An Aid of Business Intelligence in Retailing Services and Experience Using Artificial Intelligence

Artificial Intelligence And Retail Industry

Digital transformation transfers, alters and converts retail data into actions for definite business outcomes (Geethanjali et al., 2023). Artificial intelligence, through its machine learning and deep learning, leads to innovations in the retail sector (Hussain & Alam, 2023). To serve the customers better and captivate and retain the customers in their fold, artificial intelligence offers fundamental support with unique, innovative ideas and suggestions to defy the competition (Janabayevich, 2023). Artificial Intelligence provides many solutions for innovation processes via deep and machine learning in the retailing industry (Kolachina et al., 2023). It creates excellence in consumer services, with faster market expansion and a huge volume of sales turnover through its creative and intelligent recommendations (Lavanya et al., 2023). Artificial intelligence capabilities support the retail industries in providing personalized and effective experiences for clients through huge data analysis and customized product recommendations and providing retailers accurate forecasts, making them ready with the required level of stocks, enabling inventory efficiencies and development of their business (Jaheer Mukthar et al., 2022).

Retail 4.0 includes artificial intelligence, cloud computing, the Internet of Things (IoT), virtual reality (VR), augmented reality (AR), and big data analytics (BDA) (Sakrabani et al., 2019). Since the inception of artificial intelligence, top management of retail companies is very much bothered about their business performance than their internal system's efficiency (Lishmah Dominic et al., 2023). Retailers nowadays are more concerned about the factors under their control, such as technology, than the uncontrollable external environmental factors (Fu et al., 2023).