Despite the criticism (automation), artificial intelligence is going to make a huge impact in both the business world and day-to-day life. The total market size of AI software and systems has already become big enough, so forward-thinking businesses, even businesses that still run on traditional business architecture are showing an increased interest to adopt artificial intelligence to grow faster. On the other hand, mobile app development companies and other technology technologies are extending their focus towards AI to widen their service portfolio.
AI is capable of providing tangible benefits to both shoppers and sellers in retail. Here are some major areas where artificial intelligence is making a change.
Improved marketing and hiring
Here we are not talking about website analytics like Google Analytics that is already prevalent in the marketing field and digital marketers are making the full use of that. Instead, let’s discuss how AI impacts the results of the overall marketing efforts. Prescriptive and predictive modeling that is based on overall marketing campaigns, the discounts offered on website, events and competitor events related data can help to build result-driven marketing campaigns, where you can clearly figure out what worked and what will work.
Apart from marketing, AI can even transform hiring system, with advanced predictive AI apps and other AI applications. Advanced predictive AI apps take into the account of historical employee performance and attribute such as background details and previous achievements to build the ideal profile of employees who can better contribute to the growth of the organization. This can result in reduced attrition and hiring costs.
Finding the required items is a tough task for customers. AI has a solution in this area as well. AI helps create in-store advertising and gesture walls that revolutionize information search. These walls are used to tell customers what the store has for them and to promote products. These walls can be made part of the store windows that help to attract customers. Customers can use gesture walls to search offers and check merchandise of their favorite at the flick of their hands from a distance.
You may have heard about AI algorithms that are used to analyze pictures on platforms like Instagram to understand what customers are spreading the word about a brand. AI can work in the same way for you as well.
Some retailers use matching algorithms to personalize offers. Based on customers’ purchase history, age group, demography, ethnicity, and season, retailers can provide them with buying suggestions that entice them to make quick buying decisions.
Omni channel shopping
The facility to synchronize physical store and online store using AI has been a prime benefit for retailers. For example, before a customer arriving the shop, you can make the offers ready that please him the most. You can understand his preferences from his activities that probably he performed on the online store before entering the store. With this insight, retailers can make better sales pitches and offer better offers inside the store.
Though robots and automation are a pain point for employee community, they are valuable assets for forward-thinking businesses. According to AI experts, robots will replace the 90 per cent of call centers in the next five years time. Google’s Director of Engineering Ray Kurzweil forecasts that robots will reach human levels of intelligence by 2029. In some retail stores, robots are already doing the works that humans used to do. The works can be cleaning floors, retrieving items in warehouses, stocking shelves, operating forklifts, and packaging goods.
Like other industries such as manufacturing and healthcare, the retail is going under rapid transformation in the era of artificial intelligence. As a result, there is an increased demand for the best chatbot development company, mobile app development company and AI development company who build cutting-edge, industry-specific AI solutions.