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Impact of Artificial Intelligence in Retail Industry

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The artificial intelligence is highly poised to disrupt the complete retail industry. The interesting convergence is taking place, one which will have enormous implications in the way retailers are selling their products and services and the way consumers are purchasing them. Artificial intelligence capabilities and applications attempt to solve real-world problems which e-commerce development industry are facing.  E-Commerce is a bustling segment of the retail industry which represents an estimated $102.7 billion or 8.3% of the total U.S. retail sales by the year 2016. The total retail trade was approximated at 5.9% of the national GDP in the year 2016. As digital transactions have become the standard methods of buying goods and services, which leads to e-commerce firms that are exploring how AI can enhance brand competitiveness and customer loyalty. According to the reports of Gartner , 85% of the interactions between customers and retailers will happen “without interacti...