How Artificial Intelligence is Benefitting the Retail Industry

By: Retail CIO Outlook | Monday, June 15, 2020

Artificial Intelligence helps retailers gain better customer insights and offer personalized shopping experiences to customers.

FREMONT, CA: Various industries have successfully changed their business dimension with artificial intelligence, and the retail sector is not excluded from it. Recently, the retail sector has gained immense benefits by applying artificial intelligence. However, few retailers are still reluctant to use AI because it is expensive, and many are not aware of it. Here is some of the method in which AI is utilized in the retail industry.

How can AI help Retailers?

Most of the industries have already shown their interest in using AI because they want to increase their profit from technology. The demand for AI is also augmenting among the retailers because the technology will permit the businesses to present an improvised shopping experience to their customers.

Artificial Intelligence in Retail Business

The modernized technology of AI is useful for retailers because they have to process and collect a considerable amount of customer information. AI apps can offer retailers with the personalized customer experience and valuable insights by utilizing deep learning and machine learning. Here are how AI has modernized the retail sector and provided them with an enhanced experience.

Virtual or Digital Assistants

AI is helping the retail market to expand technologically due to which the retailers can focus on providing quick support to their customers by using AI’s natural language processing and analytics. Moreover, the physical stores have also started utilizing the touch screen panels and robots to help their consumers in several ways, like getting a response for a query, product details, and locating the products.

Digital Racks for Fashion Products

AI technology has helped the retail companies to generate virtual trial rooms and virtual shelves so that the online consumers get a more personalized experience. Therefore, the customers will quickly get their best and suitable apparel with such an AI apparel application.

The retail industry will improve their shopping experience with AI, but this virtual service can also assist the consumers while they are selecting a product.

High Security Backed By AI

The AI-powered security systems are helping the retailers to detect the act of the customers inside the store. The technology helps in increasing the security level along with developing the services and product offerings.

Moreover, the retailers can also reduce thefts with the help of video analytics by utilizing the footage captured by the security equipment.