The retail industry is the chessboard with AI and ML ready to challenge the opponent and breaches by bringing victory to the house.
FREMONT, CA: According to a new IBM study, which surveyed approximately 2,000 retail and consumer product companies within twenty-three countries, 85 percent of retail organizations plan to implement smart supply chain planning automation by the next two years. The retailers also claim that the introduction of AI will result in an annual growth of 10 percent, and AI will change the entire retail sector.
Better Customer Service:
AI revolutionize the retail industry by making webshops a possibility which can lend a hand to the enterprises in marketing their items as per the past purchases of the consumer and their search habits. Retailers know that superior customer service is very crucial to run a successful business. Consequently, having an effective customer service solution, which AI fulfills, is significant. Offline shops can also reap numerous benefits from AI. In a retail store, there may be robots serving the customers as salesmen who can respond promptly to every customer question.
Minimum Advertised Price (MAP) is recognized as the lowest price the seller will advertise for sale on his / her items. The products that are priced for retailers at a price below their MAP price may have a poor impact on the company. This can lead to brand destruction in the customers ' eyes, so monitoring the sellers who violate MAP pricing is crucial. The retail analytics company and the Intelligence Node are using Ai to help the brands that sell online to avoid a breach of their MAP pricing. It works to track and control the goods in real-time and notify if there is a breach of MAP pricing and take action against it.
Better Data Gathering:
AI will allow retailers and companies to collect knowledge with vast customer data properly. AI can gather detailed information and create a more customized shopping experience for users. By using the data, retailers can help the users create a more engaging experience, based on their likes and dislikes. Besides that, by referring to their past, retailers can predict the market conditions and how their product performs in the marketplace; thus, strategic decisions are made.