RIS News – When they hear the terms artificial intelligence and bots the average person likely envisions the futuristic sci-fi version of the technologies — ― autonomous humanoid machines performing everyday tasks previously done by people. While this technology certainly exists and will only become more pervasive in the coming years, the real-world use of artificial intelligence (AI) is much more subtle and powerful.
AI is the special sauce that powers much of the game-changing technology retailers rely on to fuel new growth and provide a differentiated experience, allowing them to thrive in an increasingly competitive landscape. In fact, by 2020 artificial intelligence will be a mainstay in almost every new retail solution and will be an investment priority among 30% of CIOs, predicts Gartner in its “AI Technologies Will Be in Almost Every New Software Product by 2020” report.
While the future is undeniably going to be AI powered, the technology is still in its infancy and has yet to reach its full potential. Trailblazing retailers that are investing in the technology today are already reaping the rewards and will be in the driver’s seat when artificial intelligence inevitably dominates the retail landscape.
The reluctance of much of the retail community to embrace chatbots makes sense considering many retailers have built their reputations on one-to-one interactions between associates and shoppers and are unlikely to turn over this critical aspect in the path to purchase to a machine.
“For some retailers, human interaction may be too critical to move completely to AI,” Boston Retail Partners reports in its “2017 Customer Experience/Unified Commerce Survey.” “However, as consumers become more comfortable with Siri and Alexa, and we see chatbots increasingly replace traditional customer service, we may see human interaction perceived as less efficient than artificial intelligence.”
Read Full Article: The Artificial Intelligence Economy: Are You Ready?