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Artificial Intelligence in Retail - Examples of Retail AI in Application

View all our courses and get certified on https://academy.marketing91.com Artificial Intelligence in Retail Artificial intelligence or (AI) entails using computer science to motivate human, or natural intelligence in machines. Algorithms or formulas enable machines to solve problems. In fact it takes a notch higher; the algorithms enable the machines to learn. Artificial Intelligence in Retail AI in retail entails the use of data, automation, and machine learning (ML) algorithms to deliver customized shopping experiences to consumers. AI caters to customer experiences in a multichannel set up which entails; both physical and online stores. In an online set up – which involves a website – AI driven chatbots (bots) give customers a personalized recommendation or charge them based on their behavior in the past, and other relevant data. AI in a physical retail stores, leverages data from several sources mainly customer in-store interactions on mobile devices and by sensors. • Gathering and transforming huge volume of raw data into valuable, actionable information. • Electronic Shelf Labels adapts to the audience • Sensors that track customer traffic offline and online • Customized Customer Experiences • Robot Personal Assistant • Demand Forecasting and Merchandising Planning • Automated Inventory Management AI in Retail Example – Intel (AI enabler in retail) Intel Technologies and Platforms for AI in Retail Intelligent display ads use AI to understand customer engagement and interest. Content can be customized to the audience in real time. Electronic Smart shelves instantly throw a signal about product availability so that items can be quickly replenished. Endless aisle kiosks let customers see the whole product line up available at other locations. They also offer cross-selling and upselling opportunities. Smart self-checkout systems accept loyalty cards, coupons, and transactions via mobile phone. AI in Retail – Applications Cashier Free Stores The automation of physical stores will result in no queues, reducing human employees involvement which will ultimately lead to savings on expenses. Example – Amazon Go Amazon AI has already introduced checkout-free stores. Amazon’s “Just Walk Out Shopping technology” works smoothly when you take something from the shelf or put it back. Chatbots to assist customer AI chatbots extend a higher level of customer service, improve elements of search, notifications, and suggestions of similar products. Two third of the global brands are already using or going to use AI chatbots in the next couple of years. For instance; Tommy Hilfiger and Burberry have launched chatbots to aid their customers scan through their collections. In-store Assistance Retailers also invest in technologies that help both; customers in the shopping process and their staff in stores and warehouses. The technology by Kroger Edge removes paper price tags in their stores; electronic smart shelf tags are now used. This technology provides video advertisements, and promotions on the displays. Dynamic Pricing Applications of AI for retail stores could help businesses change prices for their products, visualizing the likely outcomes of dynamic pricing strategies. The key to this is data; systems collect data about other products, sales figures and promotional activities. Companies can present the best offers suited to each customer needs and capability and also get new customers. Supply Chain Management and Logistics AI in retail supply chain is evolving each day. Brick and Mortar and Online stores leverage this everyday. Inventory management has a lot to gain from AI. Scenarios of unsold and out-of-stock can be reduced. Estimating the demand for a particular merchandise based on factors such as past sales, geographic location, weather, trends, promotions, etc. Visual Search Visual Search enables customers to upload images and find similar products based on parameters such as colors, shapes, and patterns. For instance, at runway show in 2017, Tommy Hilfiger launched an app that allowed viewers in attendance to click photos of merchandise being modeled and upload them to a visual search engine Visual search works wonders for fast fashion, which entails a quickly changing trend of products which shoppers are looking to catch on — and they may not have the bandwidth and language to find it. This video is on IT in Retail and it has the following sub-topics. Time Stamps 0:00 What is Artificial Intelligence in Retail? 1:01 Artificial Intelligence in Retail 2:11 AI in Retail Example – Intel (AI enabler in retail) 3:03 AI in Retail – Applications 6:34 AI in the Retail Supply Chain 7:14 AI in Retail – Statistics 7:52 AI in Retail – Examples