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Over the last few years Ai has transformed retail and the way that we shop. Being in the retail industry myself, I wanted to explore and learn more about the role that Ai plays in this space. There are multiple benefits to incorporating Ai including inventory management, customer service, sales. and can even help retailers confidently make pricing decisions. According to an article titled “Artificial intelligence in retail and improving efficiency”, the author notes that “AI has become a powerful tool for retailers looking to stay competitive in the dynamic retail landscape” (Buehler. 2024). A few of the key details from the reading are that Ai can analyze market trends, it can handle customer queries which are beneficial for the consumer, and it’s even being used for cybersecurity and financial transactions. I chose this industry because of my interest in consumer behavior and the way that technology is advancing every day. Understanding Ai’s impact on retail is important as businesses are relying on machine learning, predictive analytics and natural language processing. As someone who also wants to go into marketing and sales I see Ai as something that I will personally use in the future. In my padlet wall I will highlight some of the Ai applications and technology used in retail. I will discuss future trends and possible developments within retail. Additionally I will talk about the societal impact of Ai and how it affects employment, privacy and other relevant issues. Lastly there will be a reflection that discusses what I've learned from this assignment.

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Retail - Personalized shopping experience with Machine Learning technology

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Retail - Personalized shopping experience with Machine Learning technology

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Machine learning is transforming retail by creating a personalized shopping experience and improving operational efficiency. Machine learning operates by extracting patterns from data, enabling systems to make decisions with minimal human intervention. Taken from a journal by ResearchGate the author notes that “The integration of machine learning not only drives customer satisfaction but also propels businesses towards greater operational excellence and innovation” (Jakkula.2022). For businesses machine learning has been shown to increase sales, and bring customer loyalty. For example Starbucks’ use of personalized offers based on the customers data has been shown to increase their loyalty program membership. Some challenges posed by the use of machine learning are data privacy concerns, bias, transparency, and decision-making. Personally I think this has made communicating and servicing in the retail industry easier.

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AI in Retail | Artificial Intelligence in Retail Industry | Future of AI in Retail | Edureka

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Ai-driven Predictive analytics in Retail

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Ai-driven Predictive analytics in Retail

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The integration of Ai and predictive analytics has reshaped the industry. “Ai-driven predictive analytics involves the integration of ai and predictive analytics tools to analyze historical and real time data, enabling the anticipation of future trends and behaviors in the retail sector” (Rahmani, et. al 2021). It encompasses purchase history, online behavior and social interactions to understand an individual's preferences. Zara, which is a popular clothing store, leverages Ai to analyze real time sales data, social media trends, and external factors to predict demand.

AI algorithms rely on vast amounts of customer data, raising concerns about privacy and data protection. Additionally there is a need for transparent Ai models to ensure responsible and fair use of customer data. I find it interesting that ai has the ability to collect so much data to gather insights on our preferences. It does make me a bit skeptical though when shopping online, because of privacy concerns.

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Computer vision powered self checkout systems in Retail

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Computer vision powered self checkout systems in Retail

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Computer vision AI in retail uses algorithms to see and interpret images and videos, enabling applications such as improved customer experiences and enhanced security. A key innovation within this space is Ai in cashier-less technology, which is transforming the way customers shop. I personally prefer to use self checkout when I shop because it's more convenient, but it's interesting to see how Ai is an important aspect in this process. According to an article titled “Ai in cashier less technology: Revolutionizing the retail industry”, the author notes that the benefits of this technology include cost reduction, reduced error, generating real time insights on consumer behavior, and scalability.

Amazon Go is a great example because they use computer vision in their cashier -less store. Additionally some limitations that need to be improved are sensor eros, algorithm issues, and possibly replacing jobs. The video in this section highlights how computer vision models led to a traffic increase in a store and a major decrease in wait time for customers.

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The Future of Retail: Autonomous Checkout with Computer Vision | TransformX 2022

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Future trends and ethical considerations 

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Future trends and ethical considerations 

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The retail industry is currently experiencing a significant transformation with Ai, and over time will see future developments within this space. This may include more and more stores using cashier-less registers, ai powered shopping assistants and possible virtual chatbots for customer inquiries. For example, some trends that AI has on the retail industry include routine operations are more effective, data security efforts become more accurate, and there is higher customer satisfaction. Personally, a trend that we might see in the future is  more and more companies using Ai powered chatbots to enhance service and customer support. An article published by Forbes states that “By integrating AI chatbots into customer service workflows it allows for reduced wait times, quicker and more relevant responses, and improves the shopping experience” (walch. 2024). Ai has become so advanced that a customer may not even know if they are chatting with a human or bot. This to me is a concern that I have with future development especially when shopping online.

Another trend that is becoming more prominent for companies are personal beauty assistants powered by Ai technology. The makeup/hair brand L’oréal has created a bot called the “beauty genius” that “gives you expert analysis, product recommendations and personalized routines – all tailored to your individual needs. It’s seamless, simple-to-use, and has the answers to all your beauty questions (LorealParis). It even allows you to show your face and get personalized recommendations on what products to use. Although this is something done online I think it is going to be integrated in retail stores. While L’oréal mentions that our data is private and secure it still raises concerns for how our privacy is being used against us, especially if our faces are shown.

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From a broader view Ai presents both benefits and challenges to society. While many individuals believe that Ai has the ability to replace jobs, I think it will enhance, rather than eliminate the work they do. For example an article titled “Here’s how artificial intelligence can benefit the retail sector”, mentions that “in the longer term, AI is likely to change the role of cashiers rather than eliminate it. By automating certain tasks, such as inventory tracking, AI can free cashiers to focus on more complex tasks requiring human interaction” (Yili. 2023). Another example of how Ai may enhance an employee's job is shown from the company Tractor Supply. According to the CEO they leveraged Ai within their supply chain, human resources and sales activities. They use an Ai powered tech assistant called “Gura” and any store associate can use this tool to bring high-quality service to customers.

Another way that Ai can benefit society is potentially limiting shoplifting. Taken from an article, the author notes that “Artificial intelligence algorithms can analyze transaction patterns and identify potentially fraudulent transactions in real time, which helps to protect both the retailer and the customer” (Buehler. 2024). The use of facial recognition ai when checking out is another way that can potentially limit fraud. One of the ethical challenges is to ensure that the implementation of AI technologies is accompanied by efforts to reskill and upskill affected workers, creating a transition to the future of work. Lastly, while it’s clear that Ai development has been seen to enhance efficiency, there needs to be transparency and making sure the customers' privacy is protected.

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Researching Ai in retail gave me some insight into how it has impacted the industry. I learned how Ai enhances customer service, product inventory, gives a personalized shopping experience for the consumer, and can prevent fraud. I learned the types of technology that are used which include cashier less-technology, predictive analytics powered by ai, and machine learning. One challenge I faced was finding the certain technology that is used. Most companies rely on machine learning, so I had to do my research to find others that were used in retail. Additionally I think this enhanced my understanding of AI applications and the benefits of integrating it.

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https://www.apu.apus.edu/area-of-study/business-and-management/resources/artificial-intelligence-in-retail-and-improving-efficiency/#:~:text=AI%2Ddriven%20analytics%20provide%20retailers,the%20analysis%20of%20customer%20interactions.

This article gives an introduction to how Ai is used in Retail and the types of benefits it has.

https://www.researchgate.net/publication/383261370_Personalizing_Shopping_Experiences_with_Machine_Learning

This Journal provides a rationale for how Ai machine learning has transformed retail and creates a personalized shopping experience.

https://www.researchgate.net/publication/378293870_AI-DRIVEN_PREDICTIVE_ANALYTICS_IN_RETAIL_A_REVIEW_OF_EMERGING_TRENDS_AND_CUSTOMER_ENGAGEMENT_STRATEGIES

This article is important for addressing how Ai driven predictive analytics enhances customer retention and presents challenges associated with this technology.

https://markovate.com/ai-in-cashier-less-technology/#:~:text=Amazon's%20cashier%2Dless%20store%20concept%20is%20one%20of,leave%20without%20going%20through%20a%20checkout%20line.

Discusses how computer vision powered by Ai has become the standard in the retail world.

https://chisw.com/blog/ai-in-retail-trends-future/#:~:text=In%20retail%20AI%20research%20and,recognition%20for%20better%20customer%20service.

The article shows some future trends we may see in Ai development and challenges associated with it.

https://www.lorealparisusa.com/beauty-genius-ai-beauty-virtual-assistant

Provides insights into L’Oreal’s new AI powered virtual beauty assistant, a trend that companies are now integrating.

https://www.weforum.org/stories/2023/01/here-s-how-artificial-intelligence-benefit-retail-sector-davos2023/#:~:text=AI%20opens%20the%20door%20for,stock%20situations%20and%20maximize%20sales.

How Ai is benefiting retail and creates a more enjoyable experience for the employee and customer.