It is anticipated that the influence of digitalization will be pervasive and will foster the introduction of new digital goods and services based on the notion of adaptability. In addition, new modes of working will increase the demand for new talent, regardless of the location of individuals. In addition, cybersecurity and privacy will become two of the most important factors in supporting the integrated growth of Internet of Things technological solutions, artificial intelligence, big data, and robots.
- New digital technologies have challenged the old retail business model by transforming brick-and-mortar-only markets into Omni-channel marketplaces, substantially altering the client buying path. Customers are more connected than ever, and the shift to multichannel commerce has increased customer service expectations.
- AI solutions for customer interaction in the retail value chain concentrate primarily on the customer journey, allowing for consumer engagement, improved customer service, and sales support activities.
- AI apps for customer interaction foster client loyalty through personalization, transitioning from a transactional to a customer-centric approach.
Traditional merchants are susceptible to disruption from new market entrants due to these inefficiencies and their inability to adapt to an evolving competitive landscape. The promise of artificial intelligence (AI) has yet to be completely realized (Ransbotham et al., 2017), and academics and practitioners are still in the early stages of comprehending the use of AI (Duan et al., 2019). This article proposes an AI-enabled retail value chain as a conceptual framework for understanding the role that AI may play in the retail value chain.