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Is AI Likely to Empower Retail in the Future?
Artificial Intelligence (AI) has carved a niche for itself in every industry, and the retail sector has particularly benefitted significantly from it. AI has helped retailers improve customer experience (CX) and customer journey.
• Restructuring the Workforce: With automation increasingly becoming a part of regular life, several jobs that are carried out manually today could eventually be carried out by robots, especially in retail and manufacturing industries. However, Garter predicts that introducing AI will ultimately lead to creation of more jobs than the ones lost due to automation.
• Improving CX: Robots in the retail sector improve customer experience by increasing the convenience, quality, and speed of service. The Internet of Things (IoT) makes it easier to connect to shops and brands, with customers getting immediate responses for any queries on multiple media platforms. By collecting and analyzing data on target demographics, the robots will also be able to improve the quality of products and services offered.
• Stock Monitoring: AI can monitor the inventory stock requirement effectively to ensure that customers do not order products that are out of stock. Since this is a major cause of customer dissatisfaction, it will aid in retaining customers.
• Improving In-store marketing: AI will eventually revolutionize in-store shopping too. Facial recognition, robotic assistance, and touch-screen payments will help aid in personalizing and simplifying the shopping experience, bringing the digital and offline world together smoothly.
• Contributing to a Healthier Ecosystem: The introduction of e-receipts and digital storage of customer invoices will significantly cut down on the use of paper as IoT connects customers and brands, allowing the sharing of data without paper. Automation also has several benefits, including increasing the fuel efficiency in courier networks and aiding recycling systems for waste packaging.