AI & Retail Industry Outline: Management Research Paper

AI & Retail Industry Outline
Student’s Name
Institutional Affiliation
AI & Retail Industry Outline
Thesis Statement
The effective implementation of AI by traditional retail operations will result in improved operational efficiencies and increased customer satisfaction, leading to increased profit and share of market.
Outline
Industry overview
This section will explain the overall state of the industry in terms of the extent to which companies are embracing technology. Specific aspects that the section will cover will include the value of the retail market and the forecasts (Mordor Intelligence, 2020). It will conclude by highlighting the various business areas that it will in business and what role it serves in reducing the gap between the rich and the poor.
Scope of the report
This section will cover the gravity of the report in terms of its width and depth. The width aspect will look at how the software is being used in the market, how it is serving the different applications, such as the supply chain and how it is helping in processing payments and determining business performance (Mordor Intelligence, 2020).
Major industry trends
This section will address the rate of adoption of the AI in the retail sector. It will look at how the different sectors are adopting AI and how their rate of adoption compares to the retail sector (Markets & Markets, 2020). It will explain any variation in adoptability, which will also justify the focus on this study in the area.
Application of the Technology
This section will focus on how the technology is applied in the retail sector. It looks at how retailers are applying the technology in different stages of the value chain (Oosthuizen, Botha, Robertson, & Montecchi, 2020). It will give an insight on the specific retail functions that either rely on or can be enhanced using AI.
How the technology improves operational efficiencies
The section will focus on how the technology helps boost operational efficiency in various sectors. It will look at how companies use it to reduce their operational costs and track inventories. According to McKendrick (2017), the technology does not only help businesses cut costs, it also helps expand brainpower. The statement means that the technology will also contribute to improved innova...