The rise of e-commerce has fast-paced the retail industry's evolution, and the transaction has not been smooth.
FREMONT, CA: In an era where e-commerce is dominating the market, retailers have to up their game. Modern consumers want to move away from brick-and-mortar methods and preferably want to browse retailers' product catalogs from home. Retailers can address the needs of consumers with digital assistants via phones, tablets, PCs, or in-store kiosks. A digital assistant knows the sales that are relevant for the customer and can provide production options as well as pricing and shipping estimates. Unlike the prior robotic communications, today's digital assistants are naturally conversational, answering questions in a realistic manner that helps build a connection with the customer. Promising huge potential, artificial intelligence (AI) is on its way to completely transform the retail industry. Here are three reasons how AI is transforming retail.
AI, coupled with machine learning, can provide solutions for a variety of problems. It has impeccable memory that can retrieve customer selections and preferences, monitor retail visits, and predict future purchases. Customer questions are stored to provide better and accurate answers down the line. Therefore instead of a salesperson, retailers can use an AI-equipped mobile device to answer customer questions.
Serving as an extension of the retail experience as well as establishing a stronger bond with customers conversational AI can be used to answer questions through an app or in-store kiosk. The same app could also benefit the retail staff to help fulfill customer requests.
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Juxtaposing computer vision, deep learning algorithms, and sensor fusion, retailers can predict the items customers intend to purchase. Without AI, an e-commerce store would not be possible, and consumers would have to continue lining up at the checkout counter.
The world of retail is revolutionizing with the growing need for technology to meet the evolving needs of consumers. AI has proved to be an essential part of that evolution, paving the way for a new retail era.