Nevertheless, AI technology may change that for these retailers by using this data to create web shops that take customer information and turn it into targeted shopping experiences, online chatbots that will easily answer questions and assist customers, and in-store intelligence to make the experience even more interactive.
Some of the Retailers are in the process of transforming their contact center to include ‘chatbot agent’ with an AI program determining which calls to route to chatbot and which ones to the actual agent.
Web shops that customise their marketing and items based on customers' previous purchases, search patterns & habits, number of clicks, age, gender, and other variables by using self-learning algorithms could take what once was a lost customer and make their experience far more intimate, targeted and effective. This allows retailers to make more sales online and also provide more items on their online stores. The algorithm could easily bring up items it feels the user would want, as a start.
Some of the Retailers are looking to use Machine Learning algorithm to determine how promotional campaigns will work to predict the success of the next customer touch point.
In addition to the automated personal assistant chatbot, a customer could receive targeted marketing campaigns when they shop. Current chatbots rely on particular keywords and phrases to generate responses. However, through advancements in machine learning, a whole new form of chatbots, which will adapt to your questions to answer more complex things and think for themselves, will be deployed on retail sites in the future.
The way forward is clear, we must find the means for Humans and machines to work together.
Some of the retailers has also begun to replace staff with automated machines to make consistent products and reduce the time to serve customers.
The retail sector is in an immense state of change and business transformation. The entire retail sector is trying hard to cope with the fast and ever-changing customer shopping habits, and the shift from high street to Web. We have seen some of the retail giants closing stores showing moving customer demand while some of the retailers have moved their majority business to Web / online.
Across the board, the retail sector has started investing heavily and innovated with various technologies including AI, Robotics, Supply chain, and logistics automation, Order Forecasting automation, Data analytics to become more competitive, ability to become more responsive to demand and opportunity.
Due to the transactional business, Retailers in general generate high volumes of data related to sales, cost of product, customer histories, new trends, reports, geographical data, weather information etc. All of this data both current and historical can be put to use to deliver functional business can be put to use to deliver functional business insights and informed decision-making, reduced time to marked for new products and services, and improve success rates for initiatives. Automating and informing decision-making through AI can help retailers determine what to order and when, what products to merchandise at the front of the store, cross-selling and up-selling opportunities to individual customers based on previous purchases and current basket contents.
The process of planning, procurement, making, distributing, selling and gathering customer experience can take more than a year in the retail sector. It’s a long lead time that limits response to fast-moving trends.
AI can expedite the process, reducing the time from ideation to sale, reducing indecision and informing trading decisions through historical data and trend analysis.
Majority of Retailers cite improving customer experience as their main motivation in investing in AI and Automation. The automating includes services, in-store and online to highly personalise the shopping experience. This involves creating one-to-one interaction using vast customer history and trend data. It’s not just at the storefront, we can see AI being used in the large warehouse based retail and fulfillment centers. AI, robotics and automation systems are being used to increased operating capacity and enable more orders being processed per hour. Its helping retail cutting cost by allocating more warehouse floor space to be used for product storage through reducing the shelving aisles.
The adoption of AI represents an exciting leap forward in the retail sector.
AI's purpose is not necessarily to replace humans, but rather to assist them and increase technology-based jobs worldwide. This is expected to increase job opportunities by expanding the job market to make way for AI. From the creation of more jobs with specific skills never offered before to customer experiences, AI is the future of the retail industry that has sat on customer data for too long and justifies a chance to put this information to good use at last.
No comments:
Post a Comment