Traditional brick-and-mortar stores are closing down rapidly, but artificial intelligence can help them to make a comeback in the market.
FREMONT, CA: It is estimated that the future of retail can be depressing because the traditional stores are shutting their doors. This year 8,558 stores have closed with a prediction to hit 12,000 by the end of 2019, according to the US retailers. The key reason for the stores to shut down is the extensive use of internet and automation. However, the same technology can also be used to solve the issues, so to maintain the retail market, it is better to make the business technology-oriented. Here are a few ways in which AI can help the retailers to stand in the market.
Streamlining Product Supply and Development
Machine learning and AI has been playing a significant role to determine the supply and development plans of the retailers. The machine learning can answer every question of the retailers like whether the price of the product is appropriate or not.
Predicting the next step of the consumers can be impactful so the retailers can make use of the automated machine learning and AI to understand their customers. The retailers can also be aware of the substantial quantity required on the present day according to the demand of the consumers. The technology helps to increase the accuracy, efficiency, along with saving both time and money of the companies.
Understanding the Customer
The retailers can easily understand the mood of their consumers and estimate their future behaviors with the help of machine learning. The customers want to purchase across numerous channels, but the methods have to be convenient for them. Consumers will keep transforming their habits and shopping patterns, so AI and machine learning can assist the retailers in staying updated about the changes.
In future, the retail market will be more automated and personalized. The choice of consumers will also become less stressful and chaotic. In the following years, the customers can expect to get connected dressing rooms, screens, tailored made virtual racks according to the choice of the customer, and many other things.
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