Can AI Bring Better Prospects For The Retailers?

Can AI Bring Better Prospects For The Retailers?

By: Retail CIO Outlook | Tuesday, October 15, 2019

Since AI and ML are likely to stay in the society for long, not having any idea of its operations and benefits can put a business at risk much sooner.

FREMONT, CA: AI today plays a significant role in the competitiveness of different companies and makes way to leverage the heap of data, which was long hidden within the organization. The number of customers, shopping behaviors, and contacts data, are rising fast to fuel ML models, classify, and collect their customer base. Doing so will help them in providing a thrilling buying experience to occasional customers as well as avid shoppers.

Luxury Brands in the present time need to put in place the processes, analysis, and offerings for an expanded customer base. They have to think and trigger different strategies for the growing varieties of customer types they are serving. ML, on the other hand, empowers reasoning and enables the brand to utilize the new amount of data by providing business analysts with a certain level of meaning.

Luxury customers look ahead for online interactions with a brand to be equal to their top-class offline experience and vice versa. It can be achieved if the companies seamlessly gather and explore the customer data irrespective of their source. A single channel has various components interconnected to it, such as direct-to-customer e-commerce, physical stores, mobile applications, and social networks. The channel with multiple components is used by the brands to make sure that the best customer experience is conveyed to their frequent clients.

Digital transformation plays a vital role in this business model transformation as it helps to collect a vast amount of unstructured and structured data in real-time. After the inception of AI, the customer profiles no longer remain periodic pictures and turn into a continually evolving data stream. The channels enable the brands to target marketing actions that bring out the customers and their growth.

Besides, chatbots are also in place to handle different parts of the customer service experience cost-effectively and efficiently. The AI-driven bots help the customer by suggesting to them the appropriate chromatic pairing or the outfit of the day option. ML techniques are utilized in enhancing sales and marketing efficiency, along with scaling in terms of data evaluated.

Face recognition is another AI-powered tech used to identify a customer and the shopping history and preferences from his/her mobile device. The technique helps in customizing their shopping because every buyer loves to be unique.

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