For retailers around the world, artificial intelligence (AI) is quickly becoming key to staying relevant in an always-on marketplace. As digital-savvy customers come to expect larger-than-life experiences, retailers must turn to advancements in analytics, cloud computing, and intelligent technologies to create customer-centric experiences like never before. A recent analysis published in Forbes estimates that a lack of personalization results in a loss of $756 billion annually for US-based companies. Globally, that number jumps to a whopping $2.5 trillion lost.
From intelligent chatbots that streamline customer communication and boost sales to cognitive services that can track and manage inventory with hyper efficiency, AI drives greater ROI by unlocking the power of data. That’s why retailers are turning to platforms and solutions enabled with AI to increase engagement, optimize operations, and deliver outstanding retail experiences.
Make smarter decisions, lower costs with AI
For years, retailers have used resources like transactional histories to uncover customer habits, anticipate trends, and drive brand relevance. AI supplements this process by more rapidly collecting, sifting, and connecting billions of data points to solve some of retail’s most prominent friction areas.
One such issue is operational silos. Retailers can boost commerce operations by combining disparate data sources into a unified, intelligent platform. According to a 2018 report by industry analyst Deloitte, a majority of C-level executives plan to replace existing disparate systems of record with a single platform.
Indeed, a centralized, smart platform can help retailers more efficiently track and manage supply chains. With AI-enabled insights, retailers can keep products on the shelves when they are most desired, all while cutting down on revenue-zappers like storage costs and shipping delays. A more flexible approach to resource management not only saves money; it also recognizes and respects the changing nature of purchasing behavior, which ultimately means a better customer experience.
Delight your customers
The retail landscape may be changing quickly, but one thing remains the same: the customer is still always right. The retail revolution increasingly demands that brands demonstrate a deep understanding of their customers, while also valuing their time and loyalty.
Retailers can demonstrate commitment to their customers by creating remarkable, frictionless, and personalized experiences along every point of the transactional journey, whether they choose to shop online or in a physical store.
AI-enabled experiences, like omnichannel inventory sync, virtual checkout, and sophisticated recommendations based on buyer preferences all help ensure that customers receive a seamless experience that keeps pace with their mobility, lifestyle, and expectations.