Transforming Retail Operations: Harnessing Next-generation Technologies for Enhanced Efficiency and Customer Engagement

Abstract: Purpose: This research examines the role of advanced technologies—artificial intelligence (AI), augmented reality (AR), the Internet of Things (IoT), blockchain, and big data analytics—in transforming retail operations. Methodology: Employing a quantitative approach with survey data from 200 retail professionals, this study investigates the impact of these technologies on inventory management, supply chain transparency, and customer engagement. Findings: The findings significantly confirm that AI improves inventory turnover and accuracy, AR boosts customer engagement and satisfaction, and blockchain enhances supply chain transparency. Critically, the study reveals significant variations in perceived benefits across different retail sectors and identifies limitations, such as the negligible impact of AR on product return rates, offering a more granular understanding than previously available. It also quantifies the differential impact sizes, noting, for instance, AI's stronger effect on accuracy versus cost reduction. Originality: The study concludes by discussing actionable implications for strategic technology adoption in varied retail contexts, addressing identified limitations, and suggesting future research directions that build upon these nuanced insights, thereby extending the practical application of TAM and RBV theories.