Artificial intelligence isn’t all about chatbots and removing real humans from customer service. AI’s place in business is growing fast, with more and more use cases developing each day.
Used correctly, AI can vastly improve your customer experience, internal operations and fulfilment based on what your customers have done before or intend to do next. Here are three key uses of AI in the retail world.
Single Customer View
When the systems a company uses to house their data becomes becomes outdated or are disparate, it’s difficult to get a single view of your customer. This data is so diverse and comes in such large quantities that it seems virtually impossible to understand your customer in great detail.
Implementing AI changes enhances to way you can interpret these different data types and allows you to gain a data-rich, highly specific dashboard on individual consumer habits that allows you to tailor the customer experience and target each consumer more accurately than ever before. This ability to get in front of the right consumer at the right time will give you a faster time to market than your competitors, increase your market share and increase your revenues dramatically.
Some retailers might have back-stock piling up in stores or warehouses where it isn’t needed, whilst others run short of the very same products that are in high demand elsewhere. This means a lot of product lying around waiting to be added to the next sale line because they’re not in the best location for demand. Using AI can preempt these problems and give you the ability to house inventory in the right place and at the right levels, ensuring that profit is not tied up in unnecessary stock piles and is instead being put out in the place they’re most likely to be sold.
If you lose a customer because of a technical issue, you are likely to lose their custom forever (or at least for a while) and, subsequently, all of the loyalty you spent time building with them. The idea that you can predict how much stock a particular store is going to need in the future seems wild, right? As you might have guessed, AI can do that!
Historic sales information at company-level can provide predictions and other valuable insights about how much stock you’re going to need in the future to fulfil your operations. It will also help in ensuring that your customer-facing systems can perform and scale accordingly when they need to, and that your customers don’t suffer during times of high traffic/demand – a time that is important for purchase.
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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