As the world becomes more connected and intertwined through digitalization, businesses have expanded their capabilities to keep up with changing trends in operations and consumer behaviour.
This is especially true for the world of retail.
As we have seen and experienced over the past few years, artificial intelligence (AI), machine learning, and data analytics are rapidly changing the way the retail industry operates.
According to Fortune Business Insights, global artificial intelligence in retail market size is projected to reach $23.32 billion by 2027.
Regardless of where customers want to shop – whether it’s online or in-store – AI is being increasingly adopted as a financial and competitive advantage for retailers to get ahead of the game and capture market share.
Data is Key to Providing a Better Retail Experience
For example, consumer data can help retailers bridge the gap between their physical stores and e-commerce site.
Walmart has a very comprehensive website that allows customers to easily find products, determine their online or in-store availability, and get their products delivered to their doorstep. Walmart is now exploring AI to gain data that can help with real-time information on product inventory and provide customers with information such as product freshness for their grocery items.
AI Unlocks a New World of CRM
There’s no better way for customers to have an excellent retail experience than to provide them with an engaging and personalized experience.
AI can achieve this.
AI increases successful customer interaction rates because retailers can understand customer shopping patterns and anticipate what customers want before interacting with your brand.
It eliminates the necessity of manual data entry so retail employees can focus on the customers.
AI also centralizes customer databases to capture the entire customer lifecycle in one location. Retailers have easy access to customer interaction information to gain insights, specific data relating to competitors, and ideal use cases to build buyer personas.
AI is the Future of Retail
The future of retail lies in the hands of AI.
As retailers increasingly leverage technology to their advantage, the competitive difference is determined by how effectively they can use AI to build a smarter and more efficient business.
At SHEA Global, we can help you create the right strategy to use technology to your advantage. Whether it’s bridging the gap between your physical stores and e-commerce site, using AI to understand your target audience better, or something more, reach out today for a consultation!