AI or Artificial Intelligence is being adopted across multiple business vertical. However, not all of them seem to be on the same page. The retail sector has always been a little slow at making the most of AI, especially within the finance and travel arenas.
However, with the impending doom of an e-commerce takeover, retailers have realized the need for technological prowess. As a result, we’ve been seeing an uptick in AI adoption among retail businesses.
But, in order to leverage AI the right way, retailers must first separate myth from fact. Here are a few myths that need to be ignored.
AI is a Strategy
This is a common myth that’s doing the rounds these days. But the truth is, AI isn’t a strategy. How AI benefits you depends on how you use it. AI isn’t a solution that’s going to magically fix things for you. It all depends on how well your business understands it and whether or not they know how to use it.
Your retail business must have a vision in place and then choose an AI solution that can execute it with minimal drawbacks. An ideal use case should include specific and properly defined challenges, such as tracking prices or collecting feedback. You may even want to break up larger goals into smaller ones, especially if it involves big data.
The role of AI is to augment human effort, leaving more time and space for solving bigger issues. So, make sure you identify those key use cases.
AI is Immature
The second myth is the exact opposite of the first myth. A lot of retailers think that AI is too “rudimentary” to fit into their operations. This is false. AI isn’t immature and any business that fails to adopt it, risks losing revenue.
As time passes, customers will grow to expect a certain level of proactiveness from businesses. This means businesses need to anticipate needs. Only AI-based personalization can offer this. So, take the time to assess your options. Don’t rush.
Choose an AI tool that best suits your operations.
AI is a Trend
AI is far from being just a trend. It is the only technology out there that’s capable of handling big data effectively. In other words, AI is a need and not a luxury. The sheer volume of data that’s being put out there makes AI a necessity for businesses that want to make use of all that data.
AI is a solution created solely to manage the challenge of increasing data transactions.