computer vision, AR and VR have been particularly put into use as AR try-ons and 3D virtual shopping. Even sensors are quite helpful when it comes to collecting information relevant to the retail industry. In combination with deep learning and machine learning algorithms, sensors are used by retailers in order to boost sales and customer satisfaction.
We hope the issue of Retail Tech Insights helps you build the partnership you and your firm need to enable artificial intelligence in the retail industry.
We present to you Retail Tech Insights’ “Top 10 Artificial Intelligence Solution Providers - 2020.”
