AI+ Retail Trade | Reinventing Retail

At the onset of the pandemic, various businesses closed down with the imposition of strict quarantine protocols. While essential shops remained operational, the manner of goods distribution has transformed digitally. Other retail stores took time to reopen and as a result many retail stores had to rely on digital platforms to continue operating. The drastic shift in the retail industry from the traditional physical shopping to self-checkout retailing was clearly observed.

KPMG's "Thriving in an AI World" reports that the retail industry forefronts the recognition of Artificial Intelligence (AI) potentials in delivering beyond the expected value. While the challenge in maintaining up-to-date technologies has been highlighted, the retail executives also believe that their employees will be fully receptive for AI adoption. In addition, a decline in the pessimistic view on the presence of cyber risks over the past year conveys the openness of retail industry to AI. With this, an anticipated rise of AI technologies was observed in the sector.

Self-service kiosks, personalized shopping, and algorithm-based advertising are among the innovations that retailers can benefit to ensure a customer-centric approach of AI in retail. Moreover, online platforms and cashless payments sustained the new-found 'normal' of purchasing from home. While we expect that the pandemic will soon be under control, we expect consumer behaviors developed during the pandemic will be here to stay.

As part of the AI+ FORUM SERIES: EVOLVE TO COMPETE, the European Chamber of Commerce of the Philippines (ECCP) and Fairs and More, Inc. (FMI) features the segment AI+ Retail Trade | Reinventing Retail. This virtual forum will convene key international stakeholders to shed light on the trends and opportunities in a digitally-driven retail sector. Moreover, emphasizing the role of AI, intelligent and innovative solutions will be presented as we continue to find solutions to meet consumer demand.