A new world of AI is emerging for retailers — and it’s not just about automation, it’s about customer experience and digital transformation. In fact, McKinsey estimates that 87% of retail executives plan to increase their investment in artificial intelligence and machine learning technologies this year.Check this out :retailexpress.com
One of the top uses for ai in retail is price optimization – analyzing data from previous sales to optimize product prices. Retailers must consider factors like competitors’ pricing, market trends and customer preferences to determine the best prices. Another use for ai in retail is loss prevention, which can help identify suspicious behavior or alert managers to possible theft of items from staffed checkout lanes or unscanned inventory in warehouses.
Revolutionizing Retail: The Impact of AI on Customer Experience and Personalization
Other use cases for ai in retail include visual discovery and search, where AI algorithms recognize features in an image to find similar products or curate recommendations based on aesthetics and similarity. AI-supported conversational support can also help shoppers with questions or troubleshooting while guiding them to a human expert when needed.
Clothing designer Rebecca Minkoff has embedded ai into touchscreen smart mirrors in its stores that automatically suggest complementary styles or colors to customers. The mirrors can even tell a customer whether or not a certain item is in their size. Amazon’s revolutionary Amazon Go store is fully automated with no checkout lines, where ai identifies the products customers pick up and automatically charges their account when they walk out the door.