Indeed, Artificial Intelligence has proved to be a boon in nearly every of the Industry. How Retail can be left behind in that? Today, every industry is planning to leverage AI for maximum ROIs. IBM in its latest report identified the key areas Retail is planning to use AI. The areas are Supply chain planning, Demand forecasting, Customer intelligence, Marketing, advertising, and campaign management, Store Operations, Pricing, and promotion. Before are some of the areas which the articles discuss how AI is being used by Retails in generating the maximum profits.
Product Recommendation is a great feature of the online shopping sites where it is convenient for buyers now to get the list of their favorite products popping on their screen while purchasing. Every customer has some unique buying characteristics and his fondness of some unique products. All these behavioral shopping patterns of the customers are learned by machines using machine learning algorithms and according to the customers' past shopping experience, similar products are recommended to him for personalizing the shopping experience. Due to this feature, now customers need not have to search again and again for their favorite items and products when those are easily recommended to him using Machine Learning. It is to be noted that Machine Learning is a subfield of Artificial Intelligence.
Visual search is yet another feature that has revolutionized online retail companies. It is often difficult to remember the name of the item or product we want to search. Sometimes the names are very hard to remember or easily forgotten by us. But, now with the help of Artificial Intelligence and computer vision, it has become possible for the customers to search for their favorite items by just clicking a picture of the product itself. Now online platforms like e-bay have released this facility of searching items by just click the picture of the product itself. This is also called snap-to-shop use case. Customers have great relaxation with these smart searches as with just a click they are able to search their desired products online.
- Marketing, advertising, and campaign management
Marketing, advertising, and campaign management are the key feature of any business development process. The growth of the company depends a lot on its marketing strategy; its advertisements that it targets its audience and the campaign it runs to reach greater masses. If all the three factors are done well, there is always a possibility of getting higher returns in businesses. But all these factors require the knowledge of the customers' interests. When businesses know the interests of their potential customers, it becomes very easy for them to advertise those specific products which are liked by the audience, market their products according to the demands of their customers and do the required campaigning as per the market trend. Interests of the customers and market trend are now easily being predicted using Artificial Intelligence and businesses gain huge benefits by improving on their Marketing, advertising, and campaign management using Artificial Intelligence.
Store management is an important part of any retail operation. Using Artificial Intelligence it is easy for retailers now to manage their stores and keep a track on the activities of the customers even when there is no human security present at shops. Voice-based and humanoid store assistants are used by the retailers to manage the various store operations that require labor force otherwise. The various daily tasks of picking and placing products at the desired places can now easily be done with the help of these AI systems. Also, These AI assistants watch the complete activity of the stores and keep an eye on the activities of the customers which prove a great help to the retailers to spy on theft cases.
With the help of Artificial Intelligence, it has become easy for retailers now to fix the right price at the right time. Pricing plays a very important role in the Retail industry. Due to the multiple options before the customers on choosing the best product at the minimum price, it has become very important for the retailers to set the fixed price for their products according to the market. Right pricing helps the retailers in a large inflow of customers as customers are always attracted to right prices according to the market.