Original article was published by RBW Solutions on Artificial Intelligence on Medium
ARTIFICIAL INTELLIGENCE IN RETAIL INDUSTRY
The digital age of the retail industry has been progressing since years. It has enhanced speed, performance, and efficiency beyond every category of the retail business, thanks to the predictive analytics systems and high-level data that are encouraging companies to make data-driven marketing decisions.
AI, in retail, has enabled companies with high-level information and data that is leveraged within new marketing opportunities and advanced retail operations. None of these insights would be feasible without the IoT(internet of things), and particularly, artificial intelligence. It is assessed that AI made $ 40 billion of extra revenue in the retail industry in 3 years.
Retailers, looking to remain ambitious, need to seek no further than AI within the retail business. It remains anticipated that 85% of industries will be adopting AI by 2020.
What Solutions & Technologies Are Adopted for AI in Retail?
Artificial intelligence denotes a term that many people do not fully understand what it indicates. When we state AI, we indicate different technologies, including predictive analytics and machine learning, that can process, collect, and interpret troves of information, and apply that data to predict, estimate, familiarize, and help retailers make data-driven and correct business choices.
How Does Artificial Intelligence in the Retail Industry Look Like?
Today’s changing retail business is developed on a different covenant of heightened consumer expectations and data-driven retail experiences. However, giving a personalized buying experience at the range — that is constant and relevant — remains no effortless feat for retailers. Because physical and digital purchasing channels combine, the retailers who can transform their businesses with retail POS software will stand out as market leaders.
Why Do You Require AI in the Retail Industry?
Apart from the sheer speed and business intelligence that the retail software and these technologies can render, the digital transformation within the retail industry merely is producing successful businesses. Many profits can be credited to AI in the retail industry; however, here are a few fundamental ones that retail professionals can count on.
• Draw Customers — With many innovative competitors presenting shoppers with unique shopping experiences, established retailers require to engage consumers in a relevant and personalized manner that happens to be unique and exciting beyond all touch points.
• Synchronize Online & Offline Retail — Digital retail POS software and physical shopping mediums typically work under a separate set of approaches and initiatives. However, treating these mediums as distinct company units add conflict for consumers seeking effortless shopping expertise and points to operational incompetence.
• Empower Tangible Logistics Networks — To assist a broader range of consumer needs that are going from mainstream to niche, retail professionals require to reconsider their established supply chain in support of flexible and adaptive ecosystems that can immediately respond to customers’ shifting habits.
Adding Retail POS software systems to promote AI in retail may seem overwhelming. With a trusted technology solutions partner, you can be guided and supported through each step of your process, and also after deployment.