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Smart retail: How AI and IoT are revolutionising the retail industry

Author

Listed:
  • Shekhawat, Sandeep

    (Walmart Global Tech, USA)

Abstract

Technological advancements mean the retail industry is expected to spend US$7.3bn per year on artificial intelligence (AI) from 2022. Retailers that are looking to stay one step ahead are increasingly turning to AI and the Internet of Things (IoT) to help them understand the millions of data points in-store and turn them into insightful information that they can use to improve the speed and effectiveness of their business decisions. This paper demonstrates how AI+IoT (AIoT) can combine to provide a powerful digital transformation experience in retail stores. It also describes some examples of current AIoT implementations in retail stores and explains some of the latest ways retailers can adopt AIoT to drive operational excellence. We will also deep dive into one such example, electronic shelf labels (ESL), showing how these are revolutionising pricing in stores and offering some real-world examples where ESLs are driving efficiency.

Suggested Citation

  • Shekhawat, Sandeep, 2023. "Smart retail: How AI and IoT are revolutionising the retail industry," Journal of AI, Robotics & Workplace Automation, Henry Stewart Publications, vol. 2(2), pages 145-152, December.
    • Handle: RePEc:aza:airwa0:y:2023:v:2:i:2:p:145-152
    as

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    More about this item

    Keywords

    smart retail; AI; IoT; Internet of Things; labels; ESLs; electronic shelf labels; wireless; BLE; iBeacon;
    All these keywords.

    JEL classification:

    • M15 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - IT Management
    • G2 - Financial Economics - - Financial Institutions and Services

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