Revolutionizing Retail Operations: AI and ML Implementation | Chapter 30 | Leading the Charge: A Guide to Management, Entrepreneurship and Technology in the Dynamic Business Landscape Edition 1

Aim: This paper highlights the transformative influence of the integration of artificial intelligence (AI) and machine learning (ML) technologies on the retail landscape in India, focusing on their role in enhancing customer experiences, driving sales, and reshaping retail operations and raising awareness about the ethical considerations associated with the integration, for sustainable growth and customer trust.

Methodology: Systematic review research is conducted to analyse and collect data from scholarly research databases and industry analysis. Selected research papers and reports were scrutinized, and the analysis considered their research design analysis, methodologies utilized, and data sources, to provide a comprehensive overview of the use of AI and ML in retail commerce.

Findings: The transformative capacity of Artificial Intelligence (AI) and Machine Learning (ML) within the retail sector is discussed in the findings. AI and ML technologies have a strong and deep ability to enrich user experiences through personalized recommendations, optimize inventory management, streamline supply chains, implement efficient pricing strategies, and enhance consumer service. The study discusses the limitations and scope for ethical considerations during the integration of AI and ML within the retail landscape.

Conclusion: This study emphasizes the importance of AI and ML in shaping the future scope of the retail landscape. By discussing the disruptive potential, and ethical implications of AI and ML technology integration, it provides invaluable insights to retailers, policymakers, and industry stakeholders, urging them towards continued exploration and investment in the retail ecosystem.

 

Author (s) Details

Lakshmi. H
Department of Management Studies, NITTE Meenakshi Institute of Technology, Bangalore, India.

 

Keerthi H K
Department of Management Studies, NITTE Meenakshi Institute of Technology, Bangalore, India.

 

Shilpa Ajay
Department of Management Studies, NITTE Meenakshi Institute of Technology, Bangalore, India.

 

Please see the book here:- https://doi.org/10.9734/bpi/mono/978-93-48859-98-3/CH30

Financial Vulnerability, Customer Engagement and Satisfaction in South African Banks: A Structural Equation Model | Chapter 4 | Economics and Entrepreneurship: The Proceedings of the 10th International Conference on Business and Management Dynamics (ICBMD), Edition 1

This study investigates the impact of financial vulnerability on customer engagement and satisfaction within the South African banking sector under a persistent inflation and prolonged contractionary monetary policy environment.

The relationships examined were hypothesized based on the SABI model, which underpins the functional analysis of interactions provided by the interdependence theory. Utilizing a structural equation modeling approach, data were collected from 314 bank customers through the questionnaire method. The analysis reveals a significant and positive relationship between financial vulnerability and customer engagement (p < 0.05), indicating that customers with lower financial resilience engage more with their banks. Furthermore, a direct and significant link (p < 0.05) between financial vulnerability and customer satisfaction suggests that current financial hardships do not diminish overall satisfaction levels. However, a positive relationship between customer engagement and customer satisfaction is not statistically significant, suggesting that customer interactions were not a determining factor of their satisfaction level. These findings imply that monetary policymakers and banks should adapt their strategies to support financially vulnerable customers, promote customer engagement, and thus enhance bank-customer long-term relationships. However, the study is limited by the demographic scope of the sample, necessitating further research to validate these insights across diverse customer segments.

 

Author (s) Details

 

Sophie Kasse-Kengne
Cape Peninsula University of Technology, South Africa.

 

Please see the book here:- https://doi.org/10.9734/bpi/mono/978-93-49238-53-4/CH4

Exploring the Impact of Personal Selling on Life Insurance Promotion: Perspectives from a Leading Insurer in Ghana | Chapter 5| Business, Management and Economics: Research Progress Vol. 10

Life Insurance Business is one of the thriving sectors of the insurance industry in Ghana if not Africa. Insurers have shifted their focus from motor and other forms of the insurance business to life insurance because of the huge untapped market in this part of the world. The target population for the study comprised customers of a leading insurance company in Ho, Volta Region of Ghana. Personal selling is a paid communication that seeks to inform customers and persuade them to purchase products in an exchange situation. It is a powerful two-way form of communication. It allows an interactive relationship between buyer and seller in which the latter can modify the information presented in response to the audience's needs. This study intends to establish the contribution of personal selling to the promotion of life insurance products in Ghana. Much literature abounds on the advantages of personal selling, but the outcome of this study will help establish the contribution of personal selling to the promotion of life insurance. Thus, the study focused on life insurance clients in Ho, Ghana. Data was collected with a questionnaire administered to 100 clients of a leading insurer in Ho. Simple frequency distribution tables were used to analyze the data. It was found that personal selling is an essential tool in prospecting, informing, educating, and persuading life insurance clients. Thus, insurers must recruit and train more salespersons to intensify these activities. Also, insurance companies should consider apportioning a good percentage of their promotion budget to developing salespersons. The study concluded that salespersons significantly influence the company's promotion decisions. The study also revealed that personal selling is a competitive strategy to promote the insurer and increase its market share and exposure against competitors.

 

Author (s) Details

Israel Kofi Nyarko
Department of Marketing and Supply Chain Management, Evangelical Presbyterian University College, Ho, Ghana.

 

Please see the book here:- https://doi.org/10.9734/bpi/bmerp/v10/3460