Artificial Intelligence in Retail: Opportunities and Challenges for the Future

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Raja Roy Choudhury, Mayur Phatak, Isha Joshi

Abstract

Artificial Intelligence (AI) has emerged as a transformative technology in various industries, and the retail sector is no exception. This research article explores the opportunities and challenges presented by the integration of AI in the retail industry. Through an in-depth analysis of existing literature and real-world case studies, this article aims to provide insights into how AI is reshaping the retail landscape. The article delves into the potential benefits of AI in enhancing customer experiences, optimizing supply chain management, enabling personalized marketing strategies, improving demand forecasting, and revolutionizing in-store operations. However, alongside these opportunities, the article also addresses the challenges associated with AI implementation, including data privacy concerns, ethical considerations, workforce displacement, and the need for robust AI governance. By examining both the positive and negative aspects, this article offers a comprehensive understanding of the current state and future implications of AI in retail. Ultimately, it underscores the importance of a balanced approach that maximizes AI's potential while addressing its associated challenges.

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How to Cite
Raja Roy Choudhury, Mayur Phatak, Isha Joshi. (2023). Artificial Intelligence in Retail: Opportunities and Challenges for the Future. European Economic Letters (EEL), 13(4), 921–936. Retrieved from https://www.eelet.org.uk/index.php/journal/article/view/685
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Articles