The AI-Enabled Future Of Retail

In order to get the most insights from this data, many retailers are turning to AI technologies for help. With AI tools, retailers can evaluate their data to improve their supply chain and inventory management. AI technology can also help reduce theft and loss prevention, and provide positive customer service and customer experiences.

Online retailers are taking advantage of AI and super-personalized, data driven recommendations, known as “hyperpersonalization”, which builds on the idea of treating each customer as a unique individual. Now with the help of AI technology, brick and mortar retailers are also able to see some of the same benefits AI technologies can provide. Computer vision technology can help prevent theft as well as optimize the flow of stores. AI is also optimizing supply chain and logistics as well as helping to better lay out stores and showroom floors. Because of the tremendous value AI provides to many areas of the retail business, the retail industry is seeing increased benefits by applying AI.

Enhancing Shopping and Customer Experiences

For many years now online retailers have been able to provide hyperpersonalized shopping experiences with everything from personalized product recommendations to customized content all with the goal of providing unique experiences for customers. Online retailers are able to look at past and current data to analyze customer behavior and suggest relevant products enhancing the shopping experience and driving customer satisfaction.

Additionally, online retailers are able to offer dynamic pricing to customers. This allows them to adjust prices in real-time based on a number of factors including supply and demand, competition, seasonal demand, and customer behavior. With real-time dynamic pricing retailers can optimize pricing strategies, increase sales, and maximize profits all while seamlessly providing a positive shopping experience for customers.

While online retailers have been able to see the benefits of AI for years and quickly adjust pricing and recommendations based on unique individuals, brick and mortar retailers haven’t been able to as easily do this. However, now in-person retailers are also able to take advantage of using AI technologies enabling them to enhance the customer experience. With the help of AI retailers can keep an eye on inventory and more quickly restock items. They can also provide automated checkout experiences which are becoming quite popular in countries like China. Customers can walk into a store, pick items directly off store shelves, and then walk out of the store all without ever having to wait in a checkout line. The items are automatically paid for using a companion app. This flexibility provides customers with more convenience, control, and a germ-free contactless experience.

Customer support and logistics

Like most industries, retailers are embracing AI-powered chatbots and virtual assistants to transform customer service and customer support. They provide around the clock customer support, are able to converse with customers in multiple different languages, handle customer inquiries, resolve issues, and can even assist with purchases. By integrating AI chatbots into customer service workflows it allows for reduced wait times, quicker and more relevant responses, and improves the shopping experience. AI chatbots are becoming so good it’s hard to tell sometimes when you’re talking to a bot versus a human.