.

ISSN 2063-5346
For urgent queries please contact : +918130348310

THE DISRUPTION OF RETAIL COMMERCE BY AI AND ML: A FUTURISTIC PERSPECTIVE

Main Article Content

Lalit Kumar Gupta1, Dr. Pushpa Mamoria2*, S. Subhashree3, Subharun Pal4, G. Praveen Naidu5
» doi: 10.48047/ecb/2023.12.si12.061

Abstract

Purpose: This review research paper aims to explore the potential impact of Artificial Intelligence (AI) and Machine Learning (ML) on the retail commerce sector, providing a futuristic perspective. It seeks to analyze the theoretical framework behind the integration of AI and ML in retail, examine the design and methodology employed in existing studies, present the key findings, and discuss the research's practical and social implications. Theoretical Framework: The paper establishes a theoretical framework by examining the current literature on AI and ML in retail commerce. It explores the concepts of automation, data analytics, personalization, recommendation systems, and supply chain optimization to understand the transformative potential of AI and ML technologies in the retail industry. Design/Methodology/Approach: The research employs a systematic review methodology to identify and analyze relevant studies from academic databases and industry reports. The selected research papers and reports are examined for their research design, methodologies employed, and data sources, providing a comprehensive overview of the state of AI and ML in retail commerce. Findings: The findings highlight the disruptive potential of AI and ML in retail commerce. They reveal that AI and ML technologies have the capacity to enhance customer experiences through personalized recommendations, improve inventory management, optimize supply chains, enable efficient pricing strategies, and streamline customer service. The research also identifies potential challenges and ethical considerations associated with the integration of AI and ML in the retail sector. Research, Practical & Social Implications: This research paper underscores the significance of AI and ML in shaping the future of retail commerce. It informs retailers, policymakers, and industry stakeholders about the transformative potential of AI and ML technologies and encourages further exploration and investment in these areas. The paper also raises awareness of the ethical implications and societal impact of AI and ML implementation in retail, stimulating discussions on responsible adoption and regulation. Originality/Value: This review research paper provides a comprehensive analysis of the disruptive influence of AI and ML on the retail commerce sector, offering a futuristic perspective. It consolidates existing knowledge, identifies research gaps, and provides insights into potential future research directions. The paper's originality lies in its synthesis of diverse studies and reports to present a holistic view of the topic, making it valuable to both academia and industry.

Article Details