Abstract
Nowadays, Artificial Intelligence (AI) is powering the data-driven advances that are transforming industries around the planet. AI has become one of the most popular technologies of computer science utilizing to build and develop smart machines. These are cognitive computing systems created to perform actions which can be executed by human intelligence. Major online retailers use AI in analyzing customers’ data to forecast the purchase behavior of consumers. Amazon, Walmart.com and Alibaba employ AI along with forecasting techniques to predict sales and plan inventory accordingly. Data collected from these online retailers indicate they have heavily invested in pricing algorithms that update prices at high speed. According to Vantage Market Research study, global AI in retail market will grow from $2.93 billion USD in 2021 to $17.08 billion by 2028. This paper aims to analyze the impact of AI on the retail industry and how it enhances customer experience which leads to boost companies’ profit.
W. Boileau––Independent Researcher.
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https://www.kaggle.com/code/thiagopanini/e-commerce-sentiment-analysis-eda-viz-nlp/input
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Boileau, W. (2023). AI in Retail Industry: Valuable Insights that Improve Profitability and Drive Growth. In: Arai, K. (eds) Proceedings of the Future Technologies Conference (FTC) 2023, Volume 1. FTC 2023. Lecture Notes in Networks and Systems, vol 813. Springer, Cham. https://doi.org/10.1007/978-3-031-47454-5_25
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DOI: https://doi.org/10.1007/978-3-031-47454-5_25
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