Posted on 14 June, 2020
Can artificial intelligence stop the death of the retail market?
The advent of the digital age has rapidly changed our lives. Even our shopping methods are no longer limited to large shopping centers or grocery stores near us. Customers like a worry-free shopping experience, which is synonymous with online e-commerce applications. Therefore, most physical stores are on the verge of closure. Therefore, the best option is to use modern technologies such as artificial intelligence, machine learning, and big data to revitalize the retail industry.
According to a report from IBM, more than 80% of executives in the retail and consumer goods industries predict that by 2021, their companies will gain growth momentum through the use of intelligent automation. In intelligent automation, artificial intelligence (AI) is injected into automation, enabling machines to learn and generate suggestions, and make autonomous decisions and self-corrections over time. Artificial intelligence can gain meaningful insights from massive amounts of data and help retailers create personalized shopping experiences through highly structured online stores, smart in-store robots, and online chat robots. Finally, change the experience that only involves retail stores: enter a store, choose what you want to buy, and pay for the product.
Retail stores need to recognize customer expectations and requirements, and take measures to align with customers. This can not only increase profits, but also increase customer loyalty and revenue. Therefore, they must also adopt artificial intelligence to change the way we view shopping culture. With the integration of online and offline procurement channels, the retail industry should be guided by innovation and become a new market leader.
A broad artificial intelligence ecosystem as well as the Internet of Things and data analysis will help achieve this goal. By using radio frequency identification (RFID) -based cameras, stores should now be equipped with real-time video surveillance. This allows retail managers to observe and study buyer behavior, such as what products and brands are selected most of the time, and the time spent in each channel. Based on these data, you can determine the most popular products in a specific consumer group and provide customers with discounts on these products. In addition, investigating inventory can issue product replenishment demand alerts to predict future busy days or peak hours. In addition, this function can also improve in-store security and reduce shop theft.
By using the data model, retail stores can understand the level of participation in the current store layout, then optimize it, and adjust traffic during peak hours. This can prevent congestion, reduce the waiting queue near the cash counter or any specific area of the grocery area, and can also improve the distribution of strategic personnel.
Using artificial intelligence technology, fashion brands can create virtual hangers, fitting rooms with gesture walls, and touch-free displays to find the perfect style without rummaging through a pile of clothes or trying on one at a time Change clothes whenever possible. In this way, consumers have more choices.
As the demand for full-service and customer experience continues to grow, retailers should test in the field of automated services. These can help provide personal help, smart product search, read digital user reviews, analyze past search and purchase history, and automatically manage existing recommendation lists. Ultimately, artificial intelligence and automation services can search all aspects of commercial brands, check trends, consumption data and consumer feedback, and gain a deeper understanding of different data.
Finally, integrating artificial intelligence into the retail industry can synchronize digital and physical shopping flows and enhance the flexibility of logistics networks. Implementing artificial intelligence solutions in the retail industry may seem daunting, but it is not. On the contrary, it will bring a broader return on investment. Although this may seem like a daydream, artificial intelligence will definitely rule this field. Nowadays, when speed and communication become driving forces, customers want a frictionless, less chaotic interaction when they next go shopping or purchase daily necessities. Therefore, retailers should take the road of artificial intelligence from the perspective of consumers.