AI to play a major role in future retail trade
Global retail trade through Artificial Intelligence (AI) is seen hitting US$7.5 billion by 2022 and is also expected to replace 7 per cent of global job by 2025.
A research study done by the International Business Machines (IBM) on retail trade shows that 85 per cent of retailers in 83 countries will be involved in retail trade, said the Chairman Sri Lanka Retail Forum, Organising Committee, Murali Prakash delivering his keynote address at the Sri Lanka Retail Forum 2019 held at the Cinnamon Grand Hotel in Colombo this week.
He said although many are focused on AI, something else is happening to counter the power of AI by embedding computer chips in the human skull to stimulate thought processes.
“We may be a couple of decades from such technology but the change is happening.” Amazon is engaged in a big way to promote retail trade in India and the impact will be felt in Sri Lanka too. Retailers are the first to get hit during troubled times as they do not plan it in advance.
President of the Sri Lanka Retailers Association Sidath Kodikara said the retail trade is gearing itself to a new era of growth having suffered blows in the past. The resilience of the industry against adversity has shone through and trends are more than promising.
The retail trade contributes one third of the country’s GDP while accounting for 14 per cent of the labour market Online retailing trade accounts for about 50,000 transactions a day which accounts for 0.5 per cent of retailing. As an industry retail trade is capable of building value chains that bring about social equality. Retail trading also creates job opportunities, he added.