How Retailers Are Innovating Customer Experience Using Artificial Intelligence (AI)
Online shopping is there for long and is getting more efficient with each passing day. With the availability of the internet 24/7, consumers find it more feasible to buy stuff online rather than spending time and money on going to shops, buying stuff and coming back. As technology progressed, we have seen several use-cases of modern tech in the retail industry. From incorporating Internet of Things (IoT) and advanced data analysis techniques like Big Data with retail, consumer interaction has not only been more personalized but also made more engaging and interactive using Artificial Intelligence (AI). Here’s how AI is making changes in the retail market for the better.
1. Self-Checkout Counters
Cashier-less checkout is the latest trend in the retail industry and Amazon Go, Alibaba and Lenovo are already making the most of it. It has taken retail shopping procedure from being able to be dependent on public, to independent of any interaction with store staff. Designed in the 90’, self-checkout counters help to save the time of customers that they waste while interacting with the cashier and focusing more on checking the items out and paying for it, reducing the waiting time of other people in the queue.
2. Demand Forecast
Using AI and machine learning, retailers can gather data from checkout counters, loyalty cards and other sources like CCTV cameras to analyze what items are being sold out on what time of the year. Paired with Predictive analytics, retailers can better able to forecast upcoming demands based on previous trends. It is a critical job of any business to estimate the accurate demand of any items and using AI and predictive analytics, it has been made possible and is sure to bring more value to any retailer.
3. Inventory Management Via Robots
Modern retailers are using robots for efficient inventory management. A study shows that 75% of consumers would want to buy a product if it is available in store. It would mean a loss in revenue for any retailer if they lose a loyal customer for the shortage of an item. Tech giants like NAVii are facilitating retailers scan price errors and out-of-stocks’ through robots that scan aisles with the help of sensors. This way, retailers can ensure no item is out of stock and it can also help estimate seasonal demands i.e. what items are in high demand in what times of the year, what type of consumers are buying what type of products and many such insights.
4. Chatbots
Chatbots are probably one of the biggest breakthroughs and user-cases of Artificial Intelligence. Their scope goes beyond retail and they are successfully paving their way into other fields like property, finTech, etc. and redefining it ways otherwise wouldn’t have been possible. In retails, chatbots are being used by many retailers to allow consumers to know about upcoming offers, promotions and provide online guidance and answers to their queries. In property, chatbots are being used in place of real estate agents to help online home buyers find the right place while real agents are busy attending other walk-in clients. For example, if someone wants to give one of their Business Bay apartments for rent, or someone is looking for an apartment in JLT apartments for rent, they can easily connect with the relevant audience with the help of self-training and self-learning chatbots and virtual assistants.
For a final verdict, AI in the retail industry is here to stay. Companies are investing millions in this field to facilitate retailers to give an improved and more interactive experience of using and buying their products to the user and stay competitive among their peers.