AI’s customer applications are expected to grow dramatically in the coming years. AI is accomplished by studying how the human brain learns, decides and works while trying to solve a problem. In the coming years, people will partner with AI to optimize worker and business performance.
In this article, we will showcase the potential AI has in retail and how it will mold the future of the Industry. AI will help Retailers in 6 major ways.
1) Help Understand Customer Sentiment
Multiple fashion-based start-ups have started using AI to fetch data from their client’s Pinterest account to understand their client’s choices. AI enables sellers to not only understand their client’s tastes but also to predict it thus positioning them in a far stronger place in the market than their predecessors.
2) Help Customers find products easily
AI enables market makers to advertise only relevant products to a certain consumer, cased on his or her tastes. This is called target marketing and AI enables more accurate micro marketing.
Jewelry Brands, Home Furnishing Companies, Health and Beauty Retail business’ and a lot of other Industry Parallels using the same concept to help understand and predict customer sentiment.
3) Prediction Analysis
AI can help retailers in prediction analysis on what might sell and what might not sell and use combinations of discounts and markdowns to get rid of unsold inventory
4) Voice Ordering
Alexa and Google Home will be able to order items for you. Not only that they can actually charge your credit card, and send it to your preferred address since they have all the information that you have.
5) Better Shelf Intelligence
Retail manufacturers pay large amounts of money for prime shelf space to boost their brand visibility. A slew of Tech starts have started developing metrics for a share-shelf space to help optimize the distribution of prime shelf space
The way Omni-channel systems work is going to evolve and retail shopping will change more in the next 10 years than it has in the last 1000 years. AI has the potential to transform the retail industry in the 22nd century.