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AI is the Future of the Retailing Industry

By: Anurag Varshney on July 22, 2019

blog-post AI is the Future of the Retailing Industry

AI is the Future of the Retailing Industry

Artificial Intelligence is a motor that is poised to push the future of retail merchants to novel destinations. We live in a age where a huge quantity of information has been generated offline and online. Yet, access to larger datasets doesn't lead to improved business results. The key to success is your capacity to extract meaning from big information to address problems and increase productivity -- and that is what Artificial Intelligence will enable.

AI is currently making significant headway to the retail sector, but we're still seeing only early glimpses of the way the business will soon change. Intel is collaborating with industry leaders to employ AI across the whole product and support cycles, both online and offline, to uncover new chances in personalization, inventory management, conversational trade, loss prevention and a plethora of different applications.

Let's take a look at a number of the industry's top use cases in more details.

Customer Behavior Tracking

Customer Behavior Tracking as well as the insights made from it are valuable in retail stores. Advertisers constantly look for more ways to understand a client's path to purchase, and it's no news that they have the capability to observe our buying behavior online. With the development of AI, retailers can also be starting to track shoppers' travel in shops the identical way they do on the web. Using detectors and cameras, they can comprehend how shoppers are interacting with their own store. By way of instance, AI can inform retailers of how often an item has been picked up from the shelf, put in the shopping cart, back on the shelf or bought, therefore better understanding the shopper's mentality.

Inventory Management

Inventory Management is another area that can benefit greatly from the use of AI. In physical shops, among the greatest elements in customer frustration is an out of stock merchandise. Utilizing AI options, partners could be notified when an item is out of stock, running misplaced within the shop.

These capabilities are all part of the vision for a"Autonomous Store" -- one that is equipped to operate smartly on its own, continuously informed by intelligence that is senile. Last year, Intel announced that we're developing Responsive Retail technologies to leverage data-driven insights and improve inventory management, improve operational performance, and deepen client participation.

Supply Chain Management

Supply chain management is an area where AI can play an increasingly prominent role by fulfilling customers' need more rapidly, reducing downtime due to bitterness, cutting shrinkage and optimizing inventory, and more. For instance, retailers can use predictive analytics to factor in weather forecast and current stock levels and redirect trucks into various shop locations while in transit.

Theft Prevention

Theft Prevention is still a frequent issue in retail stores. Retail shops have long used video cameras to keep a look out for shoplifters, but AI can take this to a new degree. Intel was working with technologies provider SpotCrowd on a solution which uses computer vision cameras and AI to recognize known shoplifters if they enter the store.

Visual Search

Visual Search is one of the major use cases on the web. 75 percent of U.S. net users look for visual content before making a buy. Pinterest's recently announced partnership with Target to incorporate its"Pinterest Lens" visual research technology to Target's apps and website is a wonderful example.

Customers’ Personalization

Personalization is critical for retail customer experience. AI helps produce new level of personalization not just online but also in the store. For example, as customers enrolled in a loyalty application input a store, associates can use face recognition to spot them in real time, use AI-enhanced analytics to get their tastes and create personalized product recommendations. Although a longer term vision, offline (or in-store) and online retailers could be merged in a way to make a consumer's shopping experience much more seamless. Offline merging with online will require customer recommendations, personalization, distribution chain, inventory management and a multitude of different applications in retail to a new degree.

Artificial Intelligence is definitely the future of the retail industry. Therefore, you should learn how to plan your business organization to accommodate trends associated with Artificial Intelligence. This is why NeuVays is determined to provide best AI training in Noida with certification. NeuVays’s topnotch AI training institute in Noida is only second to none. You can contact NeuVays via their website at http://india.neuvays.com/ .

(Anurag Varshney, 2019)

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