Retail CIO Outlook Weekly Brief
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Artificial intelligence (AI) and augmented reality (AR) are two technologies that the retail industry is embracing rapidly for its advancement. ROI of these technologies is also high gravitating leaders in the industry towards itself and revolutionizing the retail landscape completely.
Merging the Worlds
AR enabled retailers to merge the offline and online market for better customer experience and retention. Advanced tools and APIs allowed customers to experience a particular without even purchasing one. E-commerce industry especially started to integrate AR tools in their websites utilizing which customers can get a better insight into the product and give them an understanding about its looks. For instance, home decor and eyewear vendors actively optimize the tech to flourish their customer base.
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Improve Conversion and Customer Journey
Data-driven strategies prove to be highly effective for increasing the conversion ratio of sales. AI leverages marketers to understand the customer demands and behavior and predict trends based on that. Data accumulated from feedbacks, surveys, and social media are put to analytics and the result obtained gives a better insight into buyer needs. Once the needs are understood brands can easily cater to their customers with a satisfactory range of products, ultimately resulting in a better customer journey.
Chatbots to Customer service
Leaders in the retail industry have initiated the incorporation of AI-powered chatbots that are capable to provide their customers with real-time support. These bots read the pattern of buyer’s search and provide them with proximate results. Also, they respond to queries efficiently in real-time at all social platforms as well as at the company’s website. Chatbots provide a personalized experience to each buyer, leading to a boost in customer satisfaction and sales.
In-store Assistance
Brands have started to invest in AI enabled robots that are capable to provide assistance to their customer in physical stores. These robots also help store staffs to respond to customer queries. Navigation through the store, display video advertisements, complete product details, and inventory management are few of the jobs performed by in-store robots. Soon cashless and completely automated payment counters will become an essential fundamental in stores which will be powered by AI enabled robots. Automation of retail stores would result in faster-check outs, hassle-free workflow, streamlined processes resulting in high-end store driving sales and customer journey.
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