Online stores have changed the way shoppers are getting whatever they want; remotely.
E-commerce businesses are thriving with buyers enjoying smart portals at their fingertips – while commuting or from their homes and place of work.
The many advantages of e-commerce- like virtual assistants, personalized purchase recommendations, inventory management and shopping cart experiences are now a given. However, despite these benefits, customers are still flocking to local brick-and-mortar stores to touch, feel and buy the goods of their choice. In-person shopping is a flourishing reality with Artificial Intelligence (AI) making deep inroads into the retail industry.
Ever wondered why?
Read on to understand how AI has enhanced customer experiences, specifically in terms of retail store shopping in 2024.
AI – Redefining Retail Shopping Experiences
Offline or in-store shopping has witnessed serious transformations with personalized shopping experiences and more optimized operations adding to customer experiences. Visitors and prospects can now walk into stores to browse products that are stored orderly on the shelves. It has become easier to find the physical products they desire without having to walk around checking the inventory on display.
Once satisfied, customers don’t hesitate to leave their contact details behind. More so, they keep coming back to pick more stuff. As most retail stores also sell online, in due course, customers start using e-commerce models for their purchases. This depicts how e-commerce technology may have emerged as the main driver but has, so far, failed to replace physical stores.
Deployment of Artificial Intelligence (AI) in Retail
The use of Artificial Intelligence (AI) in the retail sector takes on two forms – back end and customer-facing operations.
- Back-end processes: Supply chain optimization and inventory management are the primary AI-enabled processes for back-end users. They can use AI to analyse data, determine the patterns of consumer demand and forecast trends. AI also impacts efficient inventory management and eliminates the risk of stock shortages for retail businesses.
- Customer-facing processes: Retailers are using AI to generate customized shopping experiences. Deep analyses of their customers’ browsing and purchase patterns, demographics, and transaction history are influencing their moves. With more structured information in hand, they can tailor the needs and preferences of individual customers with a much higher chance of conversion.
Role Of Chatbots in Retail
AI-powered chatbots and virtual assistants have also contributed to AI in retail with real-time support and natural language processing tools. User-friendly and intelligent, they are helping customers with ready answers, product recommendations, and real-time information about the pricing/availability of desired products.
Personalization of purchase behaviour, predictive inventory management and faster response time are just some of the many benefits of AI in retail. Customers are using AI for improved product searches in the retail arena.
According to an AI developer at ROI Software Solutions, “Traditional retail stores are leveraging the many benefits of AI-backed e-commerce, alongside their regular operations, to cater to their customers across geographical boundaries.” The trend is bound to escalate and continue in the near future.
Are you ready to jump on to the bandwagon? Connect with the AI teams at ROI Software Solutions to know more, right away!