By VaibhaSomani, Direcor, Gravolite
It is heartening to see the retail sector slowly trying to get back to track after the impact that Covid-19 had created. Things are finally going back to normal, slow and steadyand the retailers are taking all steps necessary to get their business back to track. And more than ever the one thing that the retail world has realized is the importance of a digital transformation and more so the role of Artificial Intelligence in this sector and the possibilities and opportunities that it can create.
Customers experienced the very first important shift with the emergence of e-commerce which effectively allowed customers to buy things from anywhere at any time.The world of retail instantaneously opened up for anyone with a PC, phone or tablet, enabling a globe of buying and selling unlike ever before.Online retail (from traditional outlets to global auctions) has made an immense impact on commerce from traditional outlets to global auctions. The actual revolution came on the backend, where high-end Artificial Intelligence systems worked to deliver recommendations to new one and existing customers. It has helped E-commerce to thrive beyond its early success.This comes at a time when retail sector needs to improve more.
How does AI work?
On the other hand, AI has the chance to make influential changes. It always begins with the premise of thinking about what customers want from their shopping experience. This is where AI comes into play with digital assistants, which can give customers a great shopping experience, via intelligent data manipulation. Delivered via phones, tablets, PCs or in store, AI can analyze and regulate the best sales for each customer. They can provide new product benefits, reveal pricing details, offer best shipping options, recommend latest trends etc.
Unlike the robotic conversations of the past, today’s digital assistants are generally conversational, answering questions in a practical manner, which helps build a relation with the consumer. And this is only the beginning.
The Forthcomingof Retail Is Being Redefined!
Retail is currentlygoing through inescapable challenges that no one could have predicted. But the retail sector is bouncing back and this developmental period will continue.Fueled with technology that consumers not only want but need, stores are going to be a crucial part of the future. AI is at the center of it all and it will help to lead in a new era in retail. Therefore, consumers will no longer have to wait for questions to be answered, for matters to be solved or for long lines to clear out. All of these problems will become a thing of the past, removing all hurdles that currently keep consumers from coming back. This will lead to a new renaissance at physical stores, which will then be capable of providing the complete shopping experience consumers demand.
Advantages of AI in the retail sector are umpteen and some of the most common benefits are;
- Better consumer experience
- Optimization of tasks
- Managing better demand forecasting
- Helping in pricing decisions
- Avoidance of long queues
- Optimizing product placements
- Extraction of valuable data
Conclusion
The widespace of advantages that AI brings into the fold will have a tremendous impact on the future of retail business in India. AI in retail has brought in tremendous empowerment to the sectorbuilding business opportunities and levering improved retail operations to deliver a personalized shopping experience to the customer.
