Providing an enhanced in-store experience with personalized recommendations, offers, and product support — as per age, gender, location, and behavior of customers is the next big thing in retail. Artificial intelligence is the most sought-after technology among retailers to achieve this objective. Here are five ways to deploy artificial intelligence solutions in retail for enhancing in-store customer experience.
What Does AI in Retail Look Like?
Today’s dynamic retail industry is built on a new covenant of data-driven retail experiences and heightened consumer expectations. But delivering a personalized shopping experience at scale — that is relevant and valuable — is no easy feat for retailers. As digital and physical purchasing channels blend together, the retailers that are able to innovate their retail channels will set themselves apart as market leaders.
Stores can become cashier-free.
The robotization of stores will result in reducing lines, lowering the number of human employees, and significant savings on operational expenses. Amazon AI has already introduced checkout-free stores. The Amazon Go and Just Walk Out Shopping technology reacts when you take something from the shelf or put it back.
AI chatbots provide an even higher level of customer service, improve searching, send notifications about new collections, and suggest similar products. If a customer already bought a black hoodie, a chatbot can suggest a snapback to match — and the look is complete. Eighty percent of brands worldwide are already using or going to use AI chatbots in the near future.
Retailers also invest in technologies that help customers in the shopping process and also help staff in stores. Kroger Edge technology eliminates paper price tags in their stores; smart shelf tags are now used. This technology also provides video ads, nutritional info, and promotions on the displays.
Applications of AI for retail stores could help businesses set prices for their products, visualizing the likely outcomes of multiple pricing strategies. To be able to execute this, systems collect information about other products, promotional activities, sales figures, and additional data. .
Price forecasting is a prediction of the price of a product based on demand, seasonal trends, characteristics, the release date of new models of the same item, etc. Its obvious implementation lies in the travel industry; however, it could be used in retail as well. Just imagine an app or service that helps your customers know beforehand how the price for a certain product will change.
Artificial Intelligence is capable of detecting the mood of your customers during the shopping process. Walmart has already introduced a facial recognition system for this function. Cameras are installed at each checkout lane and if a customer is annoyed, a shop representative will talk to him or her. Mood tracking will definitely help build stronger relationships with customers.
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