How AI will Change the Retail Industry?

11/5/2019

How AI will Change the Retail Industry?

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Artificial Intelligence

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How AI will Change the Retail Industry?

Artificial intelligence is the hottest and most promising development in the tech landscape for years. According to market firm Tractica, global AI revenues increased from $ 643.7 million in 2016 to $ 36.8 billion in 2025.

Almost all market segments, industries, and business domains are actively interested in AI and are looking to use technology for business purposes. It empowers AI companies to reduce costs and make the shopping experience more enjoyable and efficient for end-users.

Obviously, how does the retail sector get away with good technology?

Retail-AI Syndicate

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According to Global Market Insights, investments in AI by the retail sector will exceed $ 8 billion by 2024. As more and more applications for machine learning, predictive analytics, and deep learning technologies have experimented with success, the digital disruption in the retail sector is happening at a rapid pace.

Globally, AI experts believe that technology provides a wide range of applications for the retail sector. In the coming year, retail will see the greater infusion of AI-based solutions into daily operations. AI will definitely change the customer service cycle in the retail sector, and retailers and customers will need to benefit from the AI-retail syndicate.

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How AI will Change the Retail Industry?

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Artificial intelligence can serve as a boon to retail companies that collect and hold customer data. AI can draw meaningful conclusions from massive amounts of data and help companies create personalized shopping experiences through highly-structured webshops, intelligent instore bots, and online chatbots. Let’s look at how AI will transform the retail experience for shoppers in 2019.

Digital racks for clothing & fashion products With the help of AI technology, apparel retail brands can create virtual racks and trial rooms with gesture walls and touch-free monitors to find the right style, without having to shuffle through the pile. Customers can instantly see how a dress looks on them and browse through recommendations based on their preferences and style quote.

All of this will improve the shopping experience and help customers choose from millions of options, which is currently not possible due to space constraints within the physical store.

With AI, a store can be transformed into a bustling design repository and generate ideas that users can choose from. Also, stores can gather in-depth insights into consumer behavior, optimizing their product portfolio for better retail experience delivery.

Virtual Trial Rooms for Swift Decision Making When shopping for new clothes or clothing, trying different options can be very frustrating and time-consuming. With the help of digital mirror virtual trial rooms, users can try on clothing without having to change it again and again.

Using a gesture and touch-based interface, a shopper can mix and match different outfits, accessories, shoes, etc. Not only for clothing brands, but virtual mirrors also make it easy for cosmetic companies and beauty brands to paint what looks like a lipstick shade or foundation on a real skin without forcing consumers to apply the product.

Robotic/digital help becomes reality Using AI, Smart Analytics and Natural Language Processing Technology, retail stores can give consumers the power to get instant support within stores. By placing robots and touch panels, stores can help customers identify an item, answer their questions, and find out how a product makes their life easier.

With the help of customer service bots powered by AI, stores can reduce their manpower costs and provide customers with 24x7 assistance. This will not only improve customer service levels but also attract more buyers to the store in 2019.

Behavioral Analytics powered by AI-based surveillance

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Using advanced surveillance equipment powered by AI and Computer Vision technologies, retailers can capture and study customer behavior in stores. This helps them understand engagement levels with the current store layout and optimize operations for higher engagement and revenue.

Video Analytics improves store security and reduces the chances of theft. With the help of AI, surveillance footage can be monitored in real-time and alerts to managers and store owners for immediate action.

Better customer support through chatbots AI

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11/5/2019

How AI will Change the Retail Industry?

AI-powered chatbots enable retail brands to engage customers effectively. With the help of This site was designed with the

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chatbots, brands can handle thousands of queries at once without using a large workforce.

Chatbots can be configured to answer questions, offer shopping suggestions, and provide quick support. Using a mix of AI chatbots and humans, brands can effectively manage customers and offer customers a better solution to their problem. When customers receive prompt and personalized attention, they engage deeply with the brand and pave the way for enhanced customer loyalty.

All of these scenarios are not just fantasy but will be experienced by retailers for years to come. Artificial Intelligence dictates the retail domain and helps brands become more customer-centric and efficient in retail operations. Is your retail brand ready to use the true potential of AI? Contact our experts and find out how AI can help your brand in 2019.

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