Smart retail: How AI and IoT are revolutionising the retail industry

Sandeep Shekhawat
Additional contact information
Sandeep Shekhawat: Walmart Global Tech, USA

Journal of AI, Robotics & Workplace Automation, 2023, vol. 2, issue 2, 145-152

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 (search for similar items in EconPapers)
JEL-codes: G2 M15 (search for similar items in EconPapers)
Date: 2023
References: Add references at CitEc
Citations:

Downloads: (external link)
https://hstalks.com/article/7569/download/ (application/pdf)
https://hstalks.com/article/7569/ (text/html)
Requires a paid subscription for full access.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:aza:airwa0:y:2023:v:2:i:2:p:145-152

Access Statistics for this article

More articles in Journal of AI, Robotics & Workplace Automation from Henry Stewart Publications
Bibliographic data for series maintained by Henry Stewart Talks ().