AI for Retail
The retail industry is highly competitive with increasing pressure from online competitors. Leading retailers know that customer experience and streamlined operations are key to their success.
Customer experience is being transformed via capabilities such as conversational interfaces, smart biometric authentication, personalization and recommendations.
AI enables a new era in logistics and operations through e.g., better predictions on product demand and optimised planning for transport.
What can AI do for Retail?
- Determine the optimal location, product range and opening hours of new stores in order to maximize (expected) revenues
- Robots can perform inventory checks and manage consumer traffic at cashpoints
- AI can deliver unique insights on consumer buying behavior and how to react
- AI can derive conclusions from big data and create personalized online shopping experiences for customers
- Using NLP technology, retail stores can help customers locate an item and get answers to their questions about a specific product.
- With AI it’s possible to improve and automate the forecasting of product demand with significant numbers