Imagine a shopping event conducted during the wedding event of your elder cousin or sister/brother three decades ago. The entire family went from shop to shop, spent two days only for the best dress to wear in the wedding. But the time has changed. Now in the era of online commerce, a entire family can sit opposite a big laptop monitor and check out the clothes. So, the shift has happened. Instead of going to brick-&-mortar stores, checking the online fashion accessories for men and clothes in the mirrors, and store sales assistants to help you, there are the online eCommerce Platforms. Now in this article, let us focus on the concept of Artificial Intelligence in Retail.
In very simple words, artificial intelligence can be described as the development of computer system that can perform tasks similar to humans such as decision making, recognition of speech and language translation.
So what are the benefits of impacts of Artificial Intelligence in Retail industry? Let us imagine some examples. It can play a significant role in helping the customer find the perfect item as per his search. And with Virtual Reality in the picture, customers can check out items. They do not have to put the clothes to check for the perfect fit. So, digital marketing makes it easy for the businesses to send the right product to the perfect person.
Now let us see the best examples of Retail in combination with Artificial Intelligence
2. Search With AI
Imagine the time you took to find a simple topic in the internet two decades ago. If you typed the spelling wrong, you would have spent more time. Now, with artificial intelligence in the picture, even if you typed the spelling wrong, you get the perfect topic. This is due to AI.
Imagine the same situation in a online eCommerce website. The recommendation engines brought about as a result of AI assist you to find the right product. You do not have to scan through hundreds of profiles, but browse through the digital catalog. In the initial stage, before beginning the search, you have to answer questions regarding the size, preferences, and the kind of product. The same applies for every product and even the services.
Let us imagine a situation. You are a entrepreneur and have launched a new product. The teaser and banner regarding the product have got posted in social media platforms. Now with AI being implemented, your technical team can check the gestures, alphabets, words typed by the customer after viewing your product. Based on the large amount of data received from customers, the AI tool can predict a hike in sales or if the product is going to be a failure. And it can also predict the comparisons between the old versions of the product and the benefits to a customer with ease.
Imagine the shopping on a virtual eCommerce store. You can check the clothes with virtual mirrors. Without checking the clothes manually, you can determine the exact look a dress can look on you. With this technology, you can try a lot of items in a short duration. And you can also select the best based on your size. There are numerous instances in which you have brought a product (dress) online. When it comes to your door, and you check, the size is small. So, you have to ask for a refund or a complete change of dress. Implementation of AI, will reduce these errors.
Amazon has already implemented AI in its website. Imagine the recommendations you get while searching for a product or book? It is now thinking of utilizing drones for delivery in US. But yes, when implemented, Artificial Intelligence in Retail can give the best benefits to customers and even the companies. Let us take another example. You have a company which specializes in online doorstep bike service Hyderabad. You have an app where the customer can easily book a service. For the others, you have a website, where the customer can log-in and place a request with the chat. You will get a human representative who can book the service. In other home services companies, there will not be a human for customer interaction, but a chatbot. It can answer the customer queries effectively. For the difficult questions, the call gets transferred to a human executive.
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