The Impact of AI on the Retail Sector

Topic 

The Impact of AI on the Retail Sector

Instructions 

This is a “Marketing Planning Report” but is similar to a dissertation in structure.

Your assignment is to submit a 7,000 to 9,000-word research report assessing the

potential impact of “AI” on the “Retail” sector.

Your report must draw on the relevant research literature related to either Strategic Management, International Business, or Entrepreneurship.

Answer Preview 

Artificial intelligence (AI) is one of the emerging technologies that are touted to revolutionize the retail sector. According to a 2019 Mordor Research report, the AI in retail market is worth US$1.8 billion, with projections showing it would rise to about US$ 10.9 billion by 2025 (Mordor intelligence, 2019). The AI system, which are powered by machine learning and big data analytics are based on the deployment of human-like intelligence anchored in pre-programmed computers that can gather data, create models, and learn from existing and real-time data to make decisions, take actions, and have a memory of actions and predicted decisions, with high levels of accuracy and efficiency (Shankar, 2018). In this regard, AI is already being used, and is expected to continue being useful in virtually all aspects of the retail business cycle, from production to customer service (IBM, 2019). The usefulness of the AI tools is based on the fact that it yields real-time, intelligent insights based on current, historical, emerging and real-time data, so that it can support data-driven, smart decisions and operations in a business process.

Word Count: 8000