What can Artificial Intelligence do for the retail world? Today, more than ever, competitiveness and turnover come from the ability to offer the right customer experience and with the right connected technology.
In this unpredictable 2020, digital transformation has challenged and transformed many businesses. One above all, the retail world, in which the theme of AI applications has peeped out with some insistence. And we’re not just talking about large chains: whether it’s super brands or small stores, retailers have the opportunity to make the most of this potential (from warehouse to store) to offer a uniform customer experience.
It is no coincidence that Manhattan Associates predicts that 15.3 billion dollars of investments in AI and machine learning will ‘start’ from the global retail sector by 2025. But it remains important to know its characteristics, limits and strategies. For example, let’s think of the classic in-store solution that collects information about customers (hair colour/ type, skin tone, size and style) and then recommends them some products. This could be a real differentiator and engagement factor, especially in this ‘contactless’ era. But what if our shopping tips are not physically available at that precise moment? To get profits and loyalty, without wasting investments in AI, you need to build engaging, targeted and lasting customer experiences.
In short, the retail sector is called to a new paradigm shift: to create value, through thoughtful but necessary investments, to improve user experiences, supply chain management and marketing activities. Retracing the revolution brought by the internet in the last thirty years, we are at the point where AI is no longer a question of if, but of when and how?
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