To Bridge the gap between Physical and Virtual sale channels, Artificial Intelligence for Retailers is must.
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The future of the retail is very soon going to be Artificial Intelligence, with very less work, you will be able to now achieve so much more. As a retailer you must be updated with the following, it will also help you lessen the burden on yourself.
What is Artificial Intelligence?
Artificial Intelligence is primarily a limitless division of Computer Science chiefly correlated with building sophisticated machines, specifically designed for executing tasks that substantially demands human knowledge and intervention.
How does AI work?
MNC’s for instance, Amazon benefit from Artificial Intelligence and Machine Learning as they can evaluate their consumers effectively. One of the many ways is it filters out the elements that a user might dislike based on previously composed input. Another one is regulation of the previously collected information and specification to anticipate the following step.
Alexa is one such example of AI.
[According to a report by Boston Consulting Group (BCG), after implementing personalization strategies, sale saw gains of 6-10% at a two to three times faster rate.]
5 Ways AI helps the Retailer best!
- CONSUMER BEHAVIOUR
The portals recognize the consumer behavior and pattern; they maintain a track of purchases done at all times therefore customizing the experience for the consumer and helping the retailer in getting relevant traffic. It also customizes the advertisements shown to the consumer according to the past buying or search pattern benefitting the retail business. Algorithms also read the real world behaviour to match it with content and aesthetics shown to the customer.
- SUPPORT
A lot of burden gets shifted to Artificial Intelligence platform, an interactive chat support; these chat bots collect information from the database and help the consumer in solving the queries. The bots are capable enough to direct the consumers to FAQ or troubleshooting places, simplifying it for the consumer and the retailer and henceforth leaving them with a good support experience. These assistants can be very helpful in showing the best results for that particular user and even the retail.
- R&D
These algorithms collect customer feedback and revise the database in order to provide accurate information to the retailer in making business decisions with respect to consumers expectations. These algorithms are also helpful in forecasting the results of a decision that benefits the retail therefore helping in forming solid strategies.
- MANAGEMENT
One important feature of Artificial Intelligence is to keep a record of logistics. It can predict by overlooking at the database, how different factors have been affecting the demand of particular goods. The prediction of stocks can be done well in advance to eliminate the possibility of leftover stocks. It keeps a track of all products, alerting the retailer for restocking leading to better management of the retail.
- SALES
Virtual fitting rooms have been a boom to the retail; it allows the customers to find exactly what they are looking for in no time. This helps the consumers to shop without actually going out. It also allows the consumers to drag the clothes onto the canvas and experiment various combinations therefore increasing the buying potential of the customer, benefitting the retailer in sales.
