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Artificial Intelligence is a Win-Win in Retail

The era of artificial intelligence is here and it has a lot of benefits to offer both retailers and customers as well. Thanks to AI, retailers are able to provide you with more personalized offers, plan out their physical space and make the entire process more pleasant. We live in an experience economy where customer satisfaction matters more than anything else. Therefore, retailers must be able to tailor their product and service offerings as much as possible and AI is the best way to accomplish this goal. Let’s take a look at how retailers take advantage of AI in order to increase customer satisfaction and increase overall revenue in the process. 

AI in Retail

Item Recommendation

Have you ever wondered how online retailers are able to provide you with customized offers? The answer is with the help of AI. Whenever you log into your account, the machine learning algorithms monitor the items that you are browsing and decided to purchase. The next time you log in, they will provide you with similar items that you looked through or bought in the past. However, in order for this system to work, large volumes of data will have to be labeled and annotated so that the machine learning algorithms know which data to pick out. Most companies decide to hire an image annotation outsourcing provider to help them out with this process. 

The data that is used to train the machine learning algorithms can also be in the form of a video, text or CSV file. The most important thing is that the data is labeled properly because otherwise, the system will not be able to learn what it needs which will cause significant delays in the project. Image annotation outsourcing and other service providers will be able to take this burden off your shoulders so you can focus on developing your product. 

Inventory Planning

In the old days, employees would have to make their rounds all over the store or warehouse with a clipboard and write down what is available and the quantity. Thanks to AI, those days are over. Retailers are now using cameras powered by AI to keep track of inventory. Image annotation outsourcing companies label all of the items in a given image in which the algorithms learn to detect and relay this information to be stored in a database. This saves a lot of time and money since everything is automated. 

Furthermore, advanced AI systems will even be able to provide you with some analysis of your best selling products so you will always have them in stock. This is a new method of using AI to manage your inventory is being implemented in stores and warehouses worldwide to help businesses become more efficient and obtain a competitive advantage. 

Tracking Customer Sentiments

If you are a brick and mortar store, it can be difficult to monitor customer sentiments and gauge their overall interest in the products. However, AI can help you out here as well. AI-powered cameras can monitor the items that customers pick up and can even detect their facial expressions to gauge their mood. This would involve image annotation outsourcing services to place points along the face of the person in the image and label this expression as “happy”, “sad”, “interested” etc. This is a new and interesting way retailers are using AI to find out whether their products are up to customer standards. It is worth pointing out that such 3D point data annotation requires a high level of detail and is very time-consuming. Image annotation outsourcing providers will be able to do this for you so you can focus on your business. 

Start Incorporating AI Into Your Business Today

We have mentioned some of the ways AI is assisting both online and physical retailers in providing their customers with a better shopping experience. It enables businesses to build longer-lasting and meaningful relationships with their customers which is key to ensuring repeat business. In today’s experience economy, the company that is able to provide the most tailor-made experience is almost certain to win the business of any customer and AI can be just what you need to get a competitive edge. 

Posted by Il’ya Dudkin

2020-03-16T10:20:34+02:00March 12th, 2020|Mindy News Blog|
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