AI is one of the most popular technologies among retailers as it helps with personalized online recommendations, offers, and product support and also improved in-store shopping experiences.
Fremont, CA: Over the last few years, the retail industry has seen a rise in technological advances. With the introduction of technologies like AI, mobile, and IoT, several retail enterprises have discovered the ability to leverage these innovations to transform their retail operations and customer experience.
AI can transform retail operations completely. With AI-enabled retail solutions, it is possible to understand complex computational processes, like capturing product weight or temperature, through programmed algorithms, which will help offer seamless customer interaction and experience. AI is known to have the power to reshape the retail industry in a way that will make the customer's shopping journey simple and more interactive.
AI provides innumerable benefits to retailers. AI-based systems can help remove all manual guesswork for tasks such as inventory assortments, product promotions, finding complexities in the supply chain, and much more. Retail giants are already experimenting on the use and potential applications of AI. Some are even trying to create algorithms to help them expect orders from customers and ready the product to be shipped without waiting for the confirmation of the actual purchase.
AI also assists customers in making better decisions with real-time forecasting. These forecasts enable retailers to create effective promotion strategies, optimize the supply chain, and improve customer experience. With the help of other technologies, such as robotics and automation, AI can help streamline retail operations, which will help increase productivity.
Currently, retailers are able to leverage AI with IoT to provide customers with an omnichannel shopping experience. IoT and connected devices can help retailers track in-store infrared foot traffic, smart sales made by kiosks, and surveillance through CCTV cameras, and also RFID inventory tracking chips. AI has become an invaluable tool for capturing customer data in a retail store.