Monimedia Insights | The Role of Artificial Intelligence in Retail
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Artificial Intelligence (AI) has overcome the misconceptions of being “artificial” and increasingly provided enhanced personalized customer experiences through more efficient sales processes, behavior-tailored solutions, and more. According to recent research, 85% of customer interactions will be handled without a human by 2020. By mid-2018, “customer digital assistants” will have facial and voice recognition. 70% of millennials appreciate brands using AI technology to showcase a store’s products. 32% of executives say voice recognition is their most-used AI technology. By 2020, AI markets will surpass USD40 billion and reach a 20% CAGR by 2025. 59% of consumers state daily convenience as a top benefit of virtual assistants. 38% of consumers say they receive better purchasing guidance due to artificial intelligence. 79% of Generation Z are more likely to visit stores with interactive experiences. Although there are still educational and emotional hurdles of AI that need to be overcome by consumers, such as the use of Chatbots and Virtual Buying Assistants, businesses can reap massive benefits once the full potential of AI is understood and utilized.

What are your thoughts on artificial intelligence in retail?

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