AI Fast Becoming Retail’s Preeminent Technology: Revisiting the CORE Framework
Artificial intelligence (AI) has established itself as the preeminent technology in retailing. In this report, we revisit the four overarching use-cases for AI in retail companies identified in our CORE framework:
- Communication, with personalized homepages, emails and app experiences, plus chatbots, virtual assistants and voice assistants.
- Optimize Pricing, by forecasting demand and reviewing competitor pricing, which feed into dynamic pricing.
- Rationalize Inventory, through forecasting consumer demand, smart allocation of inventory and automated audits.
- Experiential Retail, with AI bringing new ways for shoppers to engage, discover, buy and pay.