Artificial Intelligence in Retailing: A Critical Literature Review

The retail industry has seen a drastic change over the last decade and is currently the most dynamic sector. The retail industry in India itself is expected to reach about US$ 1 trillion (The Boston Consultancy Group and Retailers Group of India 10). The way retailers used to operate is changing quickly and the reasons can be attributed to the technological implications in the sector, newer business models, big data analytics, but still by and large consumer needs drives the purchase decision (Dhruv Grewala 1). With growing millennial population and disposable income the demand for consumer goods has increased considerably and most of the youth- the tech savvy are resorting to online shopping. The e-commerce wing of retail industry is at its peak albeit, it contributes to a smaller proportion of sales when compared to the brick and mortar stores. According to (Retail touch points) e-commerce sales are expected to grow annually by 17% and reach $414 billion by the end of 2018