Journal of Theoretical and Applied Information Technology

15th August 2023. Vol.101. No 15

© 2023 Little Lion Scientific

ISSN: 1992-8645 www.jatit.org E-ISSN: 1817-3195

IMPACT OF ARTIFICIAL INTELLIGENCE ON THE INDIAN

RETAIL INDUSTRY

Dr. DHADURYA NAIK M 1 , Dr. SRINIVASA RAO DOKKU2 , VEERLA

NAGAMALLESWARA3, Dr. KONIKI SRINIVAS4, Dr VENKATA NAGA SIVA KUMAR
CHALLA5, Dr M SRINIVASA NARAYANA6, MUNNI VENUTHURUMILLI7
1
Assistant Professor, Department of Business Administration,
Prasad V Potluri Siddhartha Institute of Technology, Vijayawada, Andhra Pradesh, India.
3
Assistant Professor, Computer Science & Engineering, Dhanekula Institute of Engineering & Technology.
Ganguru, India.
4
Associate Professor, Department of MBA, Priyadarshani Institute of Technology and Management,
Guntur. India.
5
Assistant Professor, KL Business School, Koneru Lakshmaiah Education Foundation,Vaddeswram,
6
Professor CDOE Department KL University KLEF, Vijayawada, India.
7
Lecturer, Depatment of Computer Science, Parvathaneni Brahmayya Siddhartha College of Arts &
Science, Vijayawada, India.

E-mail: [email protected], [email protected]. [email protected]

[email protected] [email protected] [email protected]

ABSTRACT

Many of the previously laborious and labor-intensive duties connected with running a successful business
are being automated by AI, which is fast revolutionising the retail industry. AI applications for retail outlets
could assist firms in pricing their products by visualising the possible effects of various pricing strategies.
To do so, systems gather information about other items, promotional efforts, sales numbers, and other data.
The objective of the study is to know the impact of AI in Reteail industry. At Vijayawada, Andhra Pradesh,
India, 145 samples from various retail businesses were taken into consideration for the study. Both primary
and secondary data are used in the investigation. The study was evaluated using factor analysis. The
majority of respondents are aware of the use of AI in India's retail sector, according to data studies. It has
also been noted that the majority of retail establishments are using AI in their Business models. Particularly
AI is useful in order processing, shipping, and inventory management in the retail industry in India.it is also
identified that, most of retail owners are aware of impact of AI on their business and also they are
implementing the AI techniques in their business models to meet the changing requirements of the industry.
Keywords: Artificial Intelligence, Machine Learning, Automation, Retail, Business

1. INTRODUCTION buyers more effectively and with more value. The

old value chain is said to be inefficient, according to
To be competitive in today's global economy, authors like [1]. Figure 1 shows Indian retail market
retail enterprises must prioritise profit and size. Kearney Research estimates India's retail
productivity. To assure success and keep ahead of sector will grow 9 percent from 2019 to 2030, from
competitors, it is vital to act fast and efficiently. US$ 779 billion to US$ 1,407 billion by 2026 and
Artificial intelligence (AI) can help retailers by above US$ 1.8 trillion by 2030. In FY2022, Indian
raising earnings and optimising business brick-and-mortar (B&M) introductions are
procedures. prediction to growth revenue by Rs. 10,000-12,000
crore (US$ 1.39-2.77 billion). Direct selling in India
Only retailers who use creativity and the best
would reach US$2.14 billion in 2021.E-retail has
available technologies can survive in today's
developed since pandemic, and a Bain and Flipkart
market. The business models of traditional retailers
analysis titled “ How India Purchase Online 2021”
are being faced by new entrants who can serve

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ISSN: 1992-8645 www.jatit.org E-ISSN: 1817-3195

estimates that the market would reach US$120-140

billion by 2026, rising 25-30 percent per yaer over
the next five years [2].

Source: https://www.ibef.org/
Figure: 1 Market Size (US$ billion)
1.1 Artificial Intelligence- Growth
The retail industry has been a forerunner in the Source: www.analyticssteps.com.
adoption of technology, whether it is e-commerce
Figure: 2 Evaluation of AI[3]
or virtual storefronts, where customers can go in
and choose the design, size, and other factors before 1.2 An Overview of AI in Retail
shopping. Virtual consumer experiences based on
artificial intelligence and 3D imagery have lately AI helps retail system collaborate to improve
demonstrated the potential to fundamentally alter consumer experience, inventory management
traditional retail experiences and take them to the predicting, and more. AI gives retailer near –real-
next level through personalisation, automation, and time intelligence. Cloud analysis can reveal new
enhanced efficiency. business insights [4]. Intel technologies allows
intelligent display ads, endless aisle kiosks, smart
Artificial intelligence (AI) is when computers
shelving, enhanced inventory control, and smart
simulate human intelligence. Expert systems, NLP,
self-checkout.
speech recognition, and machine vision are AI
applications. AI is a vast subject of computer Artificial intelligence (AI) is a field of
science that creates intelligent machines that can technology that repeats recurring patterns and
execute human functions. AI is an interdisciplinary behaviours by gathering data and information from
discipline with various techniques, but datasets. Given that AI can complete tasks without
developments in machine learning and deep being instructed to, it has evolved into a necessity
learning are changing practically every tech field. for human existence. Every industry, including
telecommunications, education, healthcare,
Figure 2 show the evaluation of AI. In the past
entertainment, retail, transportation, and hospitality,
ten years, AI has aided businesses in improving
is impacted by artificial intelligence. The use of AI
decisions and expanding their capabilities. Let's
App Development has spread to many areas of daily
take a closer look at the timeline of AI development
life.
to understand its fundamental problems and
outcomes. In order to improve customer service, Figure 3 denotes the expected market size of AI
Open AI released GPT-3, a sophisticated language from 2021 to 2030. In the year 2021 the market size
model that can produce resumes, craft persuasive of AI is 87.04 billion dollars and it is expected to
emails, and simulate real conversations. The model grow 1591.03 billion dollars. The artificial
can also write code using a brief text description. intelligence (AI) market is anticipated to grow at a
CAGR of 38.1 percent.

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Synchronize Treating digital and physical

Offline & Online shopping channels as independent
Retail company entities generates friction
for customers and inefficiency.

Treating digital and physical

Empower Flexible shopping channels as independent
Logistics Networks company entities generates friction
for customers and inefficiency.

Retailers must reimagine their

Empower Flexible supply chain to satisfy a wider
Logistics Networks spectrum of client demands that
are transitioning from mainstream
to niche.[5]
Source: global.hitachi-solutions.com/
Table 2 shows the applications of AI in retail Industry.

Table 2 Applications of AI in Retail Industry

Retail Activity AI Application
Figure: 3 Artificial Intelligence Market size from 2021 to Inventory Retail AI enhances demand
2030 (USD Billion) Management forecasting. Market, consumer, and
competitor data lets AI business
1.3 Importance of AI in the Retail Industry intelligence systems identify
industry trends and make proactive
The digital change in retail is separating winners marketing, merchandising, and
from losers. Here are five of the most significant business strategy changes. Supply
benefits that may be gained by implementing AI in chain, pricing, and advertising are
retail. affected.

Tables 1 Importance of AI in the Retail Industry Adaptive Customers' current position,

Importance of AI Homepage previous purchases, and buying
in the Retail Description patterns are recognised by mobile
Industry and digital portals to customise e-
Traditional retailers must engage commerce. Users' digital abilities
customers in a personalised, grow to give hyper-relevant
relevant, and exciting manner presentations for each engagement
Captivate with AI technologies..
across all contact points to
Customers
compete with immersive shopping Dynamic
experiences from innovative Outreach Advanced CRM and marketing
competitors. systems use repeated consumer
interactions to build a detailed
Retailers must offer engaging shopper profile and provide
Create services and products to keep proactive, individualised outbound
Exciting customers interested. Predictive marketing—recommendations,
Experience analytics gives retailers market prizes, or content.
insight to innovate rather than
react. Interactive AI-powered interactive chat
Chat programmes improve retail customer
Retailers must go through a deluge service and engagement. These AI-
of data from their supply chain, powered bots answer frequent
stores, and customers to create questions and guide customers to
Create Insights good results. So, these bots gather
consumer-first strategies.
from Disparate valuable client data for future
Data business decisions.
Retailers must go through a deluge
of data from their supply chin,
stores, and customers to create Visual Algorithmic engines use picture
consumer-first strategies. Curation search and analysis to recommend

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ISSN: 1992-8645 www.jatit.org E-ISSN: 1817-3195

new or similar products based on design next-generation products and

aesthetics and resemblance. services that better fulfill customer
wants or market gaps.
Guided Automated assistants can offer
Discovery things based on needs, preferences, Demand Market, consumer, and competitor
and fit to boost customer Forecasting data lets AI business intelligence
confidence in a purchase. systems identify industry trends and
make proactive marketing,
Conversational AI-powered conversational merchandising, and business
Support assistants use natural language strategy changes.
processing to help customers
address queries, FAQs, and Customized Many retailers are embracing AI to
troubleshooting and redirect to a Selections provide personalized client
human expert when needed, experiences, elevating customer
increasing customer experience by service. Such services are
delivering on-demand, always- profitable. "Brands that develop
available support and streamlining tailored experiences for customers
staffing. by integrating advanced digital
. technology and proprietary data see
sales increase by 6% to 10% — two
Personalization Intelligent retail environments to three times quicker than those
& Customer recognise shoppers and personalise that don't," a Boston Consulting
Insights product displays, price, and service Group study found.[6]
depending on customer profiles, Source: https://global.hitachi-solutions.com/ blog
loyalty accounts, or unlocked /ai-in-retail/
incentives and promotions utilising
biometric identification. Stores
utilise complicated algorithms and 2. REVIEW OF LITERATURE
demographic data to forecast It was discovered that retail companies that
customer interests. This data placed a strong emphasis on store layout and design
improves online and in-store as well as the adoption of technological innovation
shopping and personalisation. to facilitate consumer purchasing were more
effective in retaining customers [7]. They also
Emotional AI interfaces may recognise identified that, India still lags behind in adopting IT
Response shoppers' in-the-moment emotions, systems in the retail industry, and significant effort
reactions, and attitude and deliver
is needed in this area. Retailing as a function is
relevant products, advice, or help,
ensuring a successful retail
critical to all economies and is a component of the
experience. retail value chain [8], [9].
AI is changing the way retailers interact with
Customer IoT-enabled solutions can help
customers and how consumers choose products.
Engagement retailers understand client behavior
without personally dealing with The use of an alphabet varies depending on the
them. Kodisoft's interactive tablet: context and is most commonly used by retailers and
Kodisoft's restaurant tablet lets consumers [10]. Thus, among other digital
customers browse menus, order, technologies, AI will have a greater impact on
and play games. This tablet, driven retailing. [11], [12], [13. Customers' behaviour is
by the IoT Hub and machine changing all the time, which makes it difficult for
learning, uses consumer data and retailers to keep up. As a result, they must keep
behavior trends to boost customer them up to date by offering low-cost alternatives to
engagement and success.
e-commerce to customers at a low management
Operational AI-powered logistics management cost], [14], [15] identify apparel industry AI
Optimization solutions optimize inventory, implementation issues [16], [17]. It showed a
staffing, distribution, and delivery variety of advanced solutions, benefits, and risks
to satisfy consumers' demands for that AI generates in retail, in various segments of
high-quality, immediate access and the value chain, abbreviated CECoR, from
assistance. improving customer experience (CE) with virtual
agents (chatbots, virtual assistants, etc.) to cost
Responsive Deep learning algorithms analyze reductions (Co) by using smart shelves to revenue
R&D user input and purchase data to help
increases (R) due to product rec Customer profiles

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and retail AI solutions are CECoR drivers' The present study is exploratory research. It
conceptual foundation [18], [19], [20] and [21] . identifies the both qualitative and quantitative
techniques. Further, the research methodology
Ninety percent of retail business leaders said
tools are as follows:
their employees are ready and skilled to adopt AI,
an increase of 47 percentage points since the start of
the KPMG study, 2022, which was published in Tables 3 Research Methodology
early 2020. Although many (49%) believe that the
adoption of AI in their sector is accelerating more Tools Descriptions
quickly than it should, only half (53%) of business
leaders in retail said that COVID-19 had sped up Source Throughout the study, both
of Data primary and secondary sources
the pace of adoption at their company [22]. of information were considered.
Based on the review of literature it is identified The secondary data came from a
that, The Retail industry being transformed by AI variety of reports, websites, and
annual reports of companies,
by utilizing modern technology such as virtual
among other sources; the
assistants to give the greatest purchasing primary data, on the other hand,
experiences. They are continually innovating in the were gathered with the help of a
industry by examining social media behavioural structured questionnaire and
patterns in order to utilise technology. Hence there schedule.
is a need to identify the impact of AI in Indian retail Method A Questionnaire is aimed to
industry [23]. comprehensively break down the
retailers' wishes and needs.
3. STATEMENT OF THE PROBLEM These retailers will receive the
survey via email or a printed
The retail market in India is expected to rise to $2
copy will be delivered in person.
trillion (Rs 160 lakh crore) by 2032, up from $844 The poll's objective is to assess
billion (Rs 67.5 lakh crore) in 2022. When respondents on a variety of
implementing a new AI or automated system, factors, and the data gathered
retailers will address a significant challenges faced will be dissected to produce
by the retail industry in India. The data quality, results.
volume, and accuracy. Many retailers lack adequate
tracking and data analytics, making AI adoption Research The study uses exploratory
less likely to make the most of what they have. As a Design research design
researcher it is need to identify the challenges and
impact of AI in retail industry in India. The study's
primary goals are to comprehend the effect of AI on Data A factor analysis will be used for
the retail industry in India. It also indicates the areas Analysis the current study. The formula
where AI has been used. Technique for the calculating factor
analysis is :
X=μ+LF+e
3.1. Objectives of the Study The study also uses rotated
component matrix and KMO
The current study objectives are as given below: Adequacy.
 To know the impact of AI on Retail Sampling The study uses Simple Random
industry in India. Technique Sampling techniques for
 To know the scope for implementation of collected primary data from the
AI on retail industry in India. customers who are purchasing
 To analyze the customers perceptions goods from organised retail
towards AI in retail industry in India outlets in Vijayawada City,
Andhra Pradesh, India. ,
 To assess various factors AI technologies
The retail outlets including
used by the different retail outlets in Pantaloons, Shoppers Stop, D-
Vijayawada, Andhra Pradesh, India. mart, More, spencer's, reliance
and many more.
4. RESEARCH METHODOLOGY

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Sample The study considered 165 Semi-Public 18 12.41

Size samples and out of these 145
Total 145 100
samples considered as defect
free. So the sample size for the Below Rs.20000 52 35.86
study is 145. The sample
includes all class of customers. Rs.20000-Rs.30000 46 31.72

5. DATA ANALYSIS AND OUTCOMES Income RS.30000-

32 22.07
Rs.40000
5.1. Descriptive statistics of the study:
Above Rs.40000 15 10.34
Table 4 shows the demographic profile of the
respondents of the study. Out of 145 respondents, Total 145 100.00
56 per cent of the respondents are male and 44 per Source: Primary data Analysis
cent respondents are female. Also more than 60 per
cent of the respondents are having more than 30 5.2 Factor Analysis
years of age. This statistic illustrates the components' common
variance. High values, 0.5 to 1, indicate how well
Most of the respondents are belongs Post the component fits the data. High KMO estimates
graduated and more than 50 per cent of the suggest factor analysis may explain the
respondents are private employees. It is also relationships between sets of factors. The factor is
identified that more than 60 per cent of the unsuitable for factor analysis if this statistic is
respondents are having less than Rs.30000 income. below 0.5. If the value is less than 0.5, the
Table 4 Demographic profile questionnaire data is flawed. Our KMO sampling
adequacy measure is 0.620, which is above 0.5. Our
Particulars Freq. %
significance level is 0.000 after Barlett's Test of
Below 18 years 9 6.21 Sphericity. It's substantial and associated.
Furthermore, the KMO Barlett's test shows that
18-25 years 38 26.21
factor analysis may be a good method for
Age 25-30 years 67 46.21 examining the correlation matrix and that the
Above 30 years 31 21.38 sample was adequate (table 5).
Total 145 100
Male 82 56.55 Table 5 KMO and Barlett’s Test
Gender Female 63
Kaiser-Meyer-Olkin Measure of .620
43.45 Sampling Adequacy
Total 145 100 Bartlett's Approx. Chi- 671.
Below UG 25 17.24 Test of Square 421
UG 34 23.45
Sphericity

PG 60 41.38 df 66
Qualification
Professional course 18 12.41 Sig. .000

Diploma 8 5.52
Total 145 100.00
Private sector 86 59.31
Occupation Public sector 24 16.55
Own business 17 11.72

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Table 6 Variance Explained

Compo Initial Eigenvalues Extraction Sums of

nent Squared Loadings
Totall % of Cumulate Total % of
Variance ve % Variance
1 3.321 27.658 27.658 3.43 27.658
2 2.108 16.414 44.072 2.209 16.414
3 1.113 11.424 55.496 1.414 11.424
4 1.059 10.21 65.706 1.059 10.21
5 0.936 7.92 73.626
6 0.822 6.77 80.396
7 0.592 5.67 86.066
8 0.517 4.308 90.374
9 0.346 3.22 93.594
10 0.323 3.12 96.714
11 0.24 2.01 98.724
12 0.112 0.936 99.66

Table 7 Rotated Component Matrix

Component
1 2 3 4
Customer Acquisition -.180 .113 .743 .160
Customer .320 -.053 .618 -.480
Retention
Reacquiring -.109 .933 .031 .056
Customer
Consolidation of - .001 .907 -.093 -.019
Data
Identifying Trends .150 .027 .063 .816
.791 -.001 .104 .091
Personalization
Brand Loyalty .750 .124 .063 .240
Improving .809 .164 -.056 .003
Marketing
.658 - .096 .072 .517
Cost Hurdles
Lack of .698 -.056 .155 -.135
Understanding
Difficult .360 .620 .011 -.008
Implementation
.344 -.178 .695 .019
ROI

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Table 6 shows the initial eigenvalue. The "total" After AI dominates retail in a few years, this topic
column shows each component's variable variance. can be examined further. See how AI affected
"% of Variance" shows each component's variance. deals and consumer loyalty over unspecified
Only components with eigenvalues greater than 1
timeframes. This data can also be compared to
will be selected. Factor 1 contributes 27.658% of
the variation. The second component accounted for pre-AI times and to a full analysis of how AI
16.414 percent of the overall variation, the third affected retail.
factor 11.424 percent, the fourth factor 10.21%, and
AI's influence on jobs was another big concern. If
the first four factors combined 65.706 percent. In
our investigation, four components have total weakening or activity fulfillment is affected,
eigenvalues greater than 1. Clients acquisition, certain studies in this sector should be
retention, reacquisition, and data consolidation are understandable. This examination missed a golden
the primary loading components. These four opportunity to understand how AI has affected
components explain roughly 65% of the analysis's this field.
variance.
7. CONCLUSION AND IMPLICATIONS
Rotated component matrix in Table 7 The
component matrix is hard to read without varimax The retail sector of today's economy is powered
rotation. The rotation component matrix is the by artificial intelligence. Prior to the COVID-19
component matrix transformed with the identity epidemic, about 80% of consumers were
matrix and varimax rotated. Varimax generates accustomed to making purchases in physical stores.
uncorrelated components. "Oblique rotation pattern But, after the pandemic, physical stores are
matrix" is the rotated Component matrix. This struggling with low sales. Consumers are likely to
graphic shows factor loading, or component use e-commerce or online grocery applications to
correlation, in columns. Just the highest-variance purchase their goods.
components are used here. We used a higher cutoff, Traditional retail activities are automated by
0.6, to see if any components had factor loadings artificial intelligence, which also enhances their
greater than 0.6. Form the rotated component matric value. AI is crucial to retail, from in-store
the four components were loaded such as assistance, price forecasts, and product
Customers acquisition, customer’s retention, categorization to inventory tracking, supply chain
reacquiring customers and consolidation of data in management, and logistics [24], [25], [26].
implementing the AI in Retail industry in India. Out
of loaded components, reacquiring customer is high From the analysis of the data it was identified
loading with identify trends, brand loyalty and cost that, most of the companies are aware about the
hurdles. usage of AI in retail industry. It is also identified
that, most of graduated and postgraduate
It also implies that, the customers retention respondents are having more awareness when
having highest impact on identify trends by using compare to other respondents at 0.05 per cent level
the AI in retailing industry. AI also helps to of significance.
consolidate the data related to the reacquiring
customers. Hence it will helps to identifying the Artificial intelligence technology is blessed in
customers and push more information to customers that it offers retail business owners unrivalled
for further purchase of products from retail stores of possibilities. AI can improve important aspects of
in the selected city of Andhra Pradesh, India. supply chain management, improve scheduling,
speed up inventory management, and advance
6. RECOMMENDATIONS assortment planning, among other things. Most
Retail's future is AI. AI will progressively impact importantly, AI may provide a better customer
corporate research, pricing, inventory management, experience while also improving internal retail
and customer shopping. AI is improving customer procedures [27], [28]. AI adoption will address the
service in stores. Cameras are being used by stores demand for real-time customer care and cutting-
to track dwell and stare times and identify thieves, edge shopping options such as virtual changing
and companies like Amazon have already rooms and mirrors, cashier-free stores, and other
implemented a no checkout policy. Naturally, not cutting-edge retail concepts. Artificial intelligence
everything will always go as planned, as Walmart's provides numerous prospects for your company's
collaboration with Bossa Nova demonstrated. future growth.

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