#104 Artificial Intelligence in Retail

In this episode, Felipe speaks about what is going on with artificial intelligence in the retail space. Visual search and recommendations are currently trending in retail. Companies are offering the ability for consumers to search based off of a picture. For instance, consumers can take a picture of a pair of shoes and find that product online, similar products, and products that would go well with it. Humans can process images way faster than text. Plus, pictures carry more information than sound. Visual search and recommendations are hot and on the rise right now. Free shipping and free returns are hurting companies. People are buying multiple items with free shipping and then returning it. As a result, the retailer is paying for transport on both ends. Retailers are struggling with this model. However, free shipping is something that consumers are looking for. So, brands are offering a subscription model or a rental model. Sometimes, a combined subscription and rental model. More and more companies are offering clothing rentals. Next, Felipe explains what to expect in retail. Automated stores are popping up in the United States from Amazon. You pick what you want in the store; then, you walk out without having to see a cashier. With advancements in AI, the movements of customers can be tracked in retail stores. Voice assistance is also something you can expect to see in the future of retail, like ordering something using an Alexa. Stay tuned as Felipe speaks about the basics of AI in retail. Enjoy the show! We speak about: [00:50] What’s hot in retail right now [04:35] The future of retail [07:30] The basics of AI in retail Quotes: Humans can process images way faster than text and they carry so much more information than sound. We can process images in about 13 milliseconds and it’s something that is 60,000 times faster than the equivalent in other mediums. So visual search and recommendations as a result of that search -  that is hot right now and on the rise! Once you get past 20% market share or penetration then you start hitting the mainstream and that’s when the product has fast adoption. What we find is that today’s convenience is tomorrow’s friction. Thank you to our sponsors: Fyrebox - Make Your Own Quiz! RMIT Online Master of Data Science Strategy and Leadership Gain the advanced strategic, leadership and data science capabilities required to influence executive leadership teams and deliver organization-wide solutions. We are RUBIX. - one of Australia’s leading pure data consulting companies delivering project outcomes for some of the world’s leading brands. Visit online.rmit.edu.au for more information And as always, we appreciate your Reviews, Follows, Likes, Shares and Ratings. Thank you so much for listening. Enjoy the show!