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Smart retail: How AI and IoT are revolutionising the retail industry
Journal of AI, Robotics & Workplace Automation,
2
(2),
145-152
(2023)
Abstract
Technological advancements mean the retail industry is expected to spend US$7.3bn per year on artificial intelligence (AI) from 2022. Retailers that are looking to stay one step ahead are increasingly turning to AI and the Internet of Things (IoT) to help them understand the millions of data points in-store and turn them into insightful information that they can use to improve the speed and effectiveness of their business decisions. This paper demonstrates how AI+IoT (AIoT) can combine to provide a powerful digital transformation experience in retail stores. It also describes some examples of current AIoT implementations in retail stores and explains some of the latest ways retailers can adopt AIoT to drive operational excellence. We will also deep dive into one such example, electronic shelf labels (ESL), showing how these are revolutionising pricing in stores and offering some real-world examples where ESLs are driving efficiency.
Keywords: smart retail; AI; IoT; Internet of Things; labels; ESLs; electronic shelf labels; wireless; BLE; iBeacon
The full article is available to subscribers to the journal.
Author's Biography
Sandeep Shekhawat has extensive experience in developing digital experiences for retail stores. He was a senior leader at Apple where he worked on transforming Apple Retail’s in-store customer experience through applications deployed in the store. Among these were an in-house Internet of Things (IoT)-based solution which helped render digital content and pricing in real time in Apple stores around the world, driving efficient store operations. Sandeep is currently a leader in Walmart’s Associate Productivity organisation and owns multiple mobile and web apps that help drive unique omnichannel experience for customers and store associates. Sandeep earned his Master’s in computer science from Cornell University. He is an active contributor to the IoT and smart retail space with multiple keynote sessions in IoT expos. All views expressed in this paper are his own.
