How Artificial Intelligence Technology Will Reform the Retail Industry and Meet the End Needs of Future Buyers?
The global retail industry has been consistently transforming and experienced many technological updates. To keep pace with the fast changing customer shopping behaviours and to stay ahead, retailers are now focusing to adopt the latest technologies to survive the fierce competition in the competitive ocean. Retailers from across the world are investing in cutting-edge and innovative technologies, of which AI technology or Artificial Intelligence is becoming more responsive to demand and customer centric in the industry.
Nearly all market segments, business domains and industries are actively investing Artificial Intelligence technology and looking forward to harness this technology for the benefit of their business. AI technology is believed to have great impact on almost all the operations within retail industry. It is helping retailers to transform the infrastructure of their store and boost the conventional business processing. Soon you will see the traditional brick and mortar store to function more like a virtual retail store with the deployment of Artificial Intelligence technology. Let us have a look how Artificial Intelligence technology can revolutionize the retail industry and address the needs of future online buyers.
Behaviour Analytics and Prediction
The Artificial Intelligence is likely to become a crucial tool for all decision makers in retail businesses. The technology is likely to help retailers and business managers to predict and find out the customer’s demands and their needs, thereby making the businesses more customer-centric in future. The AI-driven analytics platform will be used to collect required data and with such data retailers can make informed and wise decisions about quantity of stock to be ordered depending upon the behaviour and habits of future shoppers. This will heighten the efficiency, while saving money and time for the retailers.
Plus, the Artificial Intelligence algorithms would help retailers to run targeted marketing campaigns depending upon the customer’s preferences, geographical locations and buying behaviour. This in turn will help enhance the customer loyalty and retention because tailored experience is always best to show caring to customers.
Smart Shelves with Virtual Racks of Products
Artificial Intelligence technology is significantly changing the way customers used to buy products earlier. With virtual racks it would become easier for customers to find right items, styles, product information and designs based on their preferences. Virtual racks with smart gesture screen is a great way to enhance customer experience as it allows the shoppers to choose from different options which are not possible in offline store because of space limitation.
Gone are the days for displaying products on shelves of departmental stores. Now it is the time for smart shelves that allow customers to interact using different technologies like 3D cameras, proximity sensors, RFID and microphones. Such technologies are truly redefining the entire process of retail shopping.
Smart Mirrors with Digital Trail Rooms
When shopping for any fashion clothing in store or online store, customers tend to get confused about how the dress would look on them and it can prove to be clumsy at times. So, to simplify the process, most of the global retailers are now adopting a new concept called digital trail room which is based on the latest Artificial Intelligence technology.
The digital trail rooms are designed with smart mirrors and customers can try out the products and dresses in the trail room without the need of changing the clothes again and again actually. With the use of touch interface and gesture screen, customer can easily mix and match the dresses to find out the ultimate look in real time. Such digital trail rooms are not just only limited for fashion retailers, but beauty and cosmetic retailers can also use such technologies to allow their customers try different products without actually using them on their skin.
Robotic Assistance is quickly emerging as the first customer touch point in the retail industry. Robots were already in use in different warehouses of retail industry and hence it is common to see beetle like robots around the warehouses with vertical shelves stacked on them. With Artificial Intelligence technology the robotics can further be driven creative and make it innovative for boosting the retail processes from supply chain to logistics to store operation, marketing and merchandising sales. The robots can be strategized to heighten the customer experience, like self service scanning, self checkouts, pre-order and payments, mobile shopping and more.
Chatbots are being increasingly used in retail industry. It is the AI Powered program that focuses on connecting with customers via text, chat or voice based conversations. The AI powered chatbots allow the retailers to connect, engage and support the customers in the most effective way. It allows retailers to handle a variety of customer queries promptly, whether in-store or online. The chatbots are configured in such a way that it answers the queries promptly, suggest products to customers and provide them other support efficiently and quickly.
Some of the AI powered chatbots can also capture customer data and provide better analytics related to customer shopping behaviour and their interest in particular products. When customers get prompt support and tailored attention, they are likely to get attached with your business and become loyal customer to your brand.
From generating jobs in the market to enhancing the personalized customer service and experiences, Artificial Intelligence technology is the future of global retail industry. All these above-mentioned situations are not a fantasy, but it is something that future retail shoppers will experience in coming years. The AI technology will definitely rule the retail industry and help all businesses and brands to become efficient in retail operations and more customer-centric. The AI enabled retailers are likely to excel and help customers to feel more connected, social, and mobile and also open the doors to a variety of choices.
So, ensure that your retail brand is ready to harness the real power of AI technology in coming years and consult the experts in the field to discover how Artificial Intelligence technology can help your brand to excel in 2020 and beyond. Ensure to use the right technology to excel in retail business.
Listing 8 Benefits Of Technology In The Workplace Among Many
Technology has played a very vital role in everyone’s life. There have been many works that cannot be handled without the presence of technology. Even daily life has been made easier only with the help of technology. People are roaming around carrying technology in their hands, which is a smaller technological artwork. Technology has made the world a more comfortable and better place to live. Technology has added an interesting juice to our lives and has also made the world step ahead for some steps higher than it was in the past. It has been a part of our lives for many years and will hopefully and surely remain in the future as well.
There are many ways and places where technology has helped humans in their works. The places can be schools, every house, shops, offices, colleges, various business companies, hotels, restaurants, airports, stations, and many more places. Almost every place runs smoothly because of the technology present there. There are many benefits of technology and at so many places, but here we are only going to talk about 8 benefits of technology in the workplace. The workplace can be any workplace, it can be anything, and the benefits can also be so many in and out of the workplace and besides the workplace too. There are many things to talk about technology, but here we will be focusing on just 8 Benefits Of Technology In The Workplace. But before that, we will talk more about some more informative things about technology and its works as it would be found helpful in further points.
There several things which a person is dependent on, which are also the creations of technology.
Let’s count the first things from our daily household lives-
- Air Conditioners
- Washing Machines
- Water Purifiers
- Electrical appliances
- Smart Phones
- Mixer Grinder
- Induction, etc.
Now shifting our minds from homes to some formal places-
- Computers are very much required in schools.
- Internet Connection is required for every office and the worker.
- Several machines like xerox machines, printers, lamination machines, etc. are required at every official place.
- There are water coolers also present in some schools, colleges, and offices, which is also a product of technology.
- The banks require cash counting machines.
- The ATMs are important for every person, so there is also technology involved.
- The places taking payment have receipt printing machine, card machines, bar code reader, etc. These things have come up with technology and made everyone’s work easy.
- There are buildings constructed where there are different types of machinery used for it.
- There is farming taking place, which has been made easier than it used to be in the earlier days. Now, vehicles and machines are used for farming and harvesting.
- The factories are dependent on technology; they can’t run without that.
- Transportation places also require technology in most of their works.
Normally contacting to each other is done with the help of technology and it has been made easy and is trying to be easier day by day. The term technology is highlighted within us for the last few years, but it has stayed with us for many decades or more than that. The time where people were not even familiar with the word technology properly, it still existed between us. It existed from the time of the existence of science. Science and technology go hand in hand. Although there are many works besides science where technology has been recurring people, but it works only because of science. There are the biggest works done with the support of it, and the tiniest things are taking the help of technology. We will be coming to our main point of discussion very soon, which is 8 Benefits Of Technology In The Workplace, but first, let’s complete this.
People and satellites are going to other planets and space, helping the humankind only with the help of technology, there has been atomic destruction caused with the help of science and technology, wars are fought and won with the help of technology, technology has helped every field and person one or the other way. There is no place where technology has not touched and made it something better than it was. So, now coming to the main topic which we were here to discuss.
The 8 benefits of technology in the workplace-
- Creativity- Technology has made the human brain work more creatively. The new way of working requires innovation, and technology gives an additional extra touch to the human creative ideas and is presented in a rather more fruitful way. So, for creativity, technology is necessary for any workplace.
- Security- The important information, records, details, works, data of any workplace has meant to be kept safe. And it can never happen when all these things are in the hard copy or solid form as it is very tough to maintain and keep it safe. So, turning all the records in storage forms in the systems and keeping it secure and providing it all the safety things required like- protection from viruses, hackers, etc. which would be maintained.
- Pace and efficiency- Technology has made every work fast and smooth. Imagining doing and maintaining work and record on paperwork. You have to keep on writing and arranging it, but with the help of the devices that are a part of technology, the work is being completed quickly, and every arrangement and saving it has been done smoothly.
- Uniformity in coordination- A place where a group of people works is required to stay in touch and perform all the works together and in a planned way. The several inventions of the technology keep them reminded of their works and the schedules which help everyone to stay updated with all their past, present, and future works.
- Maintaining Profits- The market runs on business, and business runs on profits. So, if you are known to some information and can quickly gain profit with its help, doesn’t it seem something good at big levels? So, technology has been helping to gain and balancing profits.
- Communication and Information- A workplace requires communication among the members working there needs to be a fast exchange of information, which requires the internet.
- Management- Every place, whether it is formal or not, requires to stay well-organized, and there are several applications, tools, devices, etc., which have been found very helpful in managing all these things.
- Remote working- It has made many things easy for many people. If a person has to work, then they don’t need to be at that workplace. They can work from a distance and still complete all their works.
All these 8 Benefits Of Technology In The Workplace Is not confined to just some places; it is for all the places where any kind of work is going on. Technology can be present anywhere, and you would not be even noticing it as it has become such a common thing for you. For the record, it can be your house too.