It has been found that only 10% of retail businesses are using artificial intelligence technology in their operations. State of SMB Finance report has revealed that small and medium-sized businesses are hesitating to use the artificial technology or machine learning solution. Artificial intelligence technology is emerging at a rapid pace.
Some industries are implementing it in their business intelligently while others are failing to do so due to a lack of resources and implementation knowledge. People are looking forward to join now a team of tech people who keep researching how to implement emerging technologies in the workflow.
Almost 40% of the researched retail businesses have not shown their interest in artificial intelligence technology. And almost 44% of retail businesses do not know the process of artificial intelligence implementation or machine language.
The business that is using artificial intelligence and machine learning often implement it in bookkeeping, payroll processing, bill paying and invoicing.
Artificial intelligence technology is being used in many business applications such as natural language, automation, data analysis. The technology is helpful in increasing sales, improve customer relationships and predictive analysis. Artificial intelligence is more beneficial in retail sectors for consumer behavior and improved customer services. It also allows doing high priority work completion without much human attention and a waste of time.
Retail businesses have large opportunities that can be used through artificial intelligence. The technology can be used in the retail sector for increasing efficiency and generate leads for higher profits.