The Benefits of Artificial Intelligence in the Retail Sector

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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 efficiency by reducing manual labor. Staff are able to utilize their time efficiently because they will not spend hours doing tasks like monitoring stock availability and void spaces that can be handled by automated machines. The transfer of data between vendors and retailers can also be automated to guarantee strategic business decisions.

 

Personalized Curation

In 2020 and beyond, shoppers are not looking for pages of irrelevant products. Instead, they want unique collections that are curated with their tastes in mind. With AI styling assistant, retailers can curate outfits, looks, collections, and mood boards for every shopper based on their visual style preferences. This means that every shopper can get personalized styling recommendations for the products they browse and this increases the number of items in their cart while giving shoppers a great experience. They can also use an emotion detection system to provide ideal products to clients based on their facial expressions.

 

Product discovery

The first and most important step in the journey of any shopper is product discovery. A straightforward and simple discovery process can ingratiate a retailer to the shopper. Visitors who find exactly what they are looking for tend to come back to the same retailer for their subsequent purchases. On a website, discovery usually begins with the website search. With AI-powered search in the retail sector, you can help to customize the search results by enhancing specific affinities for every shopper.

 

It is clear that artificial intelligence and machine learning are now becoming more accepted in the retail world. However, retailers need to understand both the benefits and demerits of technologies like facial recognition for government agencies and retailers before embracing them.  With artificial intelligence, retailers can enhance customer engagement, drive sales, and also eliminate time consuming tasks.


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