Use of AI and IoT to make Retail Smarter
Sandeep Shekhawat · 2022
Technological advancements the industry is expected to spend 7.3 billion per year on artificial intelligence by the year 2022 and Retailers that are looking to stay one step ahead are increasingly turning to artificial intelligence and IoT to help them understand the millions of data points in store and turn them into insightful information that they can use to improve speed and effectiveness of their business decisions. This paper talks about how AI+IoT (AIoT) can combine to provide powerful digital transformation experience in Retail Stores. This paper also explores what are some examples of current AIoT implementations in Retail Stores around us and what some of the newer ways in which Retailers can adopt AIoT and drive operational excellence. We will also deep dive on one such example, Electronic Shelf Labels (ESL), how these are revolutionizing pricing in stores and some real-world examples where ESLs are driving efficiency.