Do you Imply Artificial Intelligence in Retail Brands?

By Fingent

Do you Imply Artificial Intelligence in Retail Brands?

Many market sectors, industries, and business domains are actively interested in AI to utilize the technology for business profits. Leading retailers know that customer experience and efficient operations are key to their success. AI reaps benefits of customer satisfaction and loyalty while decreasing fraud, and improving operations.  It offers companies the power to reduce costs and make their experience much more delightful and efficient for the end consumers.

In 2018, Global Market Insights deducted a research that by the year 2024 the investments in artificial intelligence by retailers will exceed by $8 billion.

So naturally, how can the retail segment stay away from the promising technology?

AI gathers customer insights and automatically predicts future actions based on previous patterns or images. AI uses these insights to help understand desires, motivations and actions across the digital networks. This lets retailers and suppliers enhance many functions, such as executing more targeted and personalized marketing campaigns and improve trade promotion efforts. AI endeavors to change the customer service cycle in retail and both retailers as well as the consumers are bound to benefit from this collaboration.

AI’s Global Effect

Retail companies that gather and possess customer data use AI in valuable ways.  AI can help companies to generate personalized shopping experiences through web shops, intelligent in-store bots and online chatbots and help derive meaningful conclusions from massive amount of data. It has the potential to completely transform the traditional retail experience and take it to the next level with personalization, automation and increased efficiency.

IBM identified the following ways in which AI is being utilized:

Humans will continue associating with AI to enhance customer experience and processes in the retail business. — IBM, 2019

From supply chain planning (85%) and demand forecasting (85%), to customer intelligence (79%), AI will revolutionize retail. — IBM, 2019

Retail Experience With AI

Shoppers prefer to shop at stores that amplify reality. AI can create an engaging buying experience by helping the customer visualize and understand their product in an environment before purchasing, through an animation. They can modify or customize their furniture to see how it looks in their homes first and visualize different product options by altering color or style. They can get a feel of how complex products such as appliances or electronics function before heading to the cashier.

Digital Mirrors and Virtual trial rooms

AI can help customers instantly see how a dress would look on them so they can browse through different apparel varieties based on their preferences and style without having the trouble of trying on a pile of clothes just to find the right style that suits them.

Using this mode, a shopper can mix and match various outfits, accessories, shoes, etc. to finalize the perfect look, in no time. Retail brands can create virtual racks and trial rooms with gesture walls and digital mirrors to not only enhance the shopping experience but help customers to choose from millions of options at the comfort of their home without experiencing space constraints inside a physical store. In this way stores will also be able to get deeper insights into individual behaviors, demographics and preferences to improve their product for a much better retail experience delivery.

Not only for apparel brands, virtual mirrors can make it easier for cosmetic companies and beauty brands to portray how a lipstick shade or foundation would appear on real skin without forcing customers to apply the product.

Eliminating Cashiers With AI

By Jimhealth

Artificial intelligence retail activity has revolved around machine learning particularly for search analysis and analyzing customer sentiments. Amazon is regarded as a pioneer in this business. The Amazon GO store revolutionized the retail industry where customers can simply walk into the store, take what they want from the shelves and walk out without going through a cashier. They use AI sensors and cameras throughout the store to track what the customers purchase, and when they leave their Amazon account is automatically charged. In this way the customers aren’t stuck in line waiting for their turn, instead they have a quick and seamless shopping experience.

Robotic/digital assistance

Go into a store, look for the right product and make a purchase. It has always been the same for as long as we can remember. But navigating a store can be difficult when you just need a specific item. Using AI, retail stores can give customers the power to get instant support, inside the stores.

They design touch panels and robots that simply patrol around the vast aisles and ask customers questions regarding what they’re in need of and assists them to find their way around the store and get the items they need. The robots can provide directions and maps to products and share knowledge with customers and help them have a better experience. They also scan shelves for missing items and notify the store to restock items and help the customers find out how a product can make their life easier. Using these customer service bots powered by AI, stores can provide 24x7 assistance to the customers and reduce their manpower expenses. Not only will it improve customer service levels but will definitely attract more buyers to the store.

AI-backed Surveillance Cameras 

By Selectron

The in-store security is enhanced through video analytics and it helps condense the chances of shoplifting and theft. You can monitor every activity through surveillance cameras and send impromptu alerts for instant action to the owners and administration in case of emergency. Using modern surveillance gear and computer vision machineries, retailers can capture and study customer behavior inside stores. This will help them understand engagement levels with current store layout and optimize operations for higher engagement and revenues.

Chatbots

Artificial intelligence is aiding the retail companies in engaging their customers through chatbots. These robots will lever customer problems and provide efficient and resourceful solutions in no time. This will enable retailers to avoid the hassle of employing and training extra staff.

These bots are made to answer customer queries by provide shopping suggestions, prompt support and provision. This concoction of chatbots and human workers will lead brands to be able to effectively handle customers and promptly provide users with a better resolution of their problem. Through this personalized attention, customers will engage deeply with the brand, paving way for improve customer loyalty.

By Forbes

Retail and consumer goods are among the top five industries in which artificial intelligence is being applied. AI has made major inroads particularly when it comes to more pinpointed recommendations. This online personalization trend will only intensify as customers continue to demand more effectual facilities.  Thus, Artificial Intelligence will ultimately rule the retail domain and help brands efficiently become more customer-centric and driving the shopper satisfaction. 

Tags

#SmartRetail #InternetofRetail #ArtificialIntelligence #AI #IoT #RetailTech # Retail #Fashion #Artificial Intelligence #Chatbots #Robotics #artificial intelligence in retail #intelligent shopping #ai in retail #ai shop