One of the World CIO 200 Award winners, Mithun Nair, receiving the award in the Master category.
The region’s e-commerce sector is growing at the fastest pace globally, with online sales expected to double to $48.8 billion by 2021, according to a report by Fitch Solutions Macro Research, cited at the Global CIO Forum held this week.
Undoubtedly, e-commerce has completely transformed the retail landscape. Most recently, two years after spending US$500m to acquire Souq, American e-commerce company Amazon has rolled out its platform for customers in the UAE. E-commerce spending in the UAE is expected to increase by 170% to $27.1bn in 2022, from $9.7bn in 2017.
But businesses still struggling to keep up may be wondering what they can do to encourage customers to come into their retail stores, instead of shopping from their internet-enabled devices.
The convenience of online shopping is difficult to compete with, so many retailers opt for offering their customers a completely different experience than they could find online. A recent study by SOTI showed that 92% of customers prefer stores that offer a mobile technology experience, for example.
When it comes implementing AI and understanding its power which comes with a big advantage of gaining profit and huge customer attraction. Artificial Intelligence in retail landscape is the most promising implementation for those who use it. The companies will be able to save and receive customer data much more efficiently. And with that much data the retailers can create personalized for the shoppers.
As indicated by Worldwide Market Experiences, interests in computer based intelligence by retail section will surpass USD 8 billion by 2024. As more applications for AI, prescient investigation and profound learning advances are explored different avenues regarding achievement, computerized disturbance in retail portion will undoubtedly occur at a much quick pace.
The Global CIO Forum featured a multi-country CIO felicitation ceremony that recognized the achievements of the ‘Digital leaders’ of today.
