AI has become more than a technology that was preferred by early adopters or companies willing to attempt anything new. It has matured extensively in the past few years.
FREMONT, CA: With the advancement of technology, retailers are gradually moving beyond artificial intelligence (AI) pilots and adopting AI to start to take off across the industry. The benefits of AI in the retail industry are well understood. With the help of AI, retailers can optimize different methods and merchandise, cut expenses, forecast inventories, and provide exceptional customer experiences.
In a recent analysis, there were only nine retailers who had begun discussing AI-related strategies for their websites or stores out of 1,600 earnings calls from over 50 publicly trading U.S. retailers. Like every technology, the early buzz around AI was prominent and pervasive. The calculated approach of implementing AI across the organizations, however, stays unclear.
AI can now have a vast business implication beyond the pilots and creative one-offs, which can have significant impacts. Customer service is one of the examples that has become an increasingly critical and underperforming part of the business.
In the relationship economy that we live in, customer experience is considered to be equal with quality, price, and brand name in dictating purchasing habits. Customers tend to place a rising, growing premium on the support they get and attain the utmost satisfaction from an interaction with the retailer when an issue or question is reported. Interacting directly with customers can have a tremendous impact on a person’s purchasing decisions.
Around 77 percent of U.S. consumers feel positive about the fact that excellent customer service is essential to earn loyalty and profitable business. Retailers need to provide the customer support that their shoppers expect because where a competitive product is being accessed quickly, a single lousy instance can lead to losing a customer forever.
The objective of advancing technologies is to bring convenience. Companies expect to have customized experiences with a little effort on their terms across every aspect of their lives. Retailers need to bring AI into their workforce so that they can work together with human agents and meet the rising customer demands with no time. The AI-driven virtual agents can react in less than a second to the repetitive, everyday issues such as order status or refund requests.