Introduction
Are you a business Start-Up or a budding entrepreneur in the retail industry? Are you aware of how technology is revamping the entire industry especially over the last two years? You must have experienced the change that the retail industry has undergone as the whole world is enjoying e-commerce and online retailing on a full-fledged scale. The entire retail industry is purely dependent on varied structured/unstructured data and is the industry that is driven by data.
AI (Artificial Intelligence), ML (Machine Learning) have been influencing the industry on an immense note. Despite the conventional mode of data analytics models were dominating the retail industry till recently, the effervescent AI-ML digital technologies have shown a higher level of data processing capability that is impacting the industry so much. AI-ML-based predictive analytics can now forecast sales, give valuable consumers insights and many more use cases are helping the industry massively. By this year,2022, AI in retail is estimated to touch a massive US$5million. Undoubtedly, both digital technologies, Artificial Intelligence as well as Machine Learning are increasingly transforming the retail industry with massive use cases and benefits to businesses around the world.
We will see how AI-Ml digital tools and technologies are transforming the retail industry to a higher level.
1. AI-ML Enabled Digital Chatbots
AI-ML-enabled digital chatbots are helping the retail industry in the customer service department by delivering seamless service in the ecosystem. Digital chatbots, AI-ML-NLP chatbots help retail customers, clients with their queries solved instantly anytime, anywhere in the world. As these chatbots are available online, they are trained, programmed chatbots that attend to customers, business clients, b2b or b2c clients, 24×7.In-Store physical retail outlets, online marketplaces, e-commerce stores, all sorts of retail shopping or retail businesses are leveraging the immense power of digital technologies. AI-ML-NLP chatbots help customers by giving them valuable recommendations, personalized suggestions thereby enhancing customer experience.
2. AI-ML Enabled Cashierfree Stores
AI-ML-powered check-out free stores, just like AmazonGo, is an amazing example of how Artificial Intelligence (AI), Machine Learning (ML) are transforming the retail industry on a global scale. AmazonGo is one of the global retail giants which is increasingly focusing on this massive set of digital technologies that allow cashier-free self-checkout stores where there is no requirement of human staff. Thus, AI-ML-driven technology is driving retail stores to adopt the e-store concept of being robotized, a human-staff-free zone in the form of ‘walk-out’ shopping technology. This way, retailers can save costs for deploying human staff, and consumers can come directly to shop, purchase their items, and walk out of stores paying in the counter that is automated and digitally capable check-out system. This is one of the ways AI-ML transforming the retail industry globally.
3. AI-ML Predictive Analytics
Artificial Intelligence (AI) and Machine Learning (ML) facilitate the forecasting and predictions of pricing and demand for products & services of your retail business. AI-ML-powered predictive analytics tools help for price & demand forecasting. Based on customer shopping behavior, records of social media shopping experiences, and varied other market analyses, AI-ML predictive analytics make predictions on demand and trends for certain products/services in the market. Based on target audiences’ preferences, seasonal trends, and other characteristics, AI-ML-powered mobile apps loaded with predictive analytics help retailers to chalk out a pricing strategy that will connect with their target audiences, too.
Even customers, consumers can estimate the price range of their favorite products in the market, and help them in the decision-making process of buying them now or in the future! Varied AI-ML-enabled mobile applications/apps allow retailers/retail businesses to create a loyal customer base via the demand forecasting capability of predictive analytics. Furthermore, these apps and varied other AI-ML solutions using predictive analytics help businesses to keep a tab on their inventory levels. Whether their inventory needs stocking or it does not need any more shelf fulfillment, avoiding overstocking of products, are a few benefits that the technology gives you.
4. AI-ML Enabled Market Segmentation
If you are in the retail business, you must be eager to know about the demand and customer expectations in the market. For example, AI-Ml enabled predictive analytics help retailers to plan for the market segmentation, which products should go to which categories, which segments of the market, and so on. Suitability of products/services as per market demand and customers’ expectations are a few examples that predictive analytics and data analytics, AI-Ml tools help retailers across the globe. AI-Ml together helps to maximize the current value for retailers as well revenue prospects by doing an appropriate product categorization, market segmentation also.
5. AI-Ml Help In-Store Staff
Imagine your retail store is filled with robots and AI-ML-regulated Robotics staff. Artificial Intelligence (AI) and Machine Language (ML)-NLP powered-robot staff can converse in multiple languages, with your customers inside the retail store. Thus, when you’re in-store staff members are busy attending to other customers, the rest chores are duly attended to by your robot staff, too. These AI-ML-powered robotics staff can help you in varied shopping processes involving customers inside your stores. They can also help in managing your inventory, helping your staff with value-based suggestions/recommendations, even assist customers to choose products and lead to shelves the product they are looking for, etc. These AI-ML-powered robots are powered with real-time monitoring capabilities. The smart shelves concept is possible due to these AI-ML capabilities only. Indeed, a great transformation in the realm of retail business across the globe.
6. AI-ML in Logistics & SCM
AI-ML in the retail supply chain, logistics, warehouses, inventories, so many aspects in SCM is getting seamlessly regulated daily. With the increased demand for online shopping, e-commerce shopping, consumers want their products to reach doorsteps in a day or hours. Such pressure in the entire SCM. AI-ML mobile app development is the ultimate solution to this pressure. In the supply chain segment in retail, chances of overstocked goods or out-of-stock goods are frequent and need to be addressed diligently on time. In this regard, AI-ML strategies help to curb losses in businesses by helping efficient planning and execution in the supply-chain management of a retail business. AI-ML-powered apps and solutions help SCM in restocking products, current trends, calculating products’ demands in a market, and stock-forecasting, all these SCM strategies are greatly fueled by the AI-ML capabilities. Better replenishments of shelves in-stores, better route optimization for retail logistics segment, and many more ways that AI-ML are transforming the retail industry worldwide.
7. AI-ML Powered Magic Mirror
Do you know how AI-ML web /mobile apps and solutions are providing retail in-stores as well as online stores with virtual trial room concepts? Consumers and customers, online shoppers, are enjoying the richness of their customer experience using virtual trial rooms, magic mirrors. The retail business is thriving using this digital tool and merging with their present eco-space. When a consumer selects cosmetics, clothing to buy from some online e-commerce store, a real-life virtual trial room offers the opportunity to try on those chosen products. virtual Trial Rooms & the Magic Mirror. Even, if you are a physical retail business owner, have an in-store retail shop, you can capitalize on AI-Ml enabled magic mirror tool to enhance customer experience. World-renowned companies like Old Navy, Brooks Brothers, Levi’s are already using this massive AI capable magic mirror technology.
Bottomline
AI-ML mobile app development sector is attracting retailers across the globe for their unique, specific retail apps and retail solutions that can boost their ROIs. All the technology trends, the ever-changing consumer behavior, and online shopping trends are boosting AI-ML-powered mobile apps and web apps at an exponential rate. The current pandemic is also a reason that has uplifted this app segment because people want to stay home, and continue their business via state-of-the-art technology and varied mobile applications/mobile apps that are business-centric.
Are you an entrepreneur, Start-Up, or an SMB wishing to leverage the immense capabilities of AI-ML technology to transform your retail business? Contact our experts today!