Retail - The AI Association

Retail

Changing the retail experience

Artificial Intelligence in retail is being applied in new ways across the entire product and service lifecycle - from assembly to post-sale customer service interactions. It has the potential to completely transform the traditional retail experience and take it to the next level through a complete personalization of a consumer's buying journey.
 
AI offers one of the most significant opportunities in the retail space. As a result, retailers across the world are investing in automated solutions that improve the customer experience, while driving operational efficiency and productivity through intelligent analytics.

Sales and CRM Applications

The sales process can be automated and enhanced through identifying and conversing with leads, re-engaging existing leads, and creating the optimal buyer journey through analyzing multiple data sources. This includes integrated data sources, including the recognising the buyers emotions.

Customer Recommendations

Tailoring retail purchase recommendations through customer history and buying behaviour will enable a more enjoyable customer experience. Replicating the role of the concierge in the buying journey through the use of more a intuitive digital interface is possible with advances in Natural Language Processing chat-bots.

Manufacturing

Through integrated AI technologies, factors can better stock their retail and shipping centers through real-time stock management and automation manufacturing to reduce product delivery timelines.

Logistics and Delivery

Robotics are being deployed across the retail experience. From the operational efficiency of factory robotics to automated personal luggage robots in airport terminals, AI technologies are providing retailers with access to goods and services faster than ever before.

Payment Services

Through the use of intelligent applications, customers can simply walk into a store, select the product they want to purchase, and walk out the door without any interruption. Significant innovations have also been achieved in fraud detection through machine learning.

Use cases for retailers across the value chain

Planning and Procurement

AI for stock replenishment
AI for assortment rationalization
AI for procurement back office
AI for cognitive contract analysis
AI for product content and catalogue management
Pricing decisions

Production

AI in predictive maintenance

Distribution and Logistics

AI for predictive logistics network management
AI powered visual aided picking
AI reverse supply chain and returns management
AI for route optimization
AI for reducing distribution pilferage
AI for logistics back office
AI powered visual inspection of warehouse assets
Category optimization

In-store operations

AI enabling self-checkout
In-store bots for shelf scanning
Planogramming

Sales and marketing

AI driven chatbot for sales support
AI in image recognition to identify counterfeit products
AI in voice recognition and customer authentification
Promotion Optimization

Artificial Intelligence is creating significant opportunities across industries and retailers have their own huge set of benefits fromAI. Consumers too have their own set of AI-powered tools to help create a better buyer journey.
 
A transformed and super-charged supply chain offers a significant operational opportunity, and also supports the customer experience.

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