AI News, Artificial Intelligence Is a Gamechanger for Retail Execution artificial intelligence

Automation and Augmentation of Retail Data and Analytics | NRF 2019

Today’s systems have the capability to sense what is happening within your store locations as well as departments of the entire retail business, develop focused insights about any operation, predict the upcoming challenges or opportunities, prescribe the best way to move forward, and then execute the decision.

Earlier, they would typically use the enterprise BI and Analytics tools, set data filters as they seem fit, use the dashboards to drill down additional details in order to get the specific insights to support their decision – and doing all this required a certain level of expertise.

But today, the AI-based system can take in your final goal as an input, then automatically processes data, recognize opportunities among the various tactics businesses use to improve sales by modeling the outcome against variables like product, price, availability, and customer preferences to recommend the best action to execute.

The data and information are all there, but what is still lacking is an ability to understand business context, identify anomalies that need attention, correlate all that data, predict outcomes, and prescribe the best decision or action.

It can help retailers with resolving business challenges and taking decisions pertaining to all areas of retail, including: new product forecasting, inventory management, in-store engagement, real-time personalization, assortment optimization, promotions, campaign management, store operations, price markdowns, loyalty management, and a lot more.

This AI-based retail data analytics solution knows what your customers want, knows your manpower needs and inventory levels, can sense winning product combinations, categories, and promotions, and keeps getting smarter over time as more and more decisions are implemented.

It should offer a friendly user interface that humanizes interaction through natural language – so the users, just need to talk to it and the intuitive analytical system would start churning recommendations immediately.

Once a question gets asked, it understands the context, processes the data and uses advanced algorithms to machine-analyze and prescribe the best action for a business outcome by considering decision contexts and simulating potential impact.

Positive Effects on E-Commerce: Combining Visual Recognition Technology with Chatbot

A statement implying that traditional media companies’ biggest competitors in the future could be the likes of Google and Facebook would have sounded crazy five years ago, but this could not have been more true today.

The evidence is all around that tech, digital and platform giants are not only winning the ad serving battles online, but they have also entered the business of content creation and distribution with very significant investments.

With so much content, in fact, we can describe the situation as having way too much content out there in this digital age, how are content creators like you going to create the best resources to engage and convince your target audience?

While the digital and technology players are making their way to become more proficient in the delivery and distribution of content creation, it becomes crucial for traditional media companies to become more adept in their use of data and technology.

How Can AI Use Data to Deliver a Great Customer Experience?

If you keep up with recent trends in technology, then you’ve probably been hearing a lot about artificial intelligence (AI) lately.

Artificial intelligence has many uses and is already seeing multiple cases of real-world applications. But that doesn’t tell you much about how your business can use it, or if it’s going to be something you need to adapt in the coming years.

Depending on your needs, the answer to that question is a resounding “yes.” So in this article, I want to briefly cover some impactful ways that AI can use data to improve your overall customer experience.

Recent studies have shown that almost one-fourth of consumers say their expectations are higher than they were a year ago, and more than two-thirds want faster service with more convenient shopping options.

How do you ensure a high-quality customer experience that appeals to a wide audience? If you want to take care of your customers, you need to be able to make sure that you’ve got optimized data and a good way to implement your findings.

A great example of this, is Netflix’s personalized picks for their customers. This type of personalization helps them stand out from their competitors, and also keeps users coming back to their platform to find new entertainment options.

Retailers are already using AI to help provide better customer service, and the numbers are only poised to grow in the coming years. Plus, personalization is just one of many options that allows you to create a top-notch customer experience using data from AI.

The key takeaway here, is to start looking at using chatbot or virtual assistants to help reduce helpdesk tickets and improve customer support.

To understand the content of the image, you have to use a very sophisticated algorithm that discerns the full meaning of the image and then provides appropriate search options. Almost two-thirds of millennials have expressed an interest in this over other tech.

Artificial intelligence is here to stay, and it can have a profound impact on your customer experience in the coming years. With the ability to process more customer data, you can meet your customers rising expectations in a way that keeps them loyal to your brand. Since AI helps brands provide a personalized experience, you can take your customer experience to the next level.

With new automation techniques like chatbots and virtual assistants already creating an impact,  you can save time and money by outsourcing mundane, routine tasks.

AI is beginning to change the way search engines work through visual search, and adopting AI is one of the best ways to cement the success of your customer experiences in the future. With all of these potential use cases, it’s clear to see that using data-backed AI is a solid move for your brand’s future.

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