AI allows businesses to be more efficient by automating manual work and providing a better customer experience. Retail being one of the oldest industries, is all set to modernize in this era of technology. According to a survey already 30%+ retailers globally are deploying AI/ML solutions and there is still plenty of room to grow.
Here are some of the use cases of retail both in physical stores and e- commerce
Price Prediction & Adjustment: Predictive analysis can help a company maximize its existing value and future revenues by setting a price for its product and adjusting it if necessary. This is done by collecting information on season trends, other products in the market, demand, sales figures, competitor’s pricing, etc. AI can give a reasonable pricing strategy that can improve sales figures and boost profit.
Cashier Free Stores: Cashier free stores help customers save a lot of time. Amazon AI has already introduced checkout-free stores. Customers can just walk out of the store with their purchase and the amount will get deducted from their Amazon account. Many self-checkout options are also available in stores these days. This can significantly reduce the hassle of standing in long queues.
In-store assistance: Customers can be assisted by AI bots that can help them navigate the store and find the items they are looking for. Regular paper tags could be switched with smart tags that can give all the details about the particular product and thus help the customer make an informed decision.
Personalization: Everyone loves a personalized experience; AI can allow retailers to understand and analyse customer behaviour based on their personal information and purchase history. It can also help to direct relevant marketing campaigns toward the customer and provide them with personalized offers and discounts.
Product categorization: AI can be used to sort products, categorize, and shelf them accordingly. This can be useful for both the retailer as it will reduce the manpower significantly and for the customers as they can find all products of a particular category in a single place.
Product recommendation: Stores can keep a track of the buying pattern of the customers and analyse the products bought, their complementary products, and the pricing range to give recommendations. This model can also predict the needs of the customers. It can be done both in stores and on e- commerce platforms.
Customer satisfaction: Customers can be provided with chatbots to help them with common questions, tracking orders, feedback, and support tickets. According to a survey, eighty percent of brands worldwide are already using or going to use AI chatbots shortly.
Fraud & Theft Detection: As technology advances so does the number of cybercrimes. India alone reported an increase of 11.8% in cybercrime in 2020 which results in huge monetary and client losses. AI can help in detecting suspicious activity and notify the security. It can also spot abnormal operations and block them. At the time it is also possible to identify the location of the crime and the device used.
Inventory Management: AI can keep a track of the inventory in an organized manner and notify the retailers when there is a need to restock based on customer buying behavior, sales, trends, and other parameters.
To compete today, retailers must respond to their customers like never before by eliminating all inefficiencies and converting data into insights which can help businesses grow and be customer friendly. AI solutions can be applied to drastically transform the retail sector in the near future.
Contact us if you would like to explore solving any of your retail industry related problems with Artificial Intelligence.
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