6 Superb Ways AI Can Revamp the Retail Industry
AI technology has evolved at an astronomical rate. Artificial intelligence can serve retailers with smart recommendation engines, automate most processes, replace human labor for particular tasks, predict demand, and by doing these things increase overall productivity and revenue.
Artificial Intelligence in the Retail Industry
Virtual Try-On Mode
Artificial intelligence makes it possible to create virtual fitting rooms to help online shoppers. They acquire an individual’s information for making a digital avatar that may attempt on completely different attire and equipment. As shoppers usually return one-fourth of online purchases, such virtual fitting rooms are crucial for online stores.
Some shops have taken one other step ahead through the use of Me-Ality physique scanners. These gadgets shortly measure many alternative physique parameters to create an exact avatar.
AI enabled the creation of checkout-free stores. They are highly robotized and require fewer employees and operational costs.
Many retailers invest in AI-driven technologies that can both assist customers while shopping and help their staff handle customer inquiries. This app equips employees with information about products and stock availability so they can answer shoppers’ questions right on the spot.
The robotization of stores helps reduce the number of employees needed, and dramatically save operational costs for a company.
Amazon AI has enabled checkout-free stores. The Amazon Go app along with Just Walk Out Shopping technology automatically react to a customer’s taking from and returning products to the shelf. Once a customer is done shopping, they can just leave. Later, they’ll receive a receipt that will be charged from their Amazon account.
In Futuremart, customers are identified by facial recognition technology. Customers also need to scan a QR code with their Taobao, Tmall, or Alipay app so that Alipay can charge for their purchases when they’re done shopping.
Voice product search
Artificial intelligence has made possible voice search for products. Many prominent brands use either Google or Amazon AI technology and smart devices to serve customers with an easy and fast search.
Customers don’t need to type in queries anymore; they can just ask Alexa to add a particular product to their shopping cart. Customers can also inquire about the estimated arrival time and the current status of delivery.
Chatbots for customer support
Chatbots are one more popular application of AI in the retail industry. Chatbots help retailers to provide great customer service, help customers find items on the website, inform them about new collections, answer typical questions, send messages about new offers and even suggest supplementary items.
Globally around 80% of brands are using or plan to use chatbots. Many brands have launched AI-driven bots on Facebook Messenger that guide customers through their latest collections and answer their queries. Chatbots can easily communicate with customers via messaging platforms.
Predicting and influencing customer behavior
Using behavioral data, brands can come up with individualized recommendations, lifting revenue and increasing the efficiency of marketing. Product recommendations will surely account for the company’s sales growth.
Retailers can understand buyers better and even encourage them to purchase more with AI-powered software. Artificial intelligence platforms like Personali allow retailers to leverage behavioral economics and reach customers with an individual approach. This platform analyzes customer psychology and emotions to encourage purchase. This data can also be used to choose offers and create personal recommendations for each customer.