#104 RE-RUN: Artificial Intelligence in Retail with Felipe Flores

Data Futurology - Leadership And Strategy in Artificial Intelligence, Machine Learning, Data Science

In this episode, Felipe speaks about what is going on with artificial intelligence in the retail space. Visual search and recommendations are currently trending in retail. Companies are offering the ability for consumers to search based on a picture. For instance, consumers can take a picture of a pair of shoes and find that product online, similar products, and products that would go well with it. Humans can process images way faster than text. Plus, pictures carry more information than sound. Visual search and recommendations are hot and on the rise right now.

Free shipping and free returns are hurting companies. People are buying multiple items with free shipping and then returning it. As a result, the retailer is paying for transport on both ends. Retailers are struggling with this model. However, free shipping is something that consumers are looking for. So, brands are offering a subscription model or a rental model. Sometimes, a combined subscription and rental model. More and more companies are offering clothing rentals.

Next, Felipe explains what to expect in retail. Automated stores are popping up in the United States from Amazon. You pick what you want in the store; then, you walk out without having to see a cashier. With advancements in AI, the movements of customers can be tracked in retail stores. Voice assistance is also something you can expect to see in the future of retail, like ordering something using an Alexa. Stay tuned as Felipe speaks about the basics of AI in retail.

Enjoy the show!