AI is the future of retail

2019-07-05T07:23:09+00:00July 5th, 2019|AI, innovation|0 Comments

Today’s retailers and brands are drowning in data and struggling to make sense of the abundance of information on their own. AI solves this problem by offering “a cheaper, faster way of doing many tasks that companies currently employ humans to do,” like simplifying complex data analytics. Companies also embrace AI to improve agility, top-line performance and customer service – all while lowering costs. For instance, retailers gain greater accuracy in predicting a consumer’s style at the exact moment an individual is shopping, leading to more sales, fewer returns and improved stocking ability.

AI has evolved into a strategic asset in retail, as the sector faces overwhelming upheaval. Amid the blistering pace of innovation, and empowered consumers who expect omnichannel excellence, affordable fashions and personalized marketing, AI guides retailers by delivering fact-based intelligence to delight shoppers. Retail executives need to understand how this emerging trend can help them stand out, serve better and sell more.

The Israel RetailTech ecosystem is growing and rapidly becoming one of the hottest hubs for commerce technologies, with over 250 startups operating across the board from logistics to in-store. These companies are leveraging Israeli´s expertise in deep-tech like the use of computer vision for self-checkout or the application of artificial intelligence for visual search.

Israel companies in Retail Technology is divided into categories representing in the retail value chain : Last-mile Warehouse –  Self-checkout –  Indoor mapping – Offline-to-online – Payments – Digital Signage – Shelf-monitoring- E-commerce –  Loyalty programs – AR/VR/3D -Pricing Analytics IoT.   Relevant companies interested to learn more on potential collaboration are invited to contact the Economic and Trade Department at the Israeli Consulate General in Bengaluru.

For further queries:
contact: Kavitha Saravanan, Trade Officer, Trade and Economic Affairs
Tel: +91-80-49406515. kavithas@israeltrade.gov.il

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