Smart Retail Concepts using Artificial Intelligence
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The document discusses the growing adoption of artificial intelligence in retail, with 45% of retailers planning to implement AI within three years to enhance customer experience. Key applications include predictive merchandising, personalized recommendations, and AI-driven customer service, all aimed at addressing challenges posed by changing consumer behaviors and competitive pressures from online players. Notable case studies showcase AI solutions that improve inventory management and marketing strategies, highlighting the necessity for retailers to innovate amid evolving market dynamics.
Smart Retail Concepts using Artificial Intelligence
- 1. S M A R T R E T A I L A P P L Y I N G A R T I F I C I A L I N T E L L I G E N C E A N D A D V A N C E D A N A L Y T I C S
- 2. 4 5 % O F R E T A I L E R S P L A N T O U S E A R T I F I C I A L I N T E L L I G E N C E W I T H I N N E X T T H R E E Y E A R S T O I M P R O V E C U S T O M E R E X P E R I E N C E
- 3. 7 9 % O F S H O P P E R S R E S E A R C H P R O D U C T S P R I O R T O P U R C H A S I N G I N - S T O R E A N D 8 5 % R E S E A R C H P R O D U C T S P R I O R T O P U R C H A S I N G O N L I N E
- 4. 4 0 % M I L L E N N I A L A R E U S I N G V O I C E E N A B L E D D I G I T A L A S S I S T A N T S S U C H A S A M A Z O N E C H O A N D G O O G L E H O M E
- 5. A I A D V A N T A G E S F O R R E T A I L • Necessity for superior surveillance and monitoring at a physical store • Enhanced User Experience • Improved Productivity • Maintaining Inventory Accuracy • Supply chain Optimisation
- 6. A I S O L U T I O N S F O R R E T A I L • Product Recommendation and Planning • Customer Relationship Management • Visual Search • Virtual Assistant • Price Optimisation • Payment Service Management • Supply chain Management and Demand Planning
- 7. A I S O L U T I O N S F O R R E T A I L • Predictive Merchandising • Programmatic Advertising • Market Forecasting • Instore visual monitoring • Location based Marketing • Real Time Pricing • Real Time Incentives • Real Time Product Targeting
- 8. T O P A I U S E C A S E S I N R E T A I L A P P L I E D A R T I F I C I A L I N T E L L I G E N C E
- 9. R E T A R G E T C U S T O M E R S W H O H A V E A L R E A D Y E X P R E S S E D I N T E R E S T I N Y O U R P R O D U C T S A N D S E R V I C E S R E T A R G E T I N G
- 10. R E C O M M E N D A T I O N P E R S O N A L I S A T I O N • These systems leverage customer data to retain and upgrade customers with personalised recommendation via email, site search or other channels. • Key Metrics • B2C Sales • Cash flow • Engagement and conversion • Return on Marketing Investment • Reference • Reflektion for Buy Seasons • BloomReach for Neiman Marcus
- 11. M E R C H A N D I S I N G O P T I M I S A T I O N • Optimising price and product by leveraging ML and Big Data to optimise online and offline merchandising • Key Metrics • B2C Sales • References • BloomReach for Wayfair • Celect for Boton
- 12. C U S T O M E R S E R V I C E C H A T B O T • 24/7 functioning, intelligent, self improving chatbot to handle most queries and transfer customers to live agents when needed. Reduce customer service cost and increase customer satisfaction. • Key Metrics • Customer Service Effectiveness
- 13. A I F O R A D D R E S S I N G P A I N P O I N T S I N M U L T I C H A N N E L R E T A I L I N D U S T R Y P O I N T O F V I E W
- 14. C U S T O M E R ’ S B U Y I N G B E H A V I O U R A N D L I F E S T Y L E C H O I C E S A R E C H A N G I N G . C O M P E T I T I V E P R E S S U R E F R O M D I S R U P T I V E P U R E P L A Y C O M M E N C E P L A Y E R S A R E C A U S I N G R A D I C A L C H A L L E N G E S T O A N T I Q U A T E D B U S I N E S S M O D E L S , D R I V I N G D O W N P R I C E S A N D D R I V I N G U P C O S T S . P A I N P O I N T S
- 16. H O W I S A I R E V O L U T I O N I S I N G R E T A I L P O I N T O F V I E W
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- 19. N E I M A N M A R C U S L A U N C H E D A I D R I V E N S N A P T H A T H E L P S C U S T O M E R S T O U S E T H E I R S M A R T P H O N E C A M E R A S T O T A K E P I C T U R E S O F A N I T E M T H E Y L I K E A N D A P P D I S P L A Y S S I M I L A R I T E M S F R O M T H E S T O R E I N V E N T O R Y N E I M A N M A R C U S S N A P
- 20. H Y P E R P E R S O N A L P R O D U C T R E C O M M E N D A T I O N S
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- 22. S T Y L E S E R V I C E T H R E A D A S K S C U S T O M E R S T O C O M P L E T E A Q U E S T I O N N A I R E A N D U P L O A D I M A G E S O F T H E M S E L VE S . A S T Y L I S T U S E S T H E I N F O R M A T I O N T O U N D E R S T A N D E A C H C L I E N T ’ S N E E D S A N D U S E S C O M P A N Y ’ S A I A L G O R I T H M T O S O R T T H R O U G H T H O U S A N D S O F P R O D U C T S F O R P E R S O N A L I S E D S T Y L E S U G G E S T I O N S T H R E A D U S I N G A I
- 23. U N P R E C E D E N T E D O M N I C H A N N E L S E R V I C E
- 24. F A R F E T C H , T H E W O R L D ’ S T O P L U X U R Y O N L I N E M A R K E T P L A C E U S E S A I T O I M P R O V E S U P P L Y C H A I N V I S I B I L I T Y . A I H E L P S F A R F E T C H ’ S P A R T N E R S I N C L U D I N G 1 , 5 0 0 B O U T I Q U E S A N D O V E R 2 0 0 B R A N D S T O L I N K T H E I R O N L I N E I N V E N T O R Y W I T H I N V E N T O R Y I N T H E I R P H Y S I C A L S T O R E S A N D D E L I V E R S E R V I C E S L I K E C L I C K A N D C O L L E C T A N D I N - S T O R E R E T U R N S . F A R F E T C H U S E S A I F O R S U P P L Y C H A I N V I S I B I L I T Y
- 25. B U R B U R Y L A U N C H E D A F A C E B O O K M E S S E N G E R B O T D U R I N G L O N D O N F A S H I O N W E E K T O O F F E R E X C L U S I V E G L I M P S E O F N E W C O L L E C T I O N B E F O R E T H E R U N A W A Y D E B U T P L U S L I V E C U S T O M E R S E R V I C E B U R B U R Y F A C E B O O K B O T S
- 26. A S A V V Y S O C I A L S A L E S A S S I S T A N T
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- 28. S H O P L I K E A S T Y L I S T
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- 30. T H E U L T I M A T E T R E N D S P O T T E R
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- 32. T H E B E S T W A Y T O E N S U R E P R I C E I S R I G H T
- 33. B I G D A T A T O O L S L I K E I N O P T I M I Z E R H E L P R E T A I L ER S M A I N T A I N C O M P E T I T I V E P R I C I N G S T R A T E G Y , C O M B I N I N G A I A N D M A C H I N E L E A R N I N G R E T A I L E R S C A N I N T E G R A T E T H I S A P I I N T O B R A N D D A T A , S O T H E R E I S A R U L E B A S E D E N G I N E T H A T K E E P S T H E P R I C E O P T I M I S E D , D E P E N D I N G O N R E A L T I M E E X T E R N A L F A C T O R S L I K E I N V E N T O R Y , C O M P E T I T O R S O U T O F S T O C K S I T U A T I O N S A N D D I S C O U N T S . A I S I M P L I F I E S B I G D A T A !
- 34. A I S I M P L I F I E S R E T A I L B I G D A T A , W H I C H H E L P S C O M P A N I E S I M P R O V E T H E I R P R O C E S S A N D B O T T O M L I N E - W H I L E K E E P I N G S H O P P E R S H A P P Y , L O Y A L A N D E N L I G H T E N E D