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An Intelligence-Driven Theory of Retail

Publisher IDC
Published Nov 14, 2022
Length 20 Pages
SKU # IDC17513944

Description

An Intelligence-Driven Theory of Retail

This IDC Perspective covers the adoption journey of intelligent retail, the use cases, the methods and computational approaches, the benefits in decision making, the current state of retail artificial intelligence/machine learning (AI/ML) applications, and where AI will take retailers next. Along the way, we discover there is a method to the madness, and there is a theory to intelligent retail.Intelligent retail is the next evolution of business intelligence for retailers. Driven by data, there is an unstoppable industry force to adopt AI solutions. The end goals, of course, are competitive business advantages that leverage data, support operations, and provide a view to intelligence-driven retail instead of whimsical strategies."Decision making is no longer just a human task, but now, machines are being trained to transform humans into superhumans, multiplying the business value of each and every decision. Efficiency, productivity, and profits become automatic with the introduction of intelligence. Intelligent retail, in its current state, offers a faster, stronger, better mousetrap. As intelligent retail grows, it will eliminate the mousetrap and introduce new ways of preventing mouse problems altogether," says Ananda Chakravarty, VP of Retail Insights at IDC.

Please Note: Extended description available upon request.

Table of Contents

20 Pages
Executive Snapshot
Situation Overview
The Adoption Journey for Intelligent Retail Has Common Threads
Retail AI Adoption Applies to Specialized Use Cases
Retail Data Is Massive and Discordant
Retail Use Cases Have Unique Decisions and Outcomes
Retail AI Methods Are Domain Specific and Operationally Constrained
Retailers Rely Mostly on Partners for AI
Retailers Adopt Intelligent Retail Without Transparency
Intelligent Retail Drives Business Decisions
Automation Moves Tasks to the Machine
Scaling Is the Corporate Agility to Handle the Big Stuff
Interaction Is a Force Multiplier for Augmentation
Prioritization Ensures Impactful Decisions
Most Retailers Use AI Apps with Common Characteristics
Intelligent Retail Is Already Commonplace
Most Software and Some Hardware Embed AI Capabilities
Consumers Don't Know (or Care) That AI Is Operating in the Background
Intelligent Retail Becomes Smarter with Use
Evolution of Intelligent Retail Will Unify Capabilities
Retailers Will Adopt Intelligent Retail with Incremental Returns
Retail Software Will Embed Continuous Learning Everywhere
Data Siloes Will Convert to Unified Data Streams
Single-Purpose Apps Will Comprise End-to-End Apps and Product Suites
AI Will Map Integration to Existing Processes and Applications
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