While text and image generators have captured public attention, the real applications of AI in business lie elsewhere. This article on the Tokinomo website explores some of the way AI is currently being implemented in the retail sector.
The article suggests that AI will be most useful in customer personalization, inventory management, fraud prevention, supply chain management, and enhancing customer service. All of these uses involve harnessing data to track customer behavior and inventory levels to anticipate and correct issues in ways other tools might not be able to easily detect.
On the customer-facing side of things, AI will help gather data on customers, analyze purchase history, and track online behavior to offer personalized recommendations and promotion. We may also see increased use of chatbots used to answer customer questions.
Behind the scenes, meanwhile, Tokinomo points to AI being used to track inventory, predict demand, and dynamically adjust prices. AI algorithms can bring together massive amounts of data, from historical sales data, weather patterns, and social media trends. AI can also be used to automate tasks within the warehouse such as order picking.
The article provides more detail on these categories as well as examples of businesses currently using these tools. Read more here.