With the rise of digital technologies, retailing has become a field of value co-creation. Rather than selling readymade products and services, retailers now offer means for creating value together with their customers through manifold interactions. To enable co-creation, they need to develop digital interactive platforms (DIPs) around retail-related activities. Typically, individuals engage with a retail DIP offering in their particular contexts of interactions with apps or similar components. By delving deeper into the nature of the individual interactions, hidden and untapped sources of value can be revealed. Shoppers get more engaged, and retail managers gain more insights and can design ecosystems that allow a more effective creation of “all-win more” outcomes in more profitable ways. To be successful, retailers need to incorporate a broader view of value creation into their operations. They will be successful with hybrid-delivery systems in which consumers can use a range of interface technologies across multiple channels. Being able to interact with informational content, human actors, and technical resources at different stages of the decision making and shopping process will enable rewarding shopping experiences for customers and retailers alike.
Augmented Intelligence - effective human-computer symbiosis - has the potential to address emerging challenges successfully, possibly more so than pure AI. It integrates the unique abilities of human beings that cannot be replicated by AI. Large-scale IoT problems often cannot be solved by either computers or human beings alone. Therefore, there are significant opportunities in IoT applications that are coupled with the notion of Augmented Intelligence. Managers need to consider carefully for which task, in which way and to what extent IoT applications will be applied. They must make their choices based on the expected performance, cost and risk of autonomous IoT solutions that would operate without human oversight. For example, automated manufacturing, predictive maintenance and security IoT solutions may be cautiously fully automated. However, human-oriented applications, such as smart retail, could still maintain a certain level of human oversight.
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