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Artificial Intelligence (AI) is revolutionizing the global retail industry by optimizing operations, creating innovative customer interaction methods, and significantly boosting business growth.
According to Fortune Business Insights, the global AI market in the retail sector is expected to grow from $9.36 billion in 2024 to $85.07 billion by 2032, with a compound annual growth rate (CAGR) of 31.8%. Several factors contribute to this remarkable growth, with the application of AI for business objectives being a critical driver. The digital transformation is prompting retail enterprises to adopt AI to automate operations, enhance employee capabilities, and deliver superior customer experiences, thus increasing profitability and streamlining business processes.
AI enhances experiences for businesses and customers through advanced solutions such as inventory management, logistics, data analytics, demand forecasting, and customer service (CS). Customer data is a “treasure trove” that, when analyzed by AI algorithms, provides actionable insights for businesses. These insights enable enterprises to understand customers better, craft growth strategies, mitigate business risks, and stay ahead of market trends. Customers benefit from personalized product or service recommendations and promotions tailored to their preferences, behaviors, and needs. Furthermore, AI-powered customer service solutions, including 24/7 virtual assistants (chatbots and voicebots), create engaging, efficient shopping journeys that foster customer loyalty and increase repeat purchases, ultimately driving revenue growth.
Compared to slow and outdated traditional customer service methods, AI-powered virtual assistants have set a new standard for instant, anywhere-anytime interaction between businesses and customers. In Vietnam, FPT.AI Virtual Assistants provide multi-channel integration to ensure timely customer support. For instance, FPT AI Chat (chatbot) operates on platforms like Messenger, Zalo, and Instagram, while FPT AI Engage (voicebot) integrates with customer service call centers. These systems handle incoming calls, execute thousands of outbound calls simultaneously, and conduct scripted interactions. Retail enterprises also leverage virtual assistants for complex tasks such as customer surveys, product/service consultations, delivery notifications, and complaint handling.
A standout feature of AI virtual assistants is their ability to handle massive query volumes simultaneously without compromising response quality, seamlessly integrating with enterprise CRM systems. By enhancing customer satisfaction, streamlining operations, and reducing costs, AI assistants deliver faster, more intuitive, and highly personalized customer experiences.
In addition to operational improvements, a skilled workforce is fundamental for the sustainable development of a retail enterprise. Consequently, many retail businesses have implemented long-term strategies to train their workforce, enhance professional skills, and educate employees on leveraging AI for learning and work. This approach encourages personal growth and strengthens employee capabilities.
Built on FPT GenAI under the GenAI-first strategy by FPT Smart Cloud, FPT AI Mentor offers a next-generation training method, highly appreciated by retail organizations for its advanced and intelligent features. This solution removes barriers related to time, space, and flexibility, enabling proactive learning. Managers can assess each employee’s strengths and weaknesses to design customized training programs or develop personnel plans that align with their competencies.
On June 27, 2024, during the high-level digital transformation strategy event C-Talk, Mr. Nguyễn Tấn Hưng, AI Business Director for Southern Vietnam at FPT Smart Cloud, presented innovative AI solutions tailored for the retail sector. These solutions address the stringent demands of leading Vietnamese retail enterprises and are being effectively implemented across the industry.
The retail sector is maximizing AI’s potential and leveraging its power across various operational processes, optimizing both physical and human resources. This enables retail businesses to gain a competitive edge and achieve sustainable growth in an ever-evolving landscape.
Hai Van.
Source for statistical data:
Fortune Business Insights – Artificial Intelligence (AI) in Retail Market