Artificial Intelligence in Retail Industry

Artificial Intelligence (AI) has opened new doors for the retail industry meeting business efficacy with ease.
The interesting advancement of technology has given rise to the implementation of automation in the retail sector. This helps to improve customer service & shopping experience.

How does it work?
AI is completely data-centric that provides answers like a human. The technology collects the data, analyzes it, and utilizes the information to forecast, predict, and help the retailers to take a better selling decision. Thus, it helps to learn everything about customer preference and provide suggestions, and valuable solutions.

Still, retailers need answers as to how Artificial Intelligence applications help to bring innovation.

According to the study conducted by the Emerj, the following few examples will provide you real insights

1. Pepper Robot: The Ave retail store of California makes the best use out of the ‘Pepper’ the humanoid robot to bring personalization to customers. It helped the store to experience a 98% increase in customer interaction, a 20% increase in foot traffic, and a 300% increase in revenue.
2. Amazon Drones: The online retail giant already has a partnership with the UK government and the aviation agency to create Amazons Prime Air. A futuristic drone delivery facility to safely transport a maximum of the 5-pound package in less than 30-minute.

Different ways Artificial Intelligence will influence the business model for all retailers

• Implementation of Chatbots: Improve customer service experience by introducing Chatbots in the retail business model. The technology helps to assist customers with all the possible answers and suggestions and provide a personalization approach. It also reduces the human effort and provides 24×7 assistance to customers.
• Provide Recommendations: AI can efficiently predict customer behaviour and search patterns to provide valuable recommendations. It enables to increase customer retention, engagement, and conversion rate.
• Demand Forecasting: Machine learning and Artificial Intelligence help to create a forecast of the product’s demand, based on the customer requirement and previous search pattern.
• Virtual Fitting Rooms: Retailers can ideally invest in AI-powered virtual fitting room applications to save maximum time and money. Customers will definitely like to experience the virtual fitting kiosks to try their favored choice of dress from anywhere they want.

Implementing AI solutions in retail, will definitely increase product sales and enrich the global reach. SynapseIndia, the retail software & website development company in India will provide you all the technical support to transform your business vertica