The benefits of integrating AI into retail

The retail market is getting a digital transformation. With internet-empowered customers, it has been evaluated that the brick and mortar stores will soon become redundant and there will be a paradigm shift to e-retail. While this will greatly enhance customer experience, does it have the potential to raise the profitability of the retail market?

Technology has enabled the growth of a number of verticals. Retail market research reports also show evidence of benefits to the retail market from the integration of it. There are specific concepts, that when put to use in the apt segments of the business, can increase the revenue influx. One such popular concept is that of Artificial Intelligence (AI).

AI is the current buzz in the business field. And, in sync with technologies like IoT, it has the capability of establishing its footprints in the retail domain. The following are the benefits that the retail industry can reap from it.

Optimize your workflow remotely

Manufacturing processes can be regulated by software. It gives all levels of the workforce hierarchy a collaborative visibility. So, an operational supervisor can even identify a problem that arises (or may arise) while sitting in the control room. Action can be taken in real-time so that the workflow is not disturbed and the idle time of the machinery and employees can be reduced.

This ensures an optimal use of the available resources. The management can even collect this data to track the working hours of their employees and then allot solely performance-based incentives.

Boost your sales by bettering customer relations

To convert potential leads to customers requires the lead to gain trust in the company’s services. For this, traditionally, there is an assigned representative who stays in touch with the person. But for manpower to be employed with every lead generated can be cumbersome. AI can not only address every customer, it can also be instantaneous in doing so. This way you do not have to distinguish between potential customers and spammers in the initial stages. Instead, everyone can be conversed with thus boosting the chances of sales.

Moreover, AI can be programmed for regular follow-ups with existing leads. And based on their behavioral patterns, the conversation or products recommended can be personalized. Market research has shown this approach to increase customer response rates appreciable and, as a consequence, the sales too.

Speed-up your delivery steps

The key to a quick delivery is to follow the right delivery path. Having an efficient virtual navigation assistant can thus speed-up your delivery process. These days, autonomous delivery systems are being tested with drones and robots that can be controlled remotely. Some of these are also equipped with systems that can even keep food or other products maintained at specific temperatures.

Better the payment services you offer

Implement fraud detection algorithms to secure your customers’ transactions. Based on previous payment patterns, it is easy for AI to recognize if a particular amount has actually been transferred by the concerned customer.

The era of digital wallets is seeing further advancements. Companies are trying to open what they claim to be “convenient” retail stores. Here, customers can just pick what they like and walk out of the source. Sensors will evaluate their shopping cart and the customers will be billed automatically.

While the adoption of AI may come with money constraints, its applications guarantee a good ROI. AI is shaping the future of retail and the businesspeople concerned with this sector are recommended to take a close look at the applications of AI to identify opportunities for growth and expansion.