From: mk_thisisit
Artificial intelligence (AI) is transforming the retail sector by connecting the physical and online shopping worlds, offering benefits to both consumers and store owners [00:01:53].
Kosmos AI: Bridging the Retail Gap
Kosmos AI is a company valued at over 2 billion zlotys (approximately $500 million) [00:00:03], [00:00:12], [00:00:52], [00:05:08]. Its mission is to connect the physical and online retail worlds [00:01:53], [00:02:14].
The company leverages artificial intelligence for trade by:
- Helping users save money and time [00:01:07].
- Assisting owners of physical stores in saving time and earning money [00:01:11].
- Utilizing geolocation data from smartphones to understand consumer behavior in the physical world [00:01:17], [00:01:31].
- Predicting future purchasing desires [00:04:52].
The goal is to change how people buy and consume content, integrating media consumption with shopping experiences [00:06:13], [00:06:18].
Current Retail Landscape
Global trade is valued at $23 trillion [00:01:38]. While much discussion focuses on e-commerce, only 20% of trade occurs online, with 80% still taking place in the physical world [00:01:40], [00:01:49].
A significant challenge for marketers is the inability to “retarget” customers who visit physical stores but do not make a purchase, unlike the online environment [00:03:53]. AI solutions aim to provide similar capabilities for offline retail, offering tailored advertisements that are relevant to consumer needs [00:04:22].
Ethical Considerations and the Future of AI in Retail
The use of artificial intelligence for personalization inherently involves profiling users [00:06:46], [00:06:50]. This raises questions about data control and privacy. Both users and countries have influence over the regulations created for data [00:23:29]. While regulations like GDPR have good intentions, they may not be sufficient to curb malicious intent [00:24:47], [00:24:51].
For a business to be sustainable in the long term, it must be built on sound foundations where users are aware of and willingly transmit their data [00:25:22]. An approach of banning AI, as seen in some regions, is not considered wise as it cannot stop progress [00:26:08], [00:26:11]. Artificial intelligence has the potential to significantly improve lives if used thoughtfully [00:26:00].
The ability to control artificial intelligence lies in controlling the data it requires [00:22:56], [00:25:56]. This means users and countries influence who they give their data to and what regulations are put in place [00:23:26], [00:23:29]. Wise regulations, agreed upon by citizens and entrepreneurs, that are not politicized, are crucial for managing data, taxes, blockchain technology, and education [00:29:34], [00:29:45].