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AI has brought many changes to the world of retail, for both online and brick-and-mortar stores, leading to a huge boost in sales. AI provides retail industries with power, through the collection of information, that is used to better customer experience and create more engaged interactions.
For example, data science enables retailers are able to detect changes in the market and track the behavior of their clients in real time, through the automated extraction of insights from vast volumes of data. AI also enables retailers to know their customers well and help them solve their problems without wasting more time doing research. Through data and dynamic pricing algorithms, retailers can make real-time and automated merchandising and pricing decisions leading to increased margins. Chatbots help improve customer service, update customers on new products and gives customers updates on other similar products. A large number of retail industries have adapted the use of chatbots for their businesses. For example, Frank and Oak retailers use Automat.ai chatbot that was developed to serve their customers. With the aid of AI technology, inventory management has become much easier. Through the use of analytics, retailers can get a better view of the shoppers, stock and workers with the assistance of AI and data science. Retailers use smart shelves to be able to know the out-of-stock products and be able to know how much they will need to refill their stock. They are able to identify price errors among their products and notify the owner of the business. For example, Walmart uses a smart shelves AI platform made by AWM. Quality data is very important in the modernization of the retail sector due to the high competition in this industry. Quality data leads to the proper utilization of AI and helps elicit confidence and minimize costs. Blockchain can potentially assist with improving the quality of the data. The synergy, between blockchain and AI, is a particularly exciting development in this sector, with Walmart having made some big moves in this area.
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