Retail 5.0: Creating Resilient and CustomerCentric Shopping Experiences through Advanced Technologies

Abstract

This literature study examines the significant changes by Industry 5.0 in the retail industry. It explores sophisticated technologies such as artificial intelligence (AI) and the Internet of Things (IoT) to develop robust and customized shopping experiences. The study emphasizes the transformative potential of these technologies in retail operations, as evidenced by current literature. It underlines their ability to improve productivity, customer satisfaction, and data security. The study's conceptual framework is based on three main pillars: AI-powered customization, IoT-facilitated supply chain management, and data security and ethics. Each element adds to improving retail efficiency, resilience, and customer-centric focus. The technique entails thoroughly examining scholarly articles, studies, and academic publications, with a specific focus on implementing AI and IoT technologies in the retail industry. This paper unveils notable enhancements in operational efficiency and customer experience due to sophisticated technology, while highlighting concerns around data privacy, ethical practices, and implementation challenges. The results validate the significant impact that these technologies can have on the retail industry, while highlighting the importance of continuous oversight, frequent evaluations, and the creation of models that can identify and correct operational irregularities. The study suggests the establishment of positions like an AI Retail Oversight Officer (AIROO), an AI Retail Compliance Officer (AIRCO), and an AI Customer Experience Officer (AICEO) to guarantee the responsible use of AI, uphold the integrity and effectiveness of retail operations, and tackle implementation difficulties. This ILR indicates that the adoption of modern technologies has the potential to revolutionize the retail industry, but it emphasizes the importance of using these technologies cautiously to maintain operational efficiency and preserve customer confidence. These findings have significant consequences for implementing new technologies in retail, emphasizing the necessity for solid frameworks and regulatory measures to ensure their practical usage. It is recommended that future research give priority to conducting longitudinal studies in order to assess the long-term effects of these technologies. The focus should be on addressing concerns related to implementation and ensuring a fair and transparent integration of AI and IoT in the retail sector.

Keywords:

Industry 5.0, Retail sector, AI, IoT, Resilient shopping experiences, Personalized shopping experiences, Retail operations, Customer satisfaction, Data security, AI-driven personalization, IoT-enabled supply chain management, Retail efficiency, Retail resilience, Customer-centricity