How AI Investments Will Transform Retail

According to Juniper Research, retailers will invest $ 12 billion in artificial intelligence by 2023. Let’s take a look at how retailers can use technology to increase profits.

Artificial intelligence will help retailers become more competitive by reducing costs and improving the service quality. Employees will stop doing routine work that does not bring value to customers. For example, thanks to smart cash registers with computer vision, queues in stores will disappear.

With the introduction of AI, staff will be able to abandon low-paying jobs and focus on personal communication with customers. But even this type of activity can be supplemented by AI and benefit.

For example, artificial intelligence can select suitable items from a large catalog of products, and the seller can offer them to the client. Combining human skills with AI-powered data will deliver a high-quality customer experience and help companies manage sales effectively.

AI Will Help Automate Website Work And Analytics In E-Commerce

AI will change the approach to solving many problems in e-commerce. For example, machine learning can be used to automate the compilation of product catalogs in online stores.

Also, artificial intelligence will help to process the huge amounts of data collected during the work of online retailers. Understanding consumer demand models, predicting changes in the supply chain, correcting them in a timely manner are complex tasks that need to be solved in real-time, and AI is most effective in them.Unsurprisingly, the number of retailers relying on AI to forecast demand is expected to triple in the next four years.

Chatbots Will Be Able To Perform Actions On Behalf Of Customers

No matter how intelligent the AI ​​becomes, it won’t be useful without the ability to take action on behalf of the client. A good illustration is chatbots, they had high expectations that did not come true.

For example, many of today’s chatbots lack the ability to change the order address, make a purchase on behalf of a customer, and perform other actions that the customer is now doing himself or expects from a human seller. Lack of value is not a drawback of AI, but of the system in which it operates. Software that supports both online and offline trading is often not logically adapted to such innovations.

Now the needs have changed, vendors of standard software are adding APIs for external applications to it. The changes made the processes more flexible, but they may not always provide the high speed and scalability that chatbots require.

Cloud Platforms Will Help You Get The Most Out Of AI

The use of cloud technologies helps retailers to deploy IT infrastructure adapted to fast operation, a spike in workloads, and real-time data analysis. And also to ensure the correct operation of any artificial intelligence or machine learning systems. The effectiveness of using AI will depend on the transition of retail to modern platforms that support new technologies.

Also Read: Google Also Became a Dermatologist Thanks To Artificial Intelligence – It Can Recognize 288 Diseases