How Artificial Intelligence Provides Better Buying Experience to Retail Customers
by Ashish Sharma
Published Tue, Apr 17th 2018, 15:54 | Technology
Over the last few years, artificial intelligence helping many sectors and industries in development and transformation. With AI technology has become more accessible to users. Artificial Intelligence has also been successfully applied in the retail industry, as you will read in this article. Ways of using Artificial Intelligence in Retail: According to a report by Global Retails Tech, Retailers can use Artificial intelligence in three ways; Customizing item offerings Customer service Management to their inventories Retailers already offering specific items for each customer based on their purchasing habits through their CRM (customer relationship management) system. It encourages buyers to opt for a scheme in which they provide detailed data on habits, as well as like and dislike of their interest about product and offers. Such data, adapted by an Artificial Intelligence system, could offer them special discount on items on their wish list. It can also be sued to track the purchase patterns, both online and in physical stores to recommend additional item that match. For example, a garment or fashion item they had already chosen. Customer Recommendations: The North American company The North Face, is the perfect example of customers recommendations or concierge. The Artificial Intelligence system used by this company to recommends products for purchase based on variables such as intent, location, preference of color, size and gender. For example, walking in Iceland in October or travelling to Toronto in January produce and show different buying suggestions. According to the company, based on data that was collected from 55,000 users, AI increased 60 to 75% higher rate of conversion of clicks into sales. Increasingly personalized offers: AI helping in increasing personalized offer to customer. Instead of spending millions of dollars on television that try to reach everyone but actually only reach very small percentage of viewers, That is the reason many retailers are incorporating Artificial Intelligence into their marketing efforts. With the right technology, it is now possible to create promotional material that accurately reaches the target audience with great precision. Intelligent mirrors that are actually immense monitors with built-in sensors, are able to overlap and match items of clothing with any piece that a customer is already experiencing. Some of these screens are already routinely used in Japan and China to boost sales. Although such technology is still expensive and not available to everyone, this scenario will soon change. An example of what I say above can be given by the Chinese e-commerce giant Alibaba. The company has partnered with physical stores to put the screens in operation. In 13 stores across China, where the system is in use, there is a significant increase in sales. How does it work? By means of sensors incorporated into the clothing, the Artificial Intelligence system that drives the display screen knows which part is being tested. It then suggests additional fashion items that match the customer profile. The system still provides a visual representation of the suggested item on the screen, combining it with the clothing already chosen by the customer. Ashish Sharma is the Chief Marketing Officer at WeDigTech, a Mobile App Development Company in LA California US. He is responsible for marketing activities that have to do with creating, communicating and delivering offerings that have value for clients or business partners.
Bio
Ashish Sharma is the Chief Marketing Officer at WeDigTech, a
Mobile App Development Company in LA California US. He is responsible for marketing activities that have to do with creating, communicating and delivering offerings that have value for clients or business partners.
