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Retail Business Review | Friday, March 04, 2022
Artificial intelligence (AI) and machine learning made some inroads into e-commerce, mainly through chatbots and customization tools. This trend is expected to increase gradually.
The beginning of the New Year is an excellent time to look at what's ahead for retailers and online traders. Although COVID-19 made many retailers standstill in 2020, it also intensified the growth in retail technology that had already penetrated the industry over the years.
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Some of the important trends the industry should expect to see accelerate.
Brick-and-Mortar Retail Changed
The brick-and-mortar retail experience will be permanently altered due to coronavirus impacts. Buy online, pickup in-store (BOPIS) will become standard practice for nearly every supermarket, with square footage devoted to serving customers. Another method is the curbside and contactless pickup. This will remain common practice, altering the layout of the store and parking lot to account for this buying option.
Less evident at first will also be how retail locations will change their emphasis and seek to serve the e-commerce platform better. Over time, consumers can see how stores can be transformed to concentrate on customer engagement instead of purchases or shut down entirely to customers to operate as mini-warehouses and service centers to satisfy the demand for online sales.
Greater focus on AI-based personalization
Artificial intelligence (AI) and machine learning were huge buzzwords in 2020 and made some inroads into e-commerce, mainly through chatbots and customization tools. This trend is expected to increase significantly in the future. Recommendation systems with this functionality would increase substantially and, more specifically, be open to small to medium-sized enterprises (SMEs) and the largest enterprises.
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