Anish Satheesan (COO)
The existence of AI within the retail sector is likely to increase over the next few years, making it more and more critical that retailers understand these applications and how to efficiently incorporate them into their businesses. Artificial Intelligence in Retailing can be defined as the process of gathering and analysing large amounts of data, which helps companies to build personalized shopping experiences for customers through recommendation engines, highly-structured online stores, smart bots and in-store chatbots. From creating more jobs in the marketplace to improving and personalizing the customer experience, it is not a mistake to say AI is the future of retail.
Data is paramount
With massive amounts of data and increasing customer demands, the first movers of artificial intelligence (AI) in retail are seeing increased customer loyalty and improved bottom-line results. Customer engagement and experiences will continue to be a future use case for AI in retail, believes Edward Roberto, from KAPUA, we are already seeing applications where self-service has transformed in-store experiences.
Paradigm shift- moving retail to customer
We are seeing retailers engaging customers via virtual assistants, improving in-store as well as the experience on the web. In the end, we can see how chatbots are a productive way of taking advantage of the increasing power of the AI developments within retail sales and customer support. More and more retail companies started adopting Artificial Intelligence in Dubai. Let us explore how retailers are investing in the high-tech of wooing customers at brick-and-mortar stores, and using tools to improve efficiency and speed in operations.
AI playing the central role
Retail entrepreneurs are investing in cutting-edge technologies, including artificial intelligence (AI), robotics, data analytics, and logistics automation, becoming more customer-centric and responsive to the demands in the retail sector. Retail and consumer products organizations are entering a new phase of technology innovation, and smart automation is central. Retail and consumer products companies are entering a new era of technological innovation, with an emphasis on intelligent automation, driven by artificial intelligence and smart machine utilization.
With AI and machine learning, retailers are capable of changing their retail infrastructures and augmenting their traditional business processes. With the help of computer vision and big data analytics, retailers could turn conventional shopping into smart shopping in no time. With data captured via AI-powered analytics platforms, retailers can make better business decisions on how much inventory to order, according to customers behaviors. Across industries in UAE, companies are applying artificial intelligence to their businesses, galloping excellent results.
Retargeting consumers for making predictive recommendations is an effective example of personalized shopping using AI. For instance, AI could enhance mobile shopping experiences by tailoring their recommendations for every customer, helping maintain better store experiences, and improving checkout, customer support, logistics, and inventory optimization.
Personalized services is the key
While AI might not be the magic bullet to fix all of the problems that the retail industry is facing right now, this technology gives brands an immensely improved ability to build deeper emotional connections with their customers online — increasing loyalty, creating a competitive advantage, and driving revenues. AI can be used to offer services like e-shoppers, simplifying the buying process and providing personalised experiences that improve customer loyalty and retention. When properly integrated into retail operations, AI can do wonders in terms of enhancing not only customer shopping experiences, but for businesses as well, gaining insights into consumers, which allows companies to best meet changing consumer demands.
Find out more how ARKANET helping retail businesses using deep learning, digital twins, or meta to provide a strategic customer experience. Arkanet the best AI service providers in UAE. Tap into our services for developing artificial intelligence and machine learning solutions from We at Arkanet, and expand your retail businesses with solutions that are built for AI and ML at scale in UAE.
According to one of the top research firms, the spend on AI systems led by the banking and retail sectors is expected to surpass $5B in the coming years, with most aimed towards automated customer support agents and product recommendation engines. More than 80% of executives across the retail and consumer products industries expect their companies to be using smart automation by 2022.
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