The real-world application of AI in retail
This content is produced in commercial partnership with Shopify
As retailers face new challenges every day, doing more with less is critical to survival. With limited resources, skills and talent shortages, and ongoing economic challenges, it’s never an easy feat to make it as a successful entrepreneur.
Australia has emerged as a leader in entrepreneurship, ranking sixth globally in terms of economic impact, as recently revealed by the Shopify Entrepreneur index. In fact, entrepreneurship created over 69,000 new jobs, and supported over 151,000 jobs over the past year. So despite a challenging economic climate, it’s crucial that we continue to nurture and support entrepreneurs in every way possible.
Entrepreneurship is on the rise in Australia. iStock
With that said, as ChatGPT has catalysed the hype and use-cases around generative AI, we are seeing businesses finally realise the phrase “do more with less”. Entrepreneurs and small businesses are only just scratching the surface on AI’s real-world application in retail – and it’s already paving the way for accelerated innovation and breakthroughs in the way business is done and customer expectations are met.
The retail industry has been at the forefront of AI adoption for some time, at first, driven by its desire to provide customers with highly personalised shopping experiences and seamless product discovery. But now, more than ever, retailers are leveraging AI to improve back end processes. In fact, we recently found 44 per cent are investing in AI, or at least planning to, in order to increase efficiency and reduce expenses.
AI technology can increase productivity, improve workflows and help entrepreneurs make smarter decisions without the need for a technical skill
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