The Biggest Use Cases of AI in Retail
There’s a simple reason why retailers are investing in AI: It works, and it’s versatile. It also drives results. A recent IHL Group study reported that retailers achieve two times the sales growth and three times the profit compared with competitors that aren’t leveraging the technology.
“We’ve been using AI for many years to support our team and drive speed and efficiency across all of our operations,” says Brett Craig, executive vice president and CIO at Target. “Everything from our supply chain and inventory management systems to applications in the checkout lines at our stores and on our website and app.”
Target’s use of AI to optimize inventory management, for instance, has helped the retailer solve for product availability, ensuring customers can purchase what they need, where and when they need it.