The future of retail and e-commerce is very likely to see the introduction of artificial intelligence (AI) solutions, thanks to advances in digital hardware and software. Retailers are already using point of sale devices such as POS machines and mobile payment systems to take full control of their businesses through data and analytics. But now an increasing number of industries, including supermarkets, pharmacies, fast food outlets, hotels and airlines, could also be seeing the introduction of artificial intelligence (AI) powered systems into their daily business operations.
AI Is Helping Industries to Predict Your Buying Behaviour
This is because AI solutions will enable businesses to take advantage of the power of artificial intelligence, which enables machines to process massive amounts of data and make inferences that can help them predict what a consumer will buy next. This is according to Dr Nick Fox, CEO of Sainsbury’s, one of the UK’s leading restaurant chains. He tells IFLY: “AI [artificial intelligence] systems can help restaurants by improving the speed at which they can process data and therefore improve customer satisfaction. For instance, using AI to scan and identify customers in queue, we can then send messages to check out waiters automatically, tell the kitchen staff what kind of food they need to prepare…and importantly, this can all be done at the point of sale.”
Another area in which AI is helping retail is online shopping. Dr Fox says: “The beauty of this is that you don’t have to be in the store, you don’t have to interact with the customer. All the interaction is taken care of by the artificial intelligence system that’s on the website… If you choose the right product, you’ll be able to purchase it without ever having to go to a store, or even look at a sales receipt.” He continues, “Just keep saying ‘yes’ to their requests until you’re satisfied, and then you’ll be sent your money.” This form of online shopping could be the next big thing in retail.
So, where should we start looking for artificial intelligence and its potential applications to consumers? According to Fox “five ways to increase consumer experience is through AI powered mobile devices, TV, PC, wearables and retail.” As well as helping the customer “feel like you are always there”, an artificial intelligence system will also enable businesses to deal with five unique aspects of consumers. They will be able to deal with: emotions, attitudes, stereotypes, uncertainty and ignorance. With AI technology these obstacles to business will be removed.
However, Dr Fox cautions that ” AI still needs to be proven to deliver results in areas such as workforce management and supply chain optimization. Only time will tell whether fully cognitive AI can replace the need for human employees or if it can complement and enhance what humans can do.” Indeed, how soon till artificial intelligence starts replacing humans? If Mr. Mensa is anything to go by he will be waiting for decades!
Still, this prediction may prove to be incorrect as AI will soon be incorporated into e-commerce systems, such as Amazon’s” Alexa” or Google’s “Google Now”. These technologies will combine personal user knowledge and large volumes of data to make shopping more intelligent, intuitive and effective. In fact, Mr. Mensa’s belief that AI will be the next multitrician is also borne out by the tech giant Apple’s announcement of a self-driving car.
Furthermore, Mr. Mensa states that artificial intelligence will not only revolutionise human employment but all industries will be transformed. For instance, in the last interview on the popular science program “NPR” a prominent futurist and professor named Elana Jaffe stated that artificially intelligent computers will be able to take over many middle class jobs within two decades. The only problem with this prediction is that Ms. Jaffe did not provide any scientific evidence as to why she felt so confident about this prediction. Similarly, there is no scientific evidence to prove that AI will not be capable of cheating on its human partners.
There are two important questions here; one be will artificial intelligence replacing human employees and the other is will it replace all the existing jobs? It is my contention that the answer to the question above is yes. The internet is full of all types of artificial intelligence including trading robots, for robots, web cameras, chat bots, and expert advisers. Therefore, there is absolutely no reason why companies should not use these intelligent technologies to their advantage to increase productivity, save time, and improve profitability. Thus, it is quite possible that artificial intelligence is helping industries to predict your buying habits and help you make better buying decisions.