Powerful AI Uses to Increase Your Retail Revenue

AI in retail

The impact of the pandemic has shifted the way people shop. Most customers are opting for mindful shopping as customers are still recovering from the financial crisis. They intend to focus on the essentials, cutting back on extravagant categories. The more this trend evolves, the greater will be the usage of Artificial Intelligence (AI) in retail. As, AI helps retailers improve customer experience, make pricing decisions, and optimize product placement. As a result, customers connect with the correct products, in the correct place, at the correct time.

A recent report found 74% of the AI/Machine learning technology used in retail targets back-end operations, while only 26% directly interacts with customers. Yet, according to IBM, intelligent automation has the greatest impact in retail when focused on improving the customer experience

As you read the article, you’ll explore more applications of AI in enhancing business performance and customer experience.

AI: Connection Between Customer & Brand

Another pitfall of virtual shopping is that customers are unable to find a perfectly fitted dress. Hence, retailers are adding AI in their strategy to decrease inconsistencies in the return process by planning a highly personalized and flexible size chart. This allows customers to choose clothes as per their preferences and size.

Automating Price Regulation Strategies

In conclusion, retailers are adopting digitization on the go after the pandemic. Since the sudden shift, it may be critical to retain current customers and capture next-generation loyalty. Hence to bridge the gap between customer experience and automation, deep personalization is the best way ahead. Use cases like digital dressing rooms and analyzing the previous transactional data are some of the ways to retain and attract customers to eventually enhance retail revenue.