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Traditional brick-and-mortar stores have been shutting down at a rapid pace, but artificial intelligence might be able to keep them going.
Fremont, CA: The future of retail continues to look grim, and traditional stores shut their doors. According to US retailers, announcement 8,558 stores have closed by far this year, with a prediction to hit 12,000 by the end of 2019. The primary reason behind these closures is the internet and automation, and the same technology can also be utilized as a solution to this problem as well. In order to sustain the tight retail market, it is suggested to turn the business and make predictions based on the learnings from the historical data.
There are a number of ways in which AI can be helpful for retailers.
Understanding the Customer
Machine learning enables retailers to understand their customers and anticipate future behaviors. The customers want to have more convenient ways to shop across multiple channels. A customer keeps changing their shopping pattern and habits, and therefore machine learning and AI is helping retailers to stay at par with this changing pattern.
Forecasting
The most impactful part is around predicting, and it is no
ticed that retailers are now using automated machine learning and AI to carry on with their demand forecasting to understand the substantial quantity needed in the present day, based on the demand for the customers. It increases accuracy as well as operational efficiency, safeguarding both time and money for the organization.
Streamlining Product Supply and Development
AI and machine learning are playing a critical role in determining a retailer's supply and development plans. Some fundamental questions like are the retailers selling the right products based on the customer's demands and expectations? Are they correctly priced at a certain level? Are the apt products assorted correctly in the right stores and right location? It can be answered by machine learning, free of any baggage.
The future of retail businesses is more automation and more personalization, and the consumer's choice will become less chaotic and stressful. Connected dressing rooms, screens, and virtual racks tailored made according to the customer's personal, data-defined persona is the next step in the retail landscape.
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