AI is Redefining Consumer's Retail Experience

By CIOReview | Thursday, June 21, 2018
66
148
21

The consumer expectation for quick and high-quality services is gradually rising. Today, customers are looking to have more control over their purchase process and receive personalized shopping experiences. Therefore, to match customer expectations and up their game in the market, retailers are embracing disruptive technologies like AI. AI, with its boundless abilities, is providing new ways to analyze customer interactions, and provide insights to enhance and transform user experience. For instance, shoppers can now state their needs and choices to an AI interface or a digital assistant that uses natural language processing and in turn receive with a small selection of items that best suit their requests. Using AI, offline and online shopping can be converged into a single, seamless channel. For instance, Macy’s, a well-known omnichannel retailer allows customers in a few of their stores to interact with their devices, to help them locate a product, arrange for an unavailable product to be delivered, or even understand alternative product choices. Automated assistants also are helping to narrow down the selection process for items by recommending products based on a shopper’s needs, preferences and fit. These are done through deep learning algorithms, which collect and interpret customer feedbacks as well as purchasing data, to offer them personalized product suggestions and coupons.

Another trend in the retail space is the adoption of AI-powered product displays that show pricing details and services via biometric recognition. The system reflects customers’ profiles, loyalty accounts, and unlocked rewards and promotions, thereby creating a custom shopping experience for each visitor. AI, together with other cognitive services, is slowly enabling retailers to navigate a new tide of consumer trends and deliver unprecedented value. It is time for retailers to start adopting AI at the core of their business strategy to remain successful and enhance connected customer experiences.