Digital Retail Africa 2023 hosted by IT News Africa - Martin Banda speaks on Artificial Intelligence in Retail at the Digital Retail Africa 2023 conference. #retailtech #ecommerce #customerexperience #onlineshopping #artificialintelligence #AI
3. “
”
RETAIL WILL LEAD IN GLOBAL SPENDING ON
AI SYSTEMS IN 2021, WITH $5.9 BILLION
INVESTED IN AUTOMATED CUSTOMER
SERVICE AGENTS, SHOPPING ADVISERS,
AND
PRODUCT RECOMMENDATION PLATFORMS.
SPD Group - 2021
4. “
”
AUTOMATED CUSTOMER SERVICE WILL BE THE
RECIPIENT OF THE BIGGEST AMOUNT OF
INVESTMENTS IN 2021 AT $4.5 BILLION.
SALES PROCESS RECOMMENDATION AND
AUTOMATION WILL SEE $2.7 BILLION IN
INVESTMENTS.
SPD Group - 2021
5. PERSONALIZED SHOPPING
EXPERIENCES
Virtual Fitting Rooms with AR/VR
Omnichannel experience efficiency
Upselling complementary items
Personal Assistants with chatbots and robots
Instore item search and locating
GDP growth : New Megatrends in Africa Reveals GDP Growth of 4.5 trillion by 2025
BCG: Digital Consumers, Emerging Markets, and the $4 Trillion Future
CSIS: Beyond 2025: The Future of the African Growth and Opportunity Act https://www.csis.org/analysis/beyond-2025-future-african-growth-and-opportunity-act
AR that help digital customers in the retail industry are the “try before you buy” applications
North Face Helps Customers Find The Perfect Coat – IBM Watson technology
Macy’s On Call app is tailored with answers for each individual store. Customers open the app when they’re in the store and can chat with an AI bot to get directions to a specific item or check if something is in stock
AI shopping assistants are online tools designed to help consumers ynd products they are shopping for. These virtual shopping assistants provide answers to consumers’ questions and help them in navigating through the online retail store.
Retail is one of the biggest markets for AI. Currently, many forms of AI are used such as chat bots, price adjustment and predictions, visual search, virtual fitting rooms and supply chain management and logistics
● Where do guests go when they enter the store?
● Do they tend to prefer one location in the store over another?
● Are there any locations in the store that guests tend to avoid?
- One of the top Artificial Intelligence vendors claims that the implementation of AI in inventory management resulted in a 32% cost reduction across all operations.
- 49% of respondents expect that Artificial Intelligence will cut costs in the
supply chain.
- 44% expect that AI will boost productivity.
- 43% are sure that AI will be a major factor in boosting revenue.
- 40% recognize the use of AI in retail decision-making as the main benefit of
the technology