Artificial Intelligence in Retail
Artificial Intelligence is one of the emerging technologies that offer a wide range of applications for nearly all market segments, business domains, and sectors. Naturally, how can the retail industry be left behind? By leveraging AI, companies will be able to reduce costs and make shopping an amazing and efficient experience for the end customers.
As per insights from the Global Market, investments by the retail segment in AI is expected to exceed USD 8bn by 2024. Digital disruption is expected to happen in the retail sector at a rapid pace as more applications are developed using machine learning and deep learning technologies.
AI is believed to offer a diverse range of applications for the retail industry. Several AI-based solutions will be developed that will impact the day-to-day operations of the retail sector. The AI-Retail Syndicate will enhance the customer service cycle in the retail sector and both consumers, as well as retailers, are going to benefit from the syndicate.
Use Cases of AI in Retail
AI helps retailers to offer personalized shopping experiences to its end customers via interactive chatbots, smart in-store bots, and structured webshops. Let us take a look at how AI will transform the shopping experience for end customers.
Apparel and fashion product retailers can create virtual trial rooms and racks having touch-free monitors or gesture walls that will help the shoppers to find their style without having to go through a pile. They can check how a dress would look on them instantly and also get recommendations as per their style and preferences.
This helps to enhance shopping experiences of customers and also to select from a huge collection which is otherwise not possible in a physical outlet due to space constraints. Stores can collect insights on shoppers’ behavior which they can use to optimize their business and product for delivering the best retail experiences.
Virtual Trial Rooms for Instant Decision Making
Customers can get quite frustrated while trying out different options to buy new apparel and it is also time-consuming. Retailers can equip their stores with virtual trial rooms having digital mirrors which allows customers to try dresses without having to keep changing again and again.
A shopper can mix and match dresses, shoes, and accessories with a touch or gesture-based interface to get the perfect look swiftly. Apart from apparel brands, even cosmetic companies can use AI to help customers to check how a cosmetic product will look on them without actually applying it.
By leveraging AI, predictive analytics and Natural Language Processing, retailers can develop robots and touch panels to assist customers inside the stores. These robotic assistants can help customers find what they are looking for, answer to their queries and give info on the product.
Developing AI-powered customer service bots will help retail stores to reduce costs on manpower and offer assistance 24X7 to their customers which helps to attract more buyers to the stores.
Enhanced Customer Support
Retail brands can use chatbots powered by AI to engage customers with their brand efficiently. Chatbots can be used to handle millions of queries simultaneously without the need for retailers to employ a large workforce.
Apart from answering queries, chatbots can be configured to offer shopping suggestions and personalized attention to customers which will help them engage with the brand deeply thereby leading to enhanced customer loyalty.
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