return icon Vietnamnet.vn

AI - the future of retail

Technology is changing the retail sector, with artificial intelligence (AI) shaping shopping centers and stores of the future.

The Covid-19 pandemic changed traditional retail as many customers had to shop online. However, stores still play an important role in distribution channels.

According to a study by McKinsey & Company (USA), even during the pandemic, 85% of consumers still preferred to buy at stores. Many customers liked seeing colorful candy packages, smelling freshly baked cakes or trying food at the supermarket.

To give customers a better experience, stores use AI, which is believed to be the future of retail. According to TechEmergence, retail is one of 10 industries with strong AI investment. Forbes says that 84% of retailers believe that investing in AI will give them a greater competitive advantage.

According to a Statista report, AI in the retail industry is expected to reach $24 billion by 2027, up from $3 billion in 2020, with a 29.7% annual growth rate. Cost savings, increased productivity and increased revenue are the top three benefits brought by AI for the retail sector.

AI is used in traditional retail operation and management to outpace competitors. It also helps them detect new trends to guide their development strategy.

On the customer side, AI provides information about each buyer such as eating preferences, food allergies, and the purpose of the purchase. From there, stores approach consumers through promotions, product display methods, and product packages to meet customers' needs. Payment is also more convenient thanks to AI. Store staff only play the role of customer guide.

AI in Vietnam

Some retailers in Vietnam initially used AI in business operations. MM Mega Market has used AI for cameras installed at entrances and exits, which are connected to the central server system to analyze the number of people shopping and send information to the Management Board if the limit is exceeded. 

Doji uses smart robots to welcome customers, has an E-Catalogue with 360-degree jewelry product experience, a virtual jewelry testing application (Wonder Touch) using AR technology, and unique exploration tours with VR technology.

Masan has also applied AI-powered digital use. By using cameras combined with AI, it simplifies the sales process, frees employees from time-consuming tasks to focus on consulting, cross-selling and improving customer satisfaction. Masan has successfully piloted the mini mall model and replicated the model to 30,000 stores.

Dr. Vo Tri Thanh said that building a consumer-retail ecosystem in the current digital era is a revolution. This not only solves the problem of providing goods and services with the best quality, but also positively impacts society, bringing benefits to consumers, manufacturers and retailers.

Mr. Nguyen Hoang Tung, General Director of VVN AI Technology Joint Stock Company, said the application of AI should start from the difficulties of enterprises. Businesses that need to apply AI should choose available applications, just enter their data to get the desired results.

Dr. Hoang Ngoc Duong, Deputy Director of Viettel Cyberspace Center, said that in order to develop AI, it is necessary to build platforms based on a shared database. 

However, the number of businesses in Vietnam applying AI is still limited. The Prime Minister has issued the National Strategy on Research, Development and Application of Artificial Intelligence to 2030. Accordingly, the goal is to build 10 prestigious AI brands in the region by 2030 and to set up three national innovation centers on AI.

Duy Anh

MORE NEWS

Striker Tien Linh placed 29th at Asia’s Best Footballer Award 2022

Vietnamese striker Nguyen Tien Linh has received only one point from voters of the Best Footballer in Asia Award 2022, finishing 29th in the list of 31 rated players altogether.

Panama-flagged AH SHIN fire under control in Vietnamese waters

Relevant Vietnamese forces on February 6 reached Panama-flagged AH SHIN and contained the fire that broke out on the cargo ship two days earlier.

VinaCapital Ventures pours 1 million USD into agritech startup

VinaCapital Ventures, a technology-focused venture capital fund of the Ho Chi Minh City-based VinaCaptial Group, has announced an investment of 1 million USD into Koina, an agritech startup founded in Vietnam.

Two Vietnamese fishermen missing in boat sinking in RoK

A fishing boat sank off the coast of Sinan county in the province of Jeonnam, leaving 9 out of its 12 crewmembers missing, including two Vietnamese citizens

Hai Phong: More ivory seized at Lach Huyen port

Another batch of smuggled ivory was found at Lach Huyen international port in the northern city of Hai Phong on February 6, the second of its kind within seven days.

No Vietnamese citizens affected by earthquake in Turkey, Syria so far

There has not been any information confirming Vietnamese citizens are among those affected by a 7.8-magnitude earthquake in Turkey and Syria, the most powerful over the past nearly 100 years.

Successor for Coach Park Hang-seo to arrive in Vietnam soon

If the negotiations are successful, coach Philippe Troussier may sign a contract with the Vietnam Football Federation (VFF) this week, becoming the successor to coach Park Hang-seo to lead Vietnam’s national football teams.

Positive signs ahead for Vietnamese pangasius exports to US, China

Despite a significant fall in exports in 2022, there are bright prospects ahead for pangasius exports this year thanks high demand from China and the United States – the two major markets for Vietnam, according to insiders.

Vietnamese students win gold at Invention Creativity Olympic 2023

Four Vietnamese students from Le Hong Phong High School for the Gifted in the northern province of Nam Dinh won a gold medal at the World Invention Creativity Olympic (WICO) 2023, which recently concluded in the Republic of Korea (RoK).

MIC acts as cradle for digital tech firms to test their products

Minister of Information and Communications Nguyen Manh Hung stressed that MIC is the leading ministry in the Make-in-Vietnam campaign and serves as the cradle for technology firms to experiment with and develop products.

Hanoi among world's top culinary destinations in 2023

Hanoi was voted by readers of the world's largest travel platform Tripadvisor as one of the world's top 20 culinary destinations in 2023.

Vietnamese young people set off for military and public security service

In 2023, more than 4,200 young people in Hanoi will perform military and public security service.

VIETNAM NEWS HEADLINES FEBRUARY 6/2023

Improvement of consular services to continue: official

VIETNAM BUSINESS NEWS FEBRUARY 6/2023

Agro-forestry-fishery exports reach 3.7 bln USD in January

Sister Sister 2 to compete at 2023 Osaka Asian Film Festival

"Chị chị em em 2", known as “Sister Sister 2” in English, directed by Vu Ngoc Dang will represent Vietnam at the 2023 Osaka Asian Film Festival scheduled to get underway from March 10 to 19.
back_to_top