Smart technologies like artificial intelligence is transforming the retail sector and making it more convenient for consumers.
FREMONT, CA: Presently due to the COVID-19, the retail sectors have to witness isolated shopping malls and empty storefronts. However, this pandemic is bringing changes in the business models that are driven by technology. The technologies are proving to be more convenient for the consumers as the in-store sales and e-commerce are becoming smoother.
The store walls are being diminished with smart technologies like the Internet of Things (IoT), mobile, artificial intelligence (AI), and predictive analytics. Now, retailers can develop a flexible and engaging in-store operation because the technological infrastructure is becoming stronger. Here are some of the methods in which technology can enhance the in-store experience.
The power of blockchain is still being discovered, and new applications are being tested. But this technology can help a wide range of services, starting from supply chain sourcing, control inventory, and payment methods. Moreover, the technology will also help the companies to supervise their products in every step of the supply chain, making sure that they are authentic, safe, and from ethical sourcing.
At times in a retail store, when a customer needs helping hand employees go missing. IoT sensors and digital services can help the stores and develop better engagement among an employee and customer. As the store will be monitored by the IoT powered system, it can notify an employee as soon as a customer needs assistance.
Therefore, the sensors and IoT technologies can eliminate the blind spots that will help the retailers to engage with their customers in a better way.
AI can understand the data it has collected from customer behavior. It uses these data to gain information about the consumers and know about their patterns and preferences. With this knowledge, retailers can offer better service to customers.
Moreover, AI can also help pre-filter the preferences of the customers like the color they want, size, and styles they want to see when they visit a store so that they do not have to search for the item. Therefore it becomes easy for retailers to offer better customer service efficiently. The happiness of the customer will also increase the profit margin of the store and help it expand.