Digitalization has changed the way customers search, discover, and shop, forcing the retail sector today to keep up with the pace of full digital transformation and meet the new standards of customer expectations. Retailers are now adopting new advanced technologies, especially artificial intelligence, to stay abreast in a crowded market and compete with the fierce competition brought in by the e-commerce sector. Artificial Intelligence, thus, has made substantial progress in the retail sector as it allows them to personalize the shopping experience for their customers, optimize the supply chain, and increase conversion rates through massive customer data.
AI is driving faster business decisions in marketing, e-commerce, product management, customer relationship management, and other business areas by transforming data insights into actions. The applications of AI, Big Data, and analytics are pushing business access toward a data-driven model. Also, there is a range of different technologies involved in AI and Big Data, including machine learning, natural language processing, deep learning, and more, for automated machine-driven decisions. Organizations in the retail industry are using machine learning and deep learning technology to offer a more personalized experience and an interactive environment for the end-users. And, through in-store visual monitoring and AI application, they can monitor the performance of their products on the shelves and conduct analysis using machine learning to optimize product placement and promotion.
Retail stores are also using AI-powered image recognition to make it easier for customers to get what they are searching for. Today, Robots or AI bots are also becoming one of the most valuable branded AI solutions in the retail sector as it is powerful enough to check if items are in-stock and also monitor customer’s thoughts or feelings in real-time. Hence, AI bots are having an enormous impact in all areas involving communication with humans. It is undeniable that with such a plethora of AI-based solutions, the entire inventory and operations management cycle of retail stores is reshaping, thereby providing a renewed shopping experience.
At this juncture, there is a wide variety of solution providers entering the industry with advanced and integrated smart retail AI technologies to help retail organizations tackle today’s operational challenges, reduce workload, and increase efficiencies. To help companies navigate through the best-of-breed solution providers, Retail CIO Outlook has compiled a list of ‘Top 10 Retail AI Technology Companies in APAC - 2020.’ The enlisted organizations are transforming retail operations and processes at the convergence of several disruptive technologies. Besides, the magazine also comprises insights from thought leaders in the sector on the industry trends, best practices, recent innovations, and their advice for the aspiring CIOs.
We present to you Retail CIO Outlook’, “Top 10 Retail AI Technology Companies in APAC - 2020.”