How Retailers Can Boost Profitability with AI
Technology interaction remains a top trend for retailers in 2019, which includes the deployment of AI applications. This technology is significantly improving the level of insight retailers can discover from their data sets, giving them a deeper understanding of their business and helping them make more informed decisions.
‘Business Insider predicts that AI will boost profitability and wholesale by nearly 60% by 2035.’ (Ableau, Huckaby, 18.01.2019)
Trends driving change in retail:
1) Smart Shopping Cart
Self-checkout shopping carts use AI to learn about the product the customer places in the cart. Using computer vision, sensor fusion, and three cameras, the cart automatically rings items the customer puts in. Smart Shopping Cart features include: shopping list, budget alert, merchandise locations, scanner, GPS locator and an ultra-sensitive scale. Automated shopping carts reduce shopping and check out times.
2) Virtual Shopping Assistants
Virtual shopping assistants use AI to provide recommendations to customers on the best items to buy. This allows retailers to make the shopping experience more personal. Virtual shopping assistants will help bridge the gap between online and offline experiences as customers want self-serve options and quick answers to their questions – similar to online solutions. AI assistants will be able to learn about your tastes and interests to suggest similar items you might like to purchase. AI shopping assistants are helping retailers improve the customer experience and gain valuable insights into their customers’ shopping patterns.
3) Delivery Robots
Package delivery technologies will see autonomous six-wheeled robots deliver packages to people’s front doors at any time they want. Food delivery chains have already tested this method by delivering lunches on the streets of London, and on campuses of several companies in California.
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