The Benefits of Artificial Intelligence in the Retail Sector
Artificial intelligence is transforming the world around us and impacting many industries. The retail field can also benefit from AI. Using the power of data, retail automation can help to completely transform how the retail teams function. Artificial intelligence can enhance efficiency and give retailers time to think creatively and offer incredible shopping experiences both in-store and online. Here are the benefits of artificial intelligence for retailers. Monitor retail out-of-stocks. The frequency of out-of-stocks costs the retail industry billions of dollars every year. About 50% of consumers refuse to take alternative purchase whenever an out-of-stock occurs and the retailer completely loses the sale. Retail brands can use visual artificial intelligence for retailers to monitor products before they go out of stock in the stores, planograms, void spaces on shelves, or improper positioning of products. Improve efficiency With artificial intelligence, retailers can improve ef