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Implications of Artificial Intelligence in the Retail Industry
Artificial intelligence is paving its way into the retail realm. This ever-growing retail market is forcing retailers to reconsider both their e-commerce and physical store strategies to stay ahead in the competition. Listed below are a few fascinating trends that AI is bringing in the retail market.
1. Cashierless Stores: Major retail giants are switching to the cashierless store technology using AI, cameras, and sensors. These models lessen the chances of thefts and paperwork errors as they have cameras and hence automatically charge the customers.
2. Driverless Food Delivery: Many big food giants are going in for the free grocery delivery services for customers. There is an ongoing race to win this last-mile delivery wars, and the food businesses want to stay ahead to take its advantage.
3. Beauty Products: The beauty products are adopting augmented reality which is a new step in this digital era by the product brands. The big firms are helping its users to virtually try on different hairstyles or use any beauty product practically to see how they look.
4. Enhanced Shelf Intelligence: The improved shelf intelligence is using robots to monitor price tags or missing items on shelves. The startup businesses are developing this technology to track metrics like share-of-shelf and distribution. Many companies have been successful in analyzing activities that happen on physical shelves using images from in-store cameras or robots to create a digital version of the physical store.
5. Voice Shopping Assistant: Assistants like Alexa or Google Play has a significant role in the conversational commerce market trends for improved customer experience. Users prefer comfortable and convenient technologies in shopping; they want results by asking rather than manually searching for apps and websites. These voice assistants’ help in shopping choices such as adding an item to the shopping list, re-ordering past purchases and buying from optimized voice retailers and e-commerce websites that are gaining prominence.