AI in the Retail World
AI is not just about ‘Chatbots’ and automated online customer service
It can be an essential way to manage your customer experience and fulfilment based on what your customers have done before or intend to do next. Using AI can gain advantage over your competition!
Here are the 3 key uses of AI:
- Single Customer View – With the often disparate systems companies have housing data, it’s often difficult to get a single view of your customer. The type and amount is so much, that it’s been the holy grail for many years to understand your customer is great detail. AI changes how you can interpret these different data types and allows you to gain the single view much quicker and more accurately than ever before. The ability to sell specific items to specific people can ensure that you gain wallet share and increase your revenues dramatically.
- Inventory Optimisation – Companies often have stock mounting up in stores or warehouses where it isn’t needed, whilst others run short. The ability to house inventory in the right place and at the right levels can ensure that money is not tied up in unnecessary stock piles, being utilised instead on revenue generating activity.
- Demand Forecasting – Previous sales information at a company level can provide key facts about how much stock you will need at any given point to fulfil your promises. It will also help in ensuring that your customer facing systems can perform when it needs to and that you don’t disappoint your customers when it matters most. If you lose a customer through technical issues, you are likely to lose their custom forever and all of the loyalty you spent time building.
If you’re interested in how AI can help your business to compete and win, contact us!
DeeperThanBlue helps companies on their journey to increase digital revenues and decrease costs through the introduction and better use of technology. We have experience in creating strategies as well as delivering on existing strategies of all sizes, feel free to take a look at some of our work or contact us if you’re looking for an independent partner to help you succeed.
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