Korea to apply AI technology in retail businesses for productivity innovation
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Korea will work to apply artificial intelligence (AI) technology in retail businesses as part of efforts to enhance the productivity of the highly competitive sector, the industry ministry said Wednesday.
A new alliance of some 40 retail and AI companies was set to be launched later in the day to this end, according to the Ministry of Trade, Industry and Energy.
The alliance plans to initiate 10 projects aimed at developing AI-based retail sales models, supporting the creation of 30 AI-focused retail startups and compiling a database of 1 million standardized retail product entries.
The ministry said the current AI utilization rate among local retail companies remains below 3 percent, but more active adoption of the technology is needed to improve the productivity of the sector amid fierce global competition and rapidly evolving consumer trends.