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 behaviors 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.