What time of day are your customers most likely to buy? How often do they make a purchase with you? Does the weather impact their decisions? Answers that were once impossible to know are now everyday knowledge thanks to Artificial Intelligence.
When it comes to retail, AI is being applied in new ways across the entire customer journey and product cycle. From assembly to post-sale customer service interactions, automation and other new technologies are continually transforming the industry, bolstering its strength within ever changing markets.
Here are the top 3 AI trends in retail:
- Intelligent Stores will bridge the gap between digital and physical worlds:
The physical store of the future will be a significantly more digitalized version of what exists today. Shoppers will be able to interact digitally within the physical environment in a way that provides real-time experiences and addresses underlying needs and preferences. Innovations like digital racks, virtual trial rooms and robotic assistance will all help to increase engagement levels.
- Voice AI will replace touchscreen:
Retailers need to prepare for the rise of voice technologies as functions like voice search begin to play a bigger role within customer journeys. Voice commerce makes the shopping experience more engaging for consumers while enabling retailers to make informed, real-time recommendations based on data from user interactions.
- Customer experiences will become more personalized:
AI algorithms can make sense of data that retailers have been collecting on their customers. They can understand their behaviour and come up with specific, actionable insights on an individual basis. AI and Machine Learning can also be automatically adjusted based on situational context and can spot opportunities for increased conversion and revenue that humans may miss.
Retailers need to think holistically about how different technologies will transform customer experiences and create new, unique sources of value. From reducing shipping costs and improving chain efficiency to personalizing shopping experiences and helping workers acquire new skills, AI technologies will allow retailers to better serve their customers and thrive in today’s economy.