Artificial Intelligence in Retail Industry

Artificial Intelligence in Retail Industry
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Table of Contents
Introduction............................................................................................................................3
Research Problem..................................................................................................................3
Significance of the research...................................................................................................3
Research Aim.........................................................................................................................4
Research Questions................................................................................................................4
Key themes from the Academic Literature Review...................................................................5
Artificial Intelligence in revolutionizing retail sector................................................................5
The positive implications of using AI at retain industry:.......................................................6
Limitations of AI use:............................................................................................................7
Research Objectives...............................................................................................................7
Research strategy and methods..................................................................................................7
Explain and justification of research strategy............................................................................8
Introduction............................................................................................................................8
Research Philosophy..............................................................................................................8
Research Approach:...............................................................................................................8
Explain and justification of Data Collection Method:...............................................................8
Research ethics...........................................................................................................................8
Resources...................................................................................................................................9
Timescale.................................................................................................................................10
References List.....................................................................................................................11
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Introduction
Over the past decade, there have been numerous predictions related to the forthcoming
Artificial Intelligence and its effect on the businesses, society as well as the human life in
general. Digital revolution has been considered as one of the magnanimous aspects that have
brought a great upheaval in human lives (Makridakis, 2017). In the year 1995, digital
revolution has been progressing at a steady rate and the use of computers,phones became
much more prevalent during this period. With the advent of digital technology, Artificial
Intelligence also came into the forefront and this new approach has been playing a pivotal
role in the growth and success of modern-day business (Bajariet al., 2018). Thus, this study
will focus on the implementation as well as impact of AI in the retail industry and will even
discuss on the various ways AI has been driving businesses to reach their zenith.
Research Problem
In order to understand the impact of AI on the retail industry, this research project explores
the extent to which AI has impacted the retail business and the various ways AI has been
adapted by the businesses to gain growth and success. Until rather recently, wars, famines,
were common and these have been affecting the greater segments of the population, leading
to devastation and misery (Manyika, 2017). However, industrial revolution enhanced the
living standards while digital shift has been able to maintain the rise and it resulted to better
employment patterns. The AI revolution has promised even more enhancement in
productivity and wealth expansion.
Artificial Intelligence in the retail business has been applied in newer ways all across the
product and the service cycle right from assembly to after sale customer service.An autopsy
of the various approaches of AI thus needs to be considered in order to understand the
research topic well.
Significance of the research
The rapid digitization of almost all the aspects of the daily life have brought an upheaval in
the consumer’s expectations and habits. People are connected digitally to the different brands
and even through Iot (Internet of Things). Artificial Intelligence has now become a powerful
tool that the retailers can use to relieve the pressures on their current business models. Brands
as well as retailers are now thinking how they can fuse the best of what each machine can do
in order to be faster, accurate as well as spot anomalies and patterns earlier. (Skiltonand
Hovsepian, 2017). 48 % of the customers has said that retailers must provide personalized
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and on-demand promotions when they are online.Atleast 94% of the retail executiveswho are
familiar with AI has an intention to make investment on it. The digital competitors in
business, have started squeezing the margins as their efficiency have enhanced and the
customer’s expectations have been raised due to rapid digitalization. This has compelled
other retail entrepreneurs to slowly adopt such technological shifts and thus gain competitive
advantage (Kiruthika and Khaddaj, 2017). They can now assess the consumer’s buying habits
and understands how the purchase pattern has utterly transformed.
Research Aim
The aim of the study is to understand the impact of Artificial Intelligence on the retail
business.
Research Questions
The research questions are:
What is the influence of AI on the retail business?
What are the loopholes of AI in relation to safety as well as security?
How AI has brought a drastic change in employment and workforce?
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