Retail is advancing at the pace of technological evolution and is now looking towards a growing trend. Discover here how Artificial Intelligence is helping retailers.
When the e-commerce took off in the way it did, all those responsible for the retail predicted the end of physical purchases as we knew them. The novelty and glamor associated with physical purchases were replaced by the endless conveniences and corridors that retail e-commerce brought.
From these important changes in the sector, the laggards are learning very quickly. In fact, if you see the employees of a modern store, you will start to see more analysts, data scientists and digital innovation roles, unlike the old shop assistant/associate scheme.
This is truly the period in which the owners of physical stores must take measures, and for that they are going thoroughly, adopting modern technologies to counterattack their new e-commerce rivals. This is where Artificial Intelligence plays a fundamental role in the work of retailers. The reasons are as follows:
- The stores are using Artificial Intelligence to automate their tasks in real time through apps.
- The AI is now helping retailers by prescribing customer-focused assortments that make it more likely to get higher sales at a specific location.
- Merchants and category managers are using the AI to decide the price reductions and promotions for each SKU (item code).
- The artificial intelligence is also being used to recommend the best-personalized offers for each customer.
- The IA is being used to identify the correct to point to a specific customer and optimize increasingly channel.
- Store managers are using artificial intelligence to predict shelf or warehouse depletion situations to take corrective replenishment actions.
Who is helping retail with these tools?
The help comes from the hand of companies that offer both services and technological products. Such is the case of techsophy, who have created complete platforms aimed at the retail sector to facilitate the transition.
For example, managers have the Shop Heads APP, which is a data visualization tool that facilitates the measurement process through graphics, also adapted to provide a business solution through Business Intelligence).
But the most experienced and cautious are changing too much more advanced technologies such as AI (Artificial Intelligence), machine learning (automatic learning) and prescriptive analysis to operate at scale truly.
Nowadays, AI is no longer a concept with limited use cases. Leading product companies are showing the way by applying AI in real life, and retailers are learning everything.
The retail sector has had to learn to adapt to continue the preference of consumers in America, which is why they have had to take advantage of new technologies to ensure customer satisfaction.
Currently, the application of artificial intelligence is growing as it offers great advantages that allow solving many aspects of store management and therefore the increase in sales.