In these bewildering times, uncertainty is the name of the game. As consumer priorities change and consumer behaviour evolves, only well thought, strategic plan will help retailers adjust to the disarray. Consumer expectations are going global, and commercial boundaries are shrinking. For retailers to stay competitive, they must make smart choices, driven by data on what to offer and how to make sense of the situation, keeping profits and customer retention in mind.
In this article, we will explore the possibilities AI presents for modern day retail. Artificial intelligence in retail is the hottest and the most promising trend that powers nearly all industry segments and domains. The technology helps retailers reduce costs and create a personalized experience for consumers. Driving meaningful conclusions from huge data chunks and delivering customized offers with the help of online assistants, in-store chatbots, or web-based shops, AI in retail helps brands become more customer-centric.
Become closer to your customers by using customized, real-time reporting dashboards. Leverage the power of machine learning and artificial intelligence. Recommendation system Track customers’ behaviour and study their needs with AI and Machine learning technologies to create a personalized offering with loyalty, prepaid, and gift rewards cards.
Without a solid idea of what your future sales are going to be, retailers can’t manage their inventory or cash flow. The purpose of sales forecasting is to provide information that can be used to make intelligent business decisions.
Customer churn analysis refers to the customer attrition rate in a company. It is a widely known fact that it is cheaper to retain an existing customer than to attract a new one. Churn analysis will help you understand why customers stop buying from you and take timely measures to prevent them from switching to competitors.
AI-powered chatbots enable retailers to efficiently engage with customers and handle huge queries simultaneously, reducing costs on the human workforce. Configuring bots to answer questions and provide suggestions promptly goes a long way in the journey of customer retention.
Use the latest techniques to identify anomalies in real-time and alert them immediately. Track KPIs at a micro level, protect managers from irrelevant information, and stay ahead of the curve investing resources in the right place.
Prevent losses and gain customer trust with retail fraud detection. Execute machine learning algorithms to detect fraudulent activities on your integrated payment systems, originating from people masquerading as customers, store associates, or external criminals and hackers.Authors