“We had the computer revolution, the internet revolution, the smartphone revolution but AI will probably be the biggest technological shift we have ever seen.” –Edouard d’Archimbaud, Head of Data and AI Lab, BNP.
And so far, the statement is very true in its response. The term is a buzz and the impact of the technology is way more than impressive. This is the reason why most of the organisations have slowly started using AI as their working platform. Nowadays, various well-known companies are working on intelligent automation in order to optimize their traditional processes and enhance the customer satisfaction. From the feedback of different companies, it has been seen that the outcomes are astonishingly impressive.
The Promising Sectors of Artificial Intelligence
The limit of AI is endless and there is hardly any area which is left untouched or unrecognised by AI. In this section, we will dive deep into the possibilities of upgrading retail sector with the power of AI. The Indian Retail market is estimated to be of $600 Billion and is one of the top five retail markets in the world. The rapid urbanisation in India with increased purchasing power has led to the growing demand of Retail sector. According to a report of IBEF – Nov’2017, the value of FMCG market is expected to increase to $103.7 billion by 2020 which was $49 billion in 2016. These huge numbers signify how important is to maintain the status and quality of the retail sector in order to generate the best outcomes and revenues.
Current Scenario In The Retail Sector
Retail Sector is in a massive state of business transformations these days. The sector is attempting to cope with very fast-changing customer requirements and demands and their shift from high street to web. This has seen giants of the Retail sector announcing store closures. The major problems that the retail sector is currently facing are:
- It’s Hard to Predict the Demands and Requirements of the Customers
This is the major issue that the Retail sector is currently dealing with. The retailers are unaware of the fact that what their customers are looking for. The demands and requirements of the customers change even with a slight change in costs, discounts, availability of different brands and various other factors. This ultimately affects the customer loyalty and it becomes hard to judge the requirements of the customers.
- Decrement in the Customer Engagement
Since the retailers lack to meet the demands and requirements of the customers, it ultimately results in the decrement in the customer engagement. If we revolve around, we can find a number of brands for a single product. And it is a common tendency that the customer will move to the one which he finds idea according to his budget, requirements and convenience. Thus these factors affect the customer engagement.
- Impersonalised Retailer-Customer Relationship
Entitled to the comfort, economy and proximity to online shopping, many customers expect personalised help. But due to unavailability of platforms and sources of communication, the customers are left unattended. This develops a feeling of insecurity among the customers and thus leads to high disappointment.
- Range of Manual Works
There are a series of tasks that are done manually in the retail sector. This consumes a lot more time than expected and this adds to the manual labour cost as well. Apart from this, most of the retailers lack in the proper management and optimisation of the staff. The division of work is not done appropriately and this results in the mismanagement and delay in the accomplishment of the tasks.
How AIMagnifi is Intelligently Accelerating Retail Transformation
To overcome before-mentioned difficulties, it is now observed that most of the retailers are now experimenting with new technologies. Switching to robotics and automated machines is among the major parts of their value chain. Major retailers are opting AI as their working platforms and are now enjoying the perks of the various insights of the technology. The Retail sector has now seen a drastic change in the efficiency and productivity of the work due to highly automated machines and tools. Earlier the activities which were done manually and were carried out with various hindrances and difficulties are now done within seconds and with enhanced personalization. Seeing the advancements, it can be easily predicted that the retailers who don’t transform to align with the future of retail within the next 5 years will become irrelevant to their customers.
The Indian Retail sector is a journey of millions of hardworking retailers and has yet a long way to go and reach the heights. But currently, as we saw there are several hindrances lying on the way. Realising the situations and importance of the improvements in the sector, there are a number of companies who are working hard to make the things easier and precise. By seeing and analysing all the prospects we found the big market opportunities around and currently, there is no such major player in the AI-Retail Industry.
Analysing this scenario, The Research and Development team of AIMagnifi are making groundbreaking efforts to transform, personalise and enhance the quality of the Retail sector. The company is developing a 360° Intelligent retail suite, powered with AI with a team of self-driven technological experts. We are primarily trying to transform retail sector using high-end technologies like Machine Learning, Deep Learning, Facial Recognition, Data Analytics, Computer Vision and sensor fusion. Let us show you how our products and services will be putting an impact on retail as well as other sectors:
Our 360° Intelligent Retail Suite – Helping Retailers To Become Smart
The company aims to enhance the business experience by reinforcing the end-user and customer experience. Following the are key solutions and improvements that AIMagnifi is focusing to implement in the Retail sector and develop a better automated and advanced world:
- Keep a Proper Track of your Customers
We assist you to make a count of the number of customers visiting your store and keep a proper track of them. What is the footfall, which are the sections visited the most in the store etc. are identified through the help of computer vision. When you get to know these parameters, you can easily examine what are the things that the customers are highly fond of and how to avail them with the services of their interests.
- Virtual Agents: Customer’s Companions
When a customer enters your store, he has some expectations and wishes to be accompanied by a member of your store. Ignorance is something one cannot resist. And to provide those companions we have AI Bot virtual agents to greet and welcome the customers personally. These virtual agents are also capable of directing the customers to a range of services as well.
- Smart Carts Saving Your Checkout Time
Carry our smart carts and save your checkout time at the counter. Scan and add items directly to the cart and have an amazing shopping time without standing in a long queue at the billing counter.
- Interactive Screens
The Interactive Screens enables the customers to obtain all the information and guidance they need about the store like directions, different sections etc. Interactive product catalogues are also available that helps the customers to know the related details of any product.
- Promotions and Marketing
Currently, the major issues of all is competition. There are a number of brands selling a similar product. Customers have a series of alternatives and here comes in the role of promotions and branding. Team Aimagnifi offers you different means to promote your brand. Machine learning personalizes promotions through marketing ads based on the basis of customer’s historical data. The algorithm crawls out the previous order history and shopping patterns and based on that generates marketing ads.
- Checkout is no more a burden
We offer ways that enable the customers to skip standing in the long lines for checkouts. Computer Vision identifies articles and commodities bagged by shoppers and adding data through sensors and thus allows non-stop checkouts and payments.
What more is there?
- Enhancing Security and Surveillance
AIMagnifi would change the entire way the security and surveillance is being currently viewed through the combination of Computer Vision and Artificial Intelligence. The technology of facial recognition would greatly improve the security and surveillance in the retail as well as other sectors.
- Knowing the Customer in a Better Way
The various insights of data analytics are developed by the company in such a way that it would let you know your customer in a better way. The technology is capable of crawling the information like what are the products and services that the customer is very fond of, which are the stores a customer usually visits, what is the average amount of purchase the customer usually does and many more. All these factors develop a vision about the tastes and loyalty of the customer.
- Reducing Manual Work and Labour
The machine learning and deep learning algorithms are elected by the company to develop automated products and services. These would reduce the manual work and labour. All these available machines and services help the retailers to improve their productivity and generate higher revenues.
- Retailers can now predict the demand
The e-commerce companies and other retailers can now capable to predict the demand of different products. AI is used to predict the trends, optimize warehousing and logistics, set prices and personalize the promotions. This feature ultimately helps to forecast the estimated demand for a product. A good forecast ultimately helps in improving the supply management and manage the promotions and assortments. Thus AI can help retailers make smarter decisions with more accurate and real-time forecasting.
- Executing a better shopping experience
The combination of robotics and process optimization enhances the productivity and reduces the manual labour costs. Thus AI helps the retailers to make operations more efficient and generate several benefits. These operations directly enable the retailers to increase the number of customers executing a better shopping experience.
- Delivering the Best Services
AI can help the retailers adjust to and master an increase in the dynamic market. The retailers can identify and learn from patterns of data and figure out what are the requirements of the customers. Previous transactions, social media trends, shopping trends, online history, seasonal shopping patterns etc. could help the retailers to achieve this. By knowing the requirements of the customers, a retailer could easily make his real-time decisions more effectively and deliver the best services to the customer.
- Retailers are no more impersonal
AI helps the retailers to connect directly and immediately with the customers. This personalised connection helps the retailers to enhance the customer satisfaction and generate better results. Natural Language Processing (NLP) plays a vital role in this segment. Various other efforts are going by the company based on the platform of AI to improve the end user experience.
- In-Store Optimization
When a retailer opens a new store, location plays a crucial role. Depending on the size and format of the store, location can be a factor defining the future of the store. To sort out these problems and make logistics decisions AI is employed by major retailers. AI analyses a number of data factors such as past scales, the distance of competitors, demographics etc. This help to create a list of available best locations.
Your search to develop a better retail world ends here! If you are the one looking to automate and upgrade your zone, feel free to get in touch with us.
Holding up the competition in the retailing world will be as hard as important for Artificial Intelligence. With more retailers joining the experimenting phase, we can only expect to see more of the technology in the future. Despite of all the arguments against automation and robots, AI is likely to bring in a better world. The near future is expected to witness more good than harm in the retail as well as other sectors.
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