AI in Retail: What You Need to Know

The robotization of stores helps diminish lines, reduce the number of employees needed, and dramatically save operational costs for a company. Among applications of AI in the retail industry we need to mention virtual dressing rooms and mirrors. The virtual fitting room is a great helper for busy shoppers as they can try out manifold apparel, find the right outfit and an accessory that perfectly matches it, and do all this in a matter of minutes.

• Retail and consumer product companies have begun to realize that the traditional approach has its limitations and needs to be reimagined in a rapidly evolving and highly competitive market.
• For the furniture industry, personalization means customized product recommendations, immersive virtual room visualizations, and personalized messaging.
• Remember, though, that your business doesn’t have to build a custom solution.

While the potential benefits of Generative AI in retail are significant, retailers must consider several challenges when implementing this technology. In addition to streamlining the procurement workflow, the RELEX platform also enabled Sephora to effectively manage promotions, slow-moving items, new product releases, and product withdrawals. These innovations came in the wake of the then recently presented same-day delivery option and reintroduced an online recommendations tool. In contrast to the often “cold and mechanical” B2B model, retail sales are an emotional space. ECommerce websites and online marketplaces are globally the two most popular options for you to start your online business. Useful for ecommerce checkouts, or giving users an overall view of their completed actions.

Wrapped up: Artificial Intelligence and the future of shopping

Visii is a retargeting solutions company that offers technology-based services to help businesses optimize their online shopping experience. They use their patented Conversion Generative AI to attract and serve customers with the products they want to buy, taking the search out of shopping. They offer solutions for planogram compliance, crowdsourcing, autonomous checkout, eCommerce fulfillment, field merchandising, and more. Their platform uses AI technology to identify pricing errors, stock outs, and other issues in stores, providing real-time guidance to field agents and in-store staff. With their accurate image interpretation and analytics, Bossa Nova helps brands and retailers improve availability, profitability, and customer satisfaction. AI-based algorithms analyze historical sales data, customer traffic, and other factors to predict future demand patterns.

AI is also prevalent in retail marketing, especially as it relates to automation. In fact, AI technologies for marketing campaign personalization grew 114.5% in one year—the fastest-growing use case. Marketing automation includes email sequences, social media advertising optimization, customer segmentation, and even personalized promotions and campaigns, among many other things.

Need Help Automating Your Sales Prospecting Process?

In addition, custom software is built to scale and grow with the company, so it is possible to add or remove any features on request. Consider investing in custom software development based on your specific requirements if you require a one-of-a-kind product that meets all of your company’s requirements. With a team of 300+ AI and ML experts, we have successfully delivered more than 200 AI-driven projects across industries, such as YouComm in healthcare, Mudra in finance, JobGet in recruitment, etc. Our skilled developers excel in integrating AI and other cutting-edge technologies during app development, resulting in intuitive designs and customer-centric features that resonate with users’ needs. Before looking into how AI enhances customer experience, it is necessary to have a clear understanding of your CX vision and strategy. So, bring your team on board to discuss your ‘CX-based’ expectations and ways you follow to meet those expectations.

If you want accurate and fast data analysis, you want an AI platform trusted by the industry. Create new competitive advantages and accelerate growth with Algonomy’s AI-powered personalization solutions — designed specifically for retail and eCommerce businesses. Move to individualization to create relevant, memorable brand and shopping experiences. It is just as critical as mobility solutions, omnichannel operations, and brand development. To better understand your organization’s AI readiness, visit our Power of Two partners to take a brief assessment and receive a complimentary customized report. OptiCheck™ harnesses AI and computer vision to transform visual inspection in manufacturing, driving quality assurance while reducing time and costs.

Read more about Custom-Built AI for Your Retail Business here.