How AI and Chatbots are Transforming Retail

Artificial intelligence and chatbots are having an impact across every industry, and retail is no exception. Across the value chain, AI is making roles more efficient and effective – from using real-time video footage to analyze foot traffic and flow to analyzing social media images at scale to recognize trends as they’re starting.

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The AI Impact

Artificial Intelligence can serve as a boon for retail companies that gather and possess customer data. AI can derive meaningful conclusions from a massive amount of data and help companies to create personalized shopping experiences via highly-structured webshops, intelligent in-store bots, and online chatbots.

By 2021, 15% of all customer service interactions will be completely handled by AI, an increase of 400% from 2017. (Gartner)

Digital Racks for Apparel & Fashion Products

With the help of AI technology, apparel retail brands can create touchpoints, digital kiosk or touch displays where the customer can be able to find the right style, without having to shuffle through a pile. Customers can instantly see how a dress would look and combine it with other items and can browse through recommendations based on their preferences and style quotient.

All this will not only enhance the shopping experience but will help customers to choose from millions of options, which is currently not possible due to space constraints inside a physical store. With AI, a store can be converted into a bustling repository of design and draping ideas that users can choose from. Also, stores will be able to gather deeper insights into consumer behavior, optimizing their product portfolio for much better retail experience delivery.

Robotic/digital assistance will be a reality

Using AI, smart analytics and natural language processing technology, retail stores can give customers the power to get instant support, inside the stores. By placing Kiosks and touch screens, stores can help customers locate an item, get answers to their queries and find out how a product can make their life easier.
With the help of customer service bots powered by AI, stores can reduce their manpower costs and provide 24×7 assistance to the customers. Not only will it improve customer service levels but will definitely attract more buyers to the store in 2019.

Better Customer Support via Chatbots

AI-powered chatbots are enabling retail brands to engage customers, efficiently. With the help of chatbots, brands can handle thousands of queries simultaneously, without having to employ a large workforce.

A consumer-facing survey by marketing firm Uberall indicates that 20% of consumers surveyed are “very interested” in chatbot experiences from brands. 80% indicated that they have had “generally positive” interactions with chatbots.

AI has a ton of potential across a number of different functions on the retail market, however prioritizing what matters to your business is crucial to getting the most out of any new technology. Time and time again, the one thing everyone in this industry will agree on is that bottom line improvement require, first and foremost, a clear understanding and ability to adapt to customers’ ever-changing needs in advance. AI provides this capability; now is the time to start using it.

Call us today to learn about how you can easily implement AI solutions to help increase customer experience and engagement.  We can help you through a phased approach step by step, to easily integrate these solutions into your existing customer-facing processes.