ROI Of AI: 5 Ways Retailers Are Embracing The Innovation

“Artificial Intelligence (AI)” is being touted as one of the newest, most promising business technologies of the 21st century — even though its roots go back nearly 80 years. The fact is, the basics of AI can be traced back to Alan Turing and the Theory of Computation in the late 1930s; and the 1950 paper that helped inspire the 2014 film, The Imitation Game: Computing Machinery And Intelligence.

But as AI has moved out of the theoretical realm and into the practical, confusion about what AI is — and what it can do — has grown. Even today’s smartest and wealthiest business executives seem a bit stumped by what, exactly, constitutes an AI solution. As recently as July 25, 2017, Mark Zuckerberg and Elon Musk got into a social media feud over each other’s understanding of the technology.

That said, today’s tech companies have grabbed onto the theories and are working to morph them into machine-driven solutions that improve human lives. With AI-powered solutions, businesses can help humans clean the floor with an AI-empowered Roomba, improve their fitness routines, and even receive more personalized product recommendations from retailers. Several of the largest tech companies, including Amazon and Google, have open-sourced AI software to help power product recommendations.

At Retail TouchPoints, we’ve reported on at least 50 AI-related stories in the last 10 months alone.

AI In Action: 5 Retail Case Studies

Most retailers are aware of AI to some degree; many retailers are trying to fit AI strategies into their future budgets; and a number of retailers already have started testing and implementing AI projects to improve mobile sales, social commerce, product promotion, personalized recommendations and sentiment analysis. Here are five recent examples all retailers can consider:

  1. L’Occitane achieved a 15% lift in mobile sales by using heat maps and artificial intelligence-powered technology from ContentSquare to analyze the checkout process and identify the…