How artificial intelligence will affect the future of retailing |
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Institution: | 1. University of South Carolina, United States;2. Babson College, United States;3. Dartmouth University, United States;4. ESCP Business School, France;5. LeBow College of Business, Drexel University, United States;6. Sam M. Walton College of Business, University of Arkansas, United States;7. Walmart, United States;8. University of Arkansas, United States;9. Independent Consultant, United Kingdom |
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Abstract: | Artificial intelligence (AI) will substantially impact retailing. Building on past research and from interviews with senior managers, we examine how senior retailing managers should think about adopting AI, involving factors such as the extent to which an AI application is customer-facing, the amount of value creation, whether the AI application is online, and extent of ethics concerns. In addition, we highlight that the near-term impact of AI on retailing may not be as pronounced as the popular press might suggest, and also that AI is likely to be more effective if it focuses on augmenting (rather than replacing) managers’ judgments. Finally, while press coverage typically involves customer-facing AI applications, we highlight that a lot of value can be obtained by adopting non-customer-facing applications. Overall, we remain very optimistic as regards the impact of AI on retailing. Finally, we lay out a research agenda and also outline implications for practice. |
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Keywords: | Artificial intelligence Retailing Ethics Privacy Bias |
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