Artificial Intelligence is Changing The Way Of The Retail Industry Quietly
Currently we make use of technology each day to buy online through the E-commerce websites which helps us in keeping in sync with latest fashion. But fashion has been in relation with technology for ages. About twenty years ago a famed designer called Alexander Mc Queen made use of two robots for spray painting on the model’s white dresses. If you think that it was a long lost blurred coming together of fashion with the modern day advancement then the last years ‘Manus x Machina: Fashion in an Age of Technology’ theme in the Met Ball will strike more cords.
As stated earlier the narrow bridge between the technology and retail world is closing down and turning into a single entity. This is the result of the incredible rise in the online shopping along use of the Artificial intelligence which is simply changing the way people shop and they will shop in future.
Retailers believe in Artificial intelligence
Blue Yonder has conducted a survey few months ago wherein more 750 groceries retailers from all across the globe were asked questions specifically related to the decision making and customer service. Their survey has shown that the most of groceries retailer understands the in upcoming years the robotics, Artificial intelligenceand machine learning will play a vital role in the retail industry. More than 77 percent believed that AI and machine learning will make a huge impact while rest of the retailers believed it is happening already.
Benefits of using Artificial intelligence in retail
By adding the Artificial intelligence along with machine learning to the decision making has helped businesses in becoming highly efficient. On such German retailer has seen a remarkable difference in their business altogether.
- €20m less waster through making replenishment projections.
- Out of the stock products turned down by 20 percent as retailer was to get right products in right quantity at the right time.
- €5 m in capital savings with price optimization
- €5 m efficiency came into the savings due to streamlining of the processes.
Some of the incredible advantages brought by the use of the Artificial intelligence and varied other technology includes not just boost in the business potential, efficiency but also a notable increase in the revenue. Decision making process is certainly enhanced by the AI which helps store managers in taking right decisions related to products in small amount of time. Forecasting the demand of product, ordering, pricing and scheduling process tends to get streamlined.
Predictive analytics and customer behavior analysis has received a huge boost and automation further helped the retail industry. Employees were able to concentrate on their core capability which related to ensuring that the business runs in full swing without any hassle. Machines & technology takes away the pain of dealing with the monotonous decisions while the team behind the upcoming and established retail chain can work on innovations and make some of the much needed strategic decisions with ease and grace.