How does the retail industry leverage emerging technology such as augmentation, artificial intelligence, and machine learning to remain ahead of their competitors and what advances are being introduced over the coming years as future retail game-changers?
To excel in the future, the retail industry leaders need to expand human capabilities so they can be availed, amplified, and augmented with AI and ML because the potential is limitless!
In this blog, we have covered 5 AI and ML use cases that are being incorporated into the retail industry:
- Product Recommender Systems
One of the most common applications of machine learning in retail and e-commerce is the use of the recommendation system to increase revenue by delivering the relevant shopping products that may be of great interest to potential consumers.
Many retailers and e-commerce companies have effectively deployed recommender systems that highly modified deals and a customizable online shopping journey to customers from their websites by clouting the data gathered through systems
- Customer Behavior Prediction
Based on the data collected about past consumer behaviors, a framework that is built based on machine learning will determine how consumers will behave in the future. This system encourages organizations to carry out customized marketing campaigns that are more successful than conventional methods.
- Price Optimization
A machine learning algorithm can determine patterns from data, rather than being directly programmed.
A well-developed algorithm will reckon a number of pricing variables to regulate the right prices for items offered by retailers, as well as customers’ reaction to different pricing.
- Tracking Customer Sentiments
More than simply social networking, customers can also peruse products and services, send inquiries, and/or place orders directly from social media.
In addition to this, many often use social media as a structured communication channel that provides their clients with customer care service. Therefore, it is increasingly crucial for retailers to track consumer feedback and brand tracking via social media.
- AI-Driven Chatbots and Virtual Assistants
Another common example of the application of AI and Machine Learning technologies to the retail industry is Chatbot. A standard chatbot application will connect and engage with customers, vivify a human-like interaction that solves consumers’ queries to frequently asked questions (FAQs).
Artificial Intelligence and Machine Learning-based solutions can help your retail company expand. Keep consistent and overtake your business rivals!