The utilization of artificial intelligence as a resource has reached yet another climax; as now, the retail sector has its hands-on machine learning. From 2016 to 2018, the association of artificial intelligence with retail grew by 600 percent. In 2018, 28% percent of retailers used AI technology in some form. Among the most popular corporations are partaking in the endorsement of artificial intelligence and the efficiency it provides: Walmart, Target, H&M, Brown-Forman Whiskey Whisperer, McDonald’s, and Kroger, to name a few. As a result, and with the incorporation of cameras and robotics, retailers are reshaping the consumer goods market into something unlike we’ve ever seen.
It’s worth noting there are significant tasks artificial intelligence performs at on a far more diligent level than humans do given their computerized skillset: predictivity, efficiency, experience, and expertise. Retailers can especially benefit from implementing the skills of artificial intelligence in operational tasks, as well as customer relations. When exemplifying out of the 28% of retailers who use artificial intelligence, 74% of those businesses use the technology toward operational tasks. Using your AI technology primarily for operational tasks instead of primarily customer-front interactions can help you in getting the most out of your smart technology. Saying this, there are still great ways to implement AI for customer-facing interactions. Doing so can improve the customer’s satisfaction by 9 percent, reduce complaints by 8 percent, and lower customer churn.
As a result of this all, retail is taking a technological shift. Expect for more chatbots & virtual assistants to serve you not only behind the scenes, but in-person, and digitally. For example, H&M has the technology to automatically style an outfit for you, Target uses robots to autonomously roam store aisles and mark inventory, Walmart is testing customer services bots, and the list goes on. Artificial intelligence has capabilities to improve predictability, enterprise, efficiency, and customer experiences. Continue reading below for more insights on what is to be gained from implementing AI in retail.
Infographic Source: Noodle.ai