The rapid pace of innovation in the e-commerce sector propelled by the trend'bricks to clicks' is increasingly shifting consumers to online shopping. A major disadvantage for offline retail stores is their lack of knowledge on customers entering their premises. Here, artificial intelligence (AI) opens up a big opportunity to predict the purchasing behaviour of in-store customers. AI through its sub-technologies such as machine learning and deep learning can enable offline retailers to derive actionable insights from consumer data (structured and unstructured) to offer predictive and precise decisions for better customer experience. AI practices incorporated by global offline retailers The global offline retail industry has been moving toward increased automation, cashless transactions and self-checkout stores based on consumer behaviour patterns, and demand for increased convenience.
Technology has penetrated in every sphere of our lives. We live, love, eat and sleep on #technology now. Each year, we see technology moving deeper and deeper into our existence. Good because it helps us in doing more in less time and efforts. Bad because interweaving of tech in our lives has left us dependent, vulnerable and very anxious.
About 45% of retailers plan to use artificial intelligence technology within the next three years to improve customer experiences, according to the Boston Retail Partners 2017 Customer Experience/Unified Commerce Benchmark Survey. The survey results also found that 55% of retailers are refining mobile shopping and unified commerce experiences with an eye toward increasing customer loyalty and improving the overall customer experience. Also on the mobile front, about 59% of retailers said they will use Wi-Fi and 63% said they will use mobile apps to identify customers while they are shopping in their stores. AI emerged as one of the hottest technologies of 2016, and though there was a lot of activity last year, retail was just getting started. It was used in everything from the AI-based navigation and information apps at the Mall of America and Fashion Island mall to efforts by payments companies to deploy AI to fight fraud.
Customer Experience (CX) is at the center of every organization's growth strategy and technology is significant in transforming it. Here are a few innovative ideas to improve customer experience with Artificial Intelligence (AI) and Robotics. Customer experience is the most important and challenging element of an organization's business strategy. Market dynamics and varying customer expectations make it challenging for marketers to identify customer wants and needs. Hence, arises the need to innovate and improve customer experiences.
Artificial Intelligence is the hottest and most promising development in the tech landscape for a couple of years, now. According to market firm Tractica, global AI revenues will see a massive growth from just USD 643.7 million in 2016 to an excess of USD 36.8 billion in 2025. Nearly all the market segments, industries, and business domains are actively interested in AI and are looking to harness the technology for business benefits. AI offers companies the power to reduce costs and make the shopping experience much more delightful and efficient for the end consumers. According to Global Market Insights, investments in AI by retail segment will exceed USD 8 billion by 2024.