Is AI Driving the New Retail Revolution?

Is AI Driving the New Retail Revolution?

By Retail CIO Outlook | Thursday, September 20, 2018

Today in the world of emerging innovation, if there is anything that can change the game is the growing adoption of Artificial Intelligence. All the sectors are enjoying the benefits of this technology, and therefore Retail Industry is not left behind. It has emerged as one of the fast-paced industry due to the growing competition in this sector.

AI in the retail sector is reinventing the shopping experience for its customers and thereby attracting customers to meet the growing demands of the customers. New technological trends are being witnessed every second, be it Chatbots, AR, Virtual Assistants, AI is always offering something new to us in collaboration with these technologies.

•   Accommodating Individual Needs: Consumers demand a higher level of personalization from brands thereby pressurizing the retailers to provide seamless engagements fed by valuable data insights. It is essential to track the search results, purchase history, location, and recently viewed products of the individuals to understand the needs of the individuals.

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AI can be a great help in this sector as is self-functioning and saves time for retailers and will also provide hyper-personalized experiences to the customers based on real-time data.

•   Human Management and AI: Though AI can manage conduct tests for individuals, but it still requires human intervention to access that result and change the personalization strategy according to the needs of their customers. When AI is involved in this procedure along with human intervention, the technology will be able to provide insights into individual shopping pattern and customer behavior thereby providing relevant web pages to them.

•   Big Data to Fast Data: Organizations have to make a shift from big data to fast data to meet the consumer demands. From the large data quantities it is difficult for the retailers to surf what is essential, here comes AI which aids the retailers to dig out the apt information and the one which serves the personalization experience.

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