I may be biased because my PhD is in computer vision (CV) but I think this area of AI is going to be one of the most productive for retailers. Through CV and evolving AI algorithms, retailers will be able to better analyze foot traffic, optimize store layouts, and monitor shelf availability. AI algorithms will offer better personalized recommendations, tailored promos, and dynamic pricing. These technologies will streamline operations, reduce costs, minimize out of stock situations, and create more engaging shopping experiences. 

That said, retailers need to remain diligent about compliance with rapidly evolving privacy regulations and maintain transparency with shoppers. Secondly, there can be challenges in accurately training AI algorithms, leading to biased or inaccurate recommendations or decisions. I would strongly suggest hiring only experts who know how to refine these systems to ensure fairness and accuracy. Lastly, it’s important to remember that AI can only take us so far. Balancing automation with the human touch will be what separates the winners from the losers when it comes to building long term value and customer satisfaction. 

Alper Aydemir

CEO, Volumental

Artificial intelligence will help us process a wealth of data, allowing for a richer, more predictive view of consumer behavior. Undeniably, it will allow for improved retail and supply-chain performance and drive better business outcomes– from reducing risk to driving price and promotion decisions, all the way to optimizing sales. However, there’s a lot of noise in the space, and I want to caution business leaders to stay critical of all of the options by asking: 'What process will this improve, and how will that improvement result in success?' Retailers should prioritize only the tools that provide a tangible benefit.

Rich Fitchen

CEO, Prevedere

AI is expected to play a significant role in the future of the retail space – not just for in-store experiences but with the overall digital employee experience.

Companies can use AI/ML tools to leverage predictive analysis and automation to reduce store POS and equipment failures. In addition, AI can provide retailers insights of what is being purchased, key shopping trends, and more to improve product selection, inventory and understanding geographic differences.

AI can create additional business value through an enhanced and personalized customer experience, provide data to drive real-time decisions, save costs by automating repetitive tasks, and finally increase associate productivity, satisfaction, and engagement.

Kevin Shank

CEO, Compucom

AI helps supply chains rapidly adjust warehouse slotting. It can ingest sales history and demand forecasting, run scenarios, and—in a few seconds—provide where and when to store specific goods, reducing order preparation time and cost. When AI is combined with digital twins provides additional valuable data for supply chain executives. Companies typically slot one to four times per year, given the time and costs to do it. We are talking about leveraging AI to be able to slot daily, providing massive flexibility for adjusting retail warehouse operations. However, it’s important to note that AI won’t work perfectly right out of the box; it needs data and time to learn before solving supply chain challenges.

Jason Mancuso

Product & SCM Practice Director, Synkrato