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AI on Aisle 5: Transforming Retail Operations and Experiences With Smart Technology
With the seismic shift driven by the emergence of generative AI and the broader evolution in consumer expectations, the retail industry is positioned for a game-changing transformation. Real-time, predictive data has become the currency of innovation, guiding the industry on its transformative path towards increasingly intelligent and personalized customer experiences, says Areos Ledesma, our SVP in North America in his byline for Total Retail.
By leveraging AI-powered recommendations and virtual assistants, retailers can seamlessly blend online and offline shopping, meeting evolving consumer demands. However, despite the promising potential, the adoption of generative AI in retail according to Ledesma is still in its infancy, hampered by cost and technological barriers. Nonetheless, significant adoption is expected in the coming years, with the global AI-in-retail market projected to soar by 2028. To succeed in this AI-driven future, retailers must address concerns regarding data privacy and security while embracing AI capabilities to stay ahead of the curve.
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