Thank you for Subscribing to Retail Business Review Weekly Brief
Retail Business Review | Monday, April 25, 2022
FREMONT, CA: The opportunities established by Artificial Intelligence (AI) are potentially life-changing. These aren't the technologies of tomorrow but today in the retail industry. The retail sector has found innovative ways to use it.
1. AI-Powered Visual Search
Visual search has been the most steady but significant development in e-commerce.
Stay ahead of the industry with exclusive feature stories on the top companies, expert insights and the latest news delivered straight to your inbox. Subscribe today.
Some large retailers have the choice to re-direct consumers to the e-commerce website. For example, luxury brands have the choice to find an outfit in a snap. The customer desires to upload a picture with outfit inspiration, and the same pieces are shown.
2. Stock Optimization
Although there is nothing new in holding the store inventories filled, with the rising e-commerce sites, there has never been a requirement for speed while stocking up. However, a popular retailer lately got on board with the AI-powered replenishment optimization tool. It automatically considers an entire range of parameters, including weather forecasts and public holidays, to analyze sales and stock information from the retail stores. This technology is by no means limited to the grocery sector, in the case of fast fashion, where several products in high volumes move in and out if the warehouses hardly touch shelves.
3. The Use of Chatbots
Various large retailers utilize chatbots as live agents in customer service lines to help shoppers. Many brands have an AI-guided chatbot agent through microsites to cut down the browsing time. Many customers have stated that a chatbot is more useful than a human being. Chatbots not only cut costs but also provides support around the clock.
4. Personalized Marketing on the go
With the refining of AI technology and intelligent systems, the application directs customers toward the stores and even specific sections inside of them. The app uses geolocation tagging to detect precise locations and guides customers to a particular retail store section. It makes the smartphone a personal shopper on the go.
More in News