Artificial intelligence is the hottest and most promising development in the tech landscape for years. According to the market firm, global AI revenues increased from $ 643.7 million in 2016 to $ 36.8 billion in 2025.
Practically all market shares, industries, and business domains are actively interested in AI and are looking to use technology for business purposes. It authorizes AI companies to reduce costs and make the shopping experience more enjoyable and efficient for end-users. Obviously, how can the retail sector get away with good technology?
Retail-AI Syndicate
According to Global firm Insights, investments in AI by the retail sector will exceed $ 8 billion by 2024. As more and more applications for machine learning, predictive analytics, and deep learning technologies have experimented with success, the digital disruption in the retail sector is happening at a rapid pace.
To read about: Artificial Intelligence In Retail Sales and CRM
Globally, AI experts believe that technology provides a wide range of applications to the retail sector. In the coming year, retail will see a greater infusion of AI-based solutions into daily operations. AI will change the customer service cycle in the retail sector, and retailers and customers will need to benefit from the AI-retail syndicate.
The effect of AI
Artificial intelligence can work as a blessing to retail companies that collect and hold customer data. AI draws meaningful conclusions from huge amounts of data and helps companies create personalized shopping experiences through highly-structured webshops, intelligent in-store bots, and online chatbots. Let’s look at how AI will change the retail experience for shoppers in 2020.
Digital racks for clothing & fashion products
With the help of AI technology, clothes retail brands can generate virtual racks and trial rooms with gesture walls and touch-free monitors to find the right style, without having to shuffle through the pile. Customers can spontaneously see how a dress looks on them and browse through recommendations based on their preferences and style quote.
Read about: Top 10 Artificial Intelligence Quotes That Will Inspire You
All of that will develop the shopping experience and help customers choose from millions of options, which is currently not possible due to space constraints within the physical store. With AI, a store can be turned into a bustling repository of design and dropping ideas that customers can choose from. Also, stores can gather deep insights into consumer behavior, optimizing their product portfolio for better retail experience delivery.
Virtual Trial Rooms for Swift Decision Making
When shopping for new clothing or clothing, trying different options can be very frustrating and time-consuming. With the help of virtual mirror rooms with digital mirrors, customers can try on clothing without having to change it again and again.
Using a movement and touch-based interface, a shopper can mix and match different outfits, accessories, shoes, etc. Apart from apparel brands, virtual mirrors make it easy for cosmetic companies and beauty brands to paint what looks like a lipstick shade or foundation on real skin without forcing consumers to apply the product.
Robotic/digital help becomes reality
Using AI-based Smart Analytics and Natural Language Processing Technology, AI retail stores can give customers the power to instantly get support within the store. By installing robots and touch panels, stores can help customers identify an item, answer their questions, and learn how a product makes their life easier.
With the help of customer service bots powered by AI, stores can reduce their manpower costs and provide customers with 24x7 support. This will not only improve customer service levels but also attract more buyers to the store in 2020.
Behavioral Analytics powered by AI-based surveillance
Using advanced monitoring tools powered by AI and Computer Vision technologies, retailers can capture and study customer behavior in stores. This helps them agree on engagement levels with the current store layout and optimize operations for higher engagement and revenue.
Better customer support through chatbots
AI-powered chatbots enable retail brands to engage customers effectively. With the help of chatbots, brands can handle thousands of queries at once without using a large workforce.
Chatbots can be configured to answer questions, provide shopping suggestions, and provide quick support. Using a mix of AI chatbots and humans, brands can effectively manage customers and offer customers a better solution to their problem. Customers are quick and personal.
Artificial intelligence is the hottest and most promising development in the tech landscape for years.
According to the market, global Artificial Intelligence revenues increased from $ 643.7 million in 2016 to $ 36.8 billion in 2025.Almost all market segments, industries, and business domains are actively interested in AI and are looking to use technology for business purposes.It empowers AI companies to reduce costs and make the shopping experience more enjoyable and efficient for end-users.
Obviously, how does the retail sector getaway with good technology?Also read: Top Use Cases of Artificial Intelligence in Retail IndustryThe Retail-AI SyndicateAccording to the Global Market, investments in Artificial Intelligence in retail markets will exceed USD 8 billion by 2024.
In the coming year, retail will see a greater infusion of AI-based solutions in day-to-day operations.
AI can draw meaningful conclusions from massive amounts of data and help companies create personalized shopping experiences through highly-structured websites, intelligent in-store bots, and online chatbots.
Also, stores can gather in-depth insights into consumer behavior, optimizing their product portfolio for better retail experience delivery.Virtual Trial Rooms for Swift Decision MakingWhile shopping for a new dress or apparel, trying out different options can get quite frustrating and time-consuming.
Artificial intelligence in retail is being applied in new ways across the entire product and service cycle — from assembly to post-sale customer service interactions, but retail players need answers to important questions:Which AI applications are playing a role in the automation or augmentation of the retail process?
How are retail companies using these technologies to stay ahead of their competitors today, and what innovations are being pioneered as potential retail game-changers over the next decade?In this article, we cover a variety of examples in which AI is being integrated with the retail industry, broken down into the following sub-categories:Sales and CRM ApplicationsCustomer RecommendationsManufacturingLogistics and DeliveryPayments and Payment ServicesInnovation is a double-edged sword, and as with any innovation, results are a mixed bag.
While many AI applications have yielded increased ROI — this case study of AI in retail marketing segmentation is one example — others have been tried and failed to meet expectations, shining a light on barriers that still need to be overcome before such innovations become industry drivers.Below are3 brief use cases across five retail domains or phases.
Each provides a fraction of a glimpse as to how AI technologies are being used today and which are being created and piloted as potential retail industry standards in eCommerce and brick-and-mortar operations.Readers may find additional insights into the retail space which were recently covered in our report on business intelligence.Also Read: AI & Robotics In Retail — Know How Zara Uses AI to Automate the Order PickupSales and CRM ApplicationsEmerj wrote an entire report on current CRM applications at Salesforce, Oracle, SAP using AI, and more for further insights on this topic.Payment ServicesAmazon GoAmazon’s touted brick-and-mortar locations, known as Amazon Go, employ check-out-free technology that allows customers to shop and leave Customers use the Amazon Go app to check-in, but thereafter the entire shopping experience is designed to be automated.
Sensors track which objects customers pick up and put in their basket and customers’ Amazon accounts are automatically charged after exiting the store.The intended launch hasn’t been without its barriers, and at the end of March 2017 sources close to the retail giant announced that Amazon was delaying the opening of its convenience stores while it worked out “technology glitches” in the automated shopping and purchasing process.Also Read: Top Use Cases of Artificial Intelligence in Retail IndustryAI in Retail — Concluding RemarksIn many of our interviews with retail-focused AI vendor companies, we’re told that “big box” retailers (Best Buy, Target, Walmart, etc) are extremely slow to adopt cutting-edge technologies.
Because it’s mostly large companies that have the budgets and data volume required to make the most of many of today’s best AI technologies, we outright surmise that an “AI revolution” in the retail space is unlikely.
No doubt, that retail industry is climbing new ladders of success as the time is surpassing because the customer base of retail business is tremendous.
In retail stores, you will find the basic products that are related to our daily life including grocery, food, fruits, kitchen appliances, electronics, apparel, vegetables, jewelry etc.
If we talk about India, then it is the 5th fastest growing retail hub in the world.
Retail industry contributes almost 10 % in the GDP of the country, which means that it has a vital role in the economic growth of India.
The retail e-commerce business will touch the mark of 700 billion by 2020.
You can tell your customer to send SMS to with promo code and get the appropriate discount, in this way; you will get their contact number.
A virtual administrative assistant is a person who you assign online to perform the same tasks as an office administrator, or office secretary would often do for you.
If you have employees, the job of these people is to look after their personal affairs and look after their work, as well as looking after your company's work and personal affairs.
If you have a home business, they are there to help you keep your home business running smoothly.
This is a convenient way of dealing with these types of situations because it gives you the benefit of having one person do all these jobs for you instead of having to train someone to do them.Before hiring a virtual administrative assistant, it is vital that you check out their qualifications and experience so you can make sure that you are getting what you need and want.
It is also possible that a virtual administrative assistant could be part of an executive team which means that they work in tandem with a CEO or a leader in the company, so they have a large role in the operations of your company.To find the best virtual assistant services, you should consider the following factors.
First of all, the person you hire must be willing to meet the qualifications that you require.
They opted to leave their office jobs, some of which were unfortunately lost their job and decided to sell and provide their services online to a wide range of businesses, both local and global, that are in need of someone they can rely on endless list of tasks virtually.
These businesses require someone who possesses the qualities that are absolutely necessary for them to be able to entrust you with their business.
There are numerous characteristics that a virtual assistant should possess, but the most important are listed below, which will undoubtedly help you attract more clients and assist more businesses.ReliableSomeone who can do the job without supervision from the boss is brilliant.
However, if you are unable to simply report a project update or answer and manage emails in a timely manner, this will have a negative impact on your client’s business.
Because most VAs work remotely, you must be able to demonstrate a high level of responsibility and independence in order to complete the tasks assigned to you without being told exactly which clicks to make.TrustworthyAssisting someone with business will make you realize that you will be handling important and necessary job duties, including confidential data.
Tasks may even pervade your client’s personal life.
