Artificial Intelligence (AI) and Machine Learning (ML) in Retail

The influence of digital world has grown to an extent where there is no business, irrespective of the domain and the scale of operation, that can operate without any extent of the digital products. Right from retail shopping to window shopping e-stores are a great way of getting your product your customers on a larger scale.

Know your customer better to serve them better is the right phrase to get your revenue boost through these digital products. Learn better and evolve is another perspective of serving customers which leads us to the era of Artificial Intelligence (AI).

Did you ever think that computers can think? Well it might not have been the case until Machine learning (ML) took a greater effort in defining the way how computers think and work.

AI in retail – An overview

The role of AI in retail space is a kind of leap in the way customers shop, and it improves the shopping experience of the customers to the highest possible level. It makes customer relationship management (CRM) more interactive and user focused with more customer identification systems in place to study better about customer interaction at your retail store.

The customer identification systems are used to locate or track customer actions in-store and upon their behavior the product recommendation system makes the necessary recommendations customized for the any particular customer.

Security cameras or video cameras are the eye behind these identification systems which provide the necessary visual data that can be processed to study customer behavior and identify their position. This allows the recommendation systems to direct customers to the product location which they might be interested in buying or send an alert to staffs at the store to assist the customers likely to check out products close to their location.

Application of AI in retail

With the introduction of AI in retail, it is now possible to rethink the way we serve our customers right from the moment they walk into the store and check out any products at counters.

Cashier-free stores could be possible with digital check out points that reduces the wait time at checkout counters. It eliminates the cash payments during check out and rather replaces it with auto-payment facilities that is associated with your store account.

Staffs at your store might feel less stressful with chat bots working to serve common customer queries. Machine learning is the great way to leverage the potential of how chat bots can respond to dynamic customer queries. Moreover, chat bots can be customized to serve customers at their language of their choice, which makes it possible to connect with the customer close than ever.

Price adjustments and predictions are the next big application of AI which evolves over time with customer behavior using various machine learning techniques. The automatic price adjustments allow more customized price offers for any particular customer based on their earlier purchases. Predictive analytics is the key behind these intuitive pricing mechanisms that improves customer satisfaction without compromising on the profit per sale of any products in the store.

AI and ML are the next growth drivers in the coming years with their inherent ability to learn and reorganize their customer behavior and offer them with innovative products at a higher level of competitive pricing mechanisms.

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