Chatbots in retail negotiation are not without controversy. Critics have claimed that the use of chatbots for procurement could result in job losses in the industry, particularly at a time when many businesses are experiencing financial difficulties as a result of the COVID-19 pandemic. Proponents of AI chatbots, on the other hand, argue that they can help retailers reduce costs, increase efficiency, and provide a better customer experience. In Walmart’s case, the use of chatbots enabled the company to streamline its procurement process and save money on contracts.
To summarise, the use of AI-powered chatbots in retail negotiation is a growing trend that is likely to gain traction in the future. Walmart’s collaboration with Pactum AI demonstrates how artificial intelligence (AI) can be used to improve efficiency and lower costs in the retail industry. While there are legitimate concerns about job loss, the advantages of using AI-powered chatbots in retail negotiations cannot be overlooked. As long as human oversight is maintained, the use of AI chatbots in retail negotiations can give retailers a significant advantage.
