Discuss about the Artificial Intelligence and the Modern Productivity Paradox.
This research work is focused on innovation of artificial intelligence in the retails industry and its positive impact for retaining the consumer. After analyzing the details operational and functional details of this technology excellence it has been found that the Artificial Intelligence plays active role in the retail industry and give high level opportunities to both the consumers and the employees who are working for the specific company. This research work elaborates and explores the emerging opportunities of Artificial Intelligence in the retail industry.
Artificial Intelligence (AI) technology helps to discover new technologies from the visual search to machine driven sales forecasting as well as and also helps to find out the way through which the revolution is tied up with the retail industry success. Moreover, it can be said that Artificial Intelligence is transforming the retail conversation. The research methodologies used to successfully conduct the research work are also illustrated in this paper. Not only this but also the research limitation and ethical considerations are also illustrated in this paper.
With the immediate innovation of Artificial intelligence (AI) it was applied in many industries and simultaneously the application of the technology keep on increasing in retails industries also to reduce the operational and functional errors (Gunning 2017). Over the last few years this technology made certain amazing improvement in the retail sector. The application of the Artificial Intelligence (AI) in the retail industry is keep on generating quite positive vibes among the consumers and also among the employees. These days due to excessive external frauds the retails industries are losing consumers but with the innovation of the Artificial Intelligence (AI) the rate of the online frauds will reduce (Wang, Fan and Wang, 2018). Both the positive and the negative impact of the Artificial Intelligence (AI) in the retails industry are the focus on this research paper. It is also defined that the customer service will be shaped more professionally with the innovation of the Artificial Intelligence (AI) technology.
The objectives for this specific research are as follows:
The aims of this specific research are to identify the role of different technologies in retail industry for improving the service process with quality and on time delivery of products. It has been found that, with the successful delivery of the consumers desired products the company will be able to gain effective success and new consumers as well. Besides new consumers they will also be able to retain the existing customers. The detail landscape of consumer service will be changed with the innovation of Artificial Intelligence (AI) in the retail industry.
The research questions highlighted for the specific research work are as follows:
Retain industry is one of the largest industries in this world which is estimated in total of $5.8 trillion in sales in the year of 2017. This net value is greater than the value gained from the retails market analysis in the year of 2017. According to Bond and Gasser (2014) the Artificial Intelligence (AI) will help the consumers to experience a completely new direction of shopping for both the offline and online stores. Artificial Intelligence (AI) in the retail industry is being applied as a completely emerging way. The form of shopping changes from before the selling of the products and after the purchasing of any product.
The businesses of future must keep up with the expectation of the consumers and must implement Artificial Intelligence (AI), whenever it seems to be helpful. As many new technologies are being incorporated that much the role of the AI are found to be transforming the industry details. According to Charniak et al. (2014) cognitive computing plays disruptive role play in the industry. This technology helps the company to gain competitive advantages and commercial revenue as well. The more the loyalty increases the more rates of sales and economical profit will increase.
With the revolution of Artificial Intelligence (AI) in retail industry the business changes and the commercial benefit that may occur are as follows:
Personalized customer experience: The personalized customer experiences are utilized for driving the product sales, to grab new consumers and also to retain the existing consumers. The way of business are also getting revolutionized and helping the industries to install digital technologies, purchase history as well (Brynjolfsson, Rock and Syverson 2017). In order to reach out the shoppers whoever wish to gain relevant shopping experiences the consumers personalization act as an innovative way for the retails industry. On demand personalization is referred to as an important customer believe.
According to Makridakis (2017) there are some areas which helps with personalized experiences in terms of chatbox experience, conversational interfaces, digital wearable and virtual mirrors. The other areas are as follows:
Machine learning: With the help of machine learning the companies can provide the consumers with more personalized experience of shopping.
Robots for enhancing the foot traffic: The humanoid robots can chat along with the consumers by answering different questions and through diving them proper direction for increasing through foot traffic within the stores for high rate of revenue (Urieli and Stone 2016).
Automated cash registers: In order to speed up and increase the overall efficiency of the retail businesses the AI technology is incorporated in the retail industry for automating the self checkout lanes (Riikkinen et al. 2018). It speeds up the overall process and saves the labor cost.
Customer relationship management: The customer relationship management between the customers and the service providers become stronger and Artificial Intelligence (AI) helps the retails industry head to make the business more consumer focused (Smilansky 2017). The useful information of the consumers will also create a proper marketing plan and also will shorten the automate marketing and product sales cycle both online and offline.
Improve manufacturing details: with the successful implementation of the Artificial Intelligence (AI) in the retail industry the virtual workforce empowered. Through the usage of the warehouse robots the manufacturing rate also gets increased. Wamba et al. (2017) stated that the consumer level queries also get resolved with the application of optimal accuracy and industry workflow.
Artificial Intelligence (AI) in logistics as well as delivery has highly streamlined and improved the business direction. It helps the retails business owners to keep the track of everything associated to inventory package and product delivery. With the technical advancement the business process has become absolutely simpler and efficient (Milgrom and Tadelis 2018). Artificial Intelligence (AI) is the best way that helps to improve the logistics and delivery of the business organizations.
Inventory management: The inventory management system of the business organizations are getting effected through the optimization of the AI algorithm which results the ability for keeping up the supply as well as demands by reducing the stock depletion as well as maximization stock levels, prevention of costly facility malfunctions, enhances return in Investment (ROI).
Supply chain management: The Supply Chain Management (SCM) system in the retails industries plays one of the most active roles. In order to provide supply chain visibility, transparencies as well the chain data processing will become more correlated with the external predictions. It leverages the big data applications and as a whole the relationship between the consumers and the service providers will automatically become much stronger.
In order to conduct any research work it is necessary for the researcher to adopt an accurate research philosophy. There are three different types of research philosophy available such as positivism, realism and interpretivism. After analyzing the details of the research topic the most suitable research topic is required to be chosen and applied by the researcher while conducting the research work (Mackey and Gass 2015). Though, the thinking process for evaluation of any specific topic, the research philosophy may vary and it is partly dependent on the researchers thought. The research philosophy should have proper alignment to the research work. The information set can be designed and outlined accurately with proper alignment. It will help the researcher to reveal the hidden facts those may help them to design the research work with an accurate alignment.
The positivism philosophy is dominated by the scientific method which rejects the metaphysics for knowledge gathering and detail observation of the research topic. Basically for the complex structures the interpretivism research philosophy are widely used by the researcher. However, for this specific research work the researcher will choose the positivism philosophy (Ledford and Gast 2018). For a better analytical result positivism research approach is referred to as the most suitable one.
There are two different types of research approaches are there such as inductive and deductive. In order to realize the importance of innovating Artificial Intelligence (AI) in the retail industry the most suitable approach among these two should be adopted by the researcher. The research can be undertaken for two broad areas of study details in terms inductive and deductive. Whenever enough amount of data are not available only on that time the researcher should choose the inductive approach on the other data enough information availability will lead the researcher to adopt the deductive approach to conduct the research work successfully. The inductive approach delivers the rationale of new theory those have build for the research topic (Dang and Pheng 2015). On the other hand the deductive approach is used for describe the applications of the theories those are studied to obtain access to the research content. Deductive approach can build the theories with more specifications. The behavior of the consumers towards their desire products are different and based on those specific decisions on research approach is to be selected by the researcher among deductive and inductive.
Three different research designs are there such as descriptive, exploratory and explanatory and among three of these design the most suitable design should be chosen by the researcher for successfully conducting the research work. In order to acknowledge different kinds of ideas and thoughts the explanatory research design is very beneficial. It also describes the occurrence of different events as well as corresponding effects of the happenings (Lushey and Munro 2015). For the mere explanation of cause and effect relationship, detail penetrations of the research have become absolutely limited. On the other hand, the descriptive research design helps to obtain details for stating the occurrence of incidents with a detail accurate explanation.
For this specific research topic that is innovation of Artificial Intelligence (AI) in the retails industry for retaining the consumers the researcher should adopt the descriptive research design. For this specific research the explanatory design outline is avoided because it supports the longitudinal study concept (Lewis 2015). This is not possible for this specific research topic, thus the descriptive design should be chosen to influence and scrutinize the research details.
The useful information set are referred to as data and from data the most suitable information are to be extracted by the research during the conduction of the research work. For deriving proper results from the research work the research process and research format should be maintained by the researchers.
Primary and secondary are the two different data sources among the either any one or sometimes both the sources can be used for the successful implementation of the research work on innovation of Artificial Intelligence (AI) in retails industry to retain customers. The primary data are gathered through questionnaires and survey and on the other side the secondary data are composed from secondary sources such as books, journals, blogs etc. Flick (2015) stated that basically the secondary sources are the literature source that is used for the successful accomplishment of the research work. Primary data are used for collecting raw data and as per the need of the research topic those cater data can be gathered. In other words, the secondary data are used for widening the research topic in more details.
For the specific research topic the researchers have used the concept of secondary data instead of primary data. For designing this research work the sources those have been nominated include books, websites, blogs, journals etc. The secondary sources used for the research include both the offline and online sources.
The available data techniques are qualitative and quantitative and for this specific research the researcher have chosen qualitative data. The quality data helps to add the theoretical concept in the practical application field that leads better understandings for the research work. On the other hand, quantitative data applies different statistical information those are necessary for recording data for large sample size (Brynjolfsson Rock and Syverson 2017). More than quantity, quality should be concern for the researcher and thus the researchers should use qualitative data techniques for gathering and analyzing information. The research work will be successfully conducted of proper data techniques are used by the researchers.
For conducting the research work it is necessary for the researcher to consider certain ethical aspects as well. The researchers require following code of conduct which will definitely help the researcher to identify the different wrong and right set of information. The ethical considerations specifically measured for this research are as follows:
Data application: The information obtained from the study of this topic is helpful for understanding the current trends of Artificial Intelligence (AI) technology in the retail industries for retaining the existing consumers. In order to understand the impact of innovation in of AI in the retail industry proper application of data are very helpful. The commercial application of data will be avoided completely to keep the result findings limited within academic purposes only.
Access practices: It is necessary for the researcher to keep the research resultants within the safety zone and must not be revealed to the third party. It will maintain the safety of the results.
While conducting the research work certain limitations are faced by the researchers. For this specific topic the details of the research limitations are as follows:
Reliability: During the research work all the external influences are to be avoided by the researchers. Though, the managers of the retails industry can be biased towards the findings of the research topic.
Time constraints: Due to the cross sectional nature of the research work the researcher faced another issue which is time limitation. In fact some details portions of the analysis are absolutely avoided due to time limitations
Budget constraints: Budget constraints are another constraint which was a serious issue for this specific research work.
From the detail of the analysis on managing innovation and technology transfer in terms of innovation of Artificial Intelligence (AI)in the retails industries for retaining consumers it has been found that, basically Artificial Intelligence (AI) has the capability to increase the business efficiency and security as the same time. Due to lack of technical support most of the businesses are facing serious security level issues those are to be mitigated by business level strategic information. Moreover, it is defined that, the future of the retail industries can be approaches as a more shaped one with the innovation of this specific technology. Even though not each retailer are using the concept of proprietary system but many are using this technology. In order to conduct this research work, the benefits that may generate from the research work are also analyzed accordingly. AI can take a big data set regarding the application details through the AI algorithm in terms of neural networks. Secondary sources are used for gathering data and successfully conducting the research work. The traditional business trends have been changes completely with the innovation of the Artificial Intelligence (AI) in the retails industry.
Conclusion
From the overall discussion it can be concluded that with the successful implementation and usage of Artificial Intelligence technology the issues that the retail market is currently facing may be reduced or completely resolves. Automation and smart technical excellence are not substitutes for the accurate end to end consumer engagement however this technology should fit seamlessly along with the holistic consumer’s experiences those may deliver consistency across all the technical touch points. Apart from this, the new technologies can also often seem extraterrestrial or creepy as well and also people may take time to get absolutely accustomed to this technology. It has been found that both the internal and the external consumers will be able to reach the realistic goal of the company with the successful implementation of the Artificial Intelligence (AI). With the application and innovation of Artificial Intelligence (AI) in the retail industry the overall security system will also be improved accordingly. On the other hand, in order to define the role of Artificial Intelligence (AI) in the retail industry the research methodology that has been used along with research limitation and ethical consideration are also illustrated in this research paper. Besides this, the time horizon successfully followed to conduct the research work us also illustrated in this paper. Clear recommendations are also discussed so that the problems those may interrupt the successes of the research topic are also elaborated in this paper.
In-depth analysis: While conducting the research work the researcher should make in depth analysis f the gathered information.
Time and budget management: For successful accomplishment of the research the required time and budget are also needed to be considered at the research initiation phase. Rather an accurate research outline is also needed to ne designed by the researchers.
References
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