Today’s dynamic retail industry is built on a new covenant of data-driven customer service and personalized shopping experiences, and it’s no secret that the retailers that do it well will set themselves apart from the rest. Increasingly, these experiences are delivered via AI-powered technology in stores, in the warehouse and online.This link:retailexpress.com
From voice recognition software that lets people interact with point-of-sale systems using natural language, to generative AI that can directly answer questions from customers, to robotics that help stock shelves or drive delivery vehicles and drones, there’s no shortage of ways that retail companies are using ai to improve the customer experience and optimize their business processes. These AI solutions are designed to analyze massive amounts of consumer data and use that information to automate and improve existing operations, reduce manual effort, and offer more value to consumers.
The Future of Retail Analytics: Harnessing AI for Data-driven Decision-Making
For example, the e-commerce retailer Birchbox uses its AI chatbot to help with customer service, and the clothing designer Rebecca Minkoff has embedded AI in the changing rooms of its brick-and-mortar stores so shoppers can order additional items for home delivery. And even though some consumers remain ambivalent about the idea of talking to a machine when it comes to customer service, leading brands like Burberry are finding that their AI-powered chatbots can provide more personal, relevant, and helpful responses.
Among other things, AI in retail helps with inventory management by providing demand forecasting tools that enable businesses to understand how certain products will perform in different regions or demographics. This information can help them better predict how much to order, what inventory they need in warehouses and D2C distribution centers, and how to best staff those locations to meet demand. It also enables companies to better identify the right time and price for clearance or markdowns, which speeds up inventory turnover and cuts spoilage.