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The Future of Retail: Harnessing Generative AI for Disruptive Innovation and Sector Transformation
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Author(s): Almudena Recio-Román (ceiA3 University of Almería, Spain), Manuel Recio-Menéndez (ceiA3 University of Almería, Spain)and María Victoria Román-González (ceiA3 University of Almería, Spain)
Copyright: 2024
Pages: 25
Source title:
Reshaping Marketing Science in Wholesaling and Retailing
Source Author(s)/Editor(s): Theodore K. Tarnanidis (International Hellenic University, Greece)
DOI: 10.4018/979-8-3693-6145-0.ch013
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Abstract
In today's retail landscape, the integration of artificial intelligence (AI) technologies plays a pivotal role in revolutionizing business operations and enhancing customer experiences. This chapter delves into AI's integration across retail sectors, from optimizing supply chains to tailoring customer interactions. AI implementation in retail offers myriad benefits like inventory optimization, enhanced operational efficiency, and delivering personalized shopping experiences. Leveraging technologies such as machine learning, natural language processing, and computer vision aids in forecasting consumer needs, improving resource management, and boosting customer satisfaction. Nevertheless, AI integration poses notable challenges, including safeguarding customer data, investing in technology infrastructure, and upskilling staff for new tools. The chapter emphasizes a holistic approach, blending technical implementation with organizational adaptability. For retail enterprises, AI serves not just as an efficiency tool but also as a driver for innovation and competitiveness.
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