Artificial Intelligence in Retail, Part 1: Applications Across Customer-Facing Functions

Executive Summary

This report is the first in a short series looking at the application of artificial intelligence (AI) in retail. Here, we explore AI applications across the customer-facing functions of retail. Our proprietary CORE (communication, optimization of pricing, rationalization of inventory and experiential retail) framework demonstrates the applicability of AI in customer-facing functions. The technology can be used for:

• Communication—online personalization, conversational robots, chatbots and voice shopping.
• Optimization of pricing—demand forecasting, market and competitor analysis, and promotional strategies.
• Rationalization of inventory—automated shelf and inventory audits, demand forecasting, automated replenishment, and excess stock reduction.
• Experiential retail—delivery of new ways to discover, buy and pay.

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