Artificial Intelligence (AI) is not only a trendy phrase. It affects almost every aspect of our lives nowadays, and we don’t even notice while it’s happening. It’s technology behind many processes that we can’t realise without looking into them. Of course, we can easily notice some of the innovations, especially those with dedicated devices. But some actions are supported by AI solutions without our knowledge. Other terms closely related to AI in the given context are Machine Learning, Deep Learning and Big Data.
The advantage of using AI in business is precisely the fact that a system can analyse a massive amount of data and predict based on the results. Human is not able to process the same information in such a short time. Machine Learning allows a system to intensify the knowledge alongside the increase of an amount of data. Simply put, the more variables and values we’ll put into the system, the „smarter” it will get – it will have more accurate conclusions and predictions. 75% of organisations implementing AI increase sales of new products and services by more than 10% (source).
Let’s discover AI driven improvements for retail!
Everyone likes to feel special, to be noticed. As we live in big societies, it seems impossible. Thanks to AI though, companies are able to prepare special offers for their customers. It can work both for offline and online stores. The example of using AI in the first case could be among others usage of beacon – a device designed to attract attention to a specific location. While the customer is visiting a store, based on his localisation, his mobile app alerts about desired by him products or individual discounts for certain items, when he’ll be walking by them.
Online stores can try in-video commerce for boosting the power of their marketing.
In-video commerce is a type of native ad provided by Plastream. The system recommends to the user relevant products while watching a given video material. The products are chosen according to the content based on Similarity Search. It can be very effective as recommendations refer to the video so also benefits from emotional context. Ad triggers a shopping impulse, which thanks to the precision of in-video commerce, can be immediately satisfied (a click redirects the customer to the right page of an online store).
Big Data taken from many sources can draw a big picture of many aspects of retail. Based on shopping statistics stores can predict trends, so it’s going to tell you what assortment is needed. That could save a lot of money on unnecessary products but also satisfy clients. Also, it can help to design the shop expositions. When sellers know the trends, they can design more effective arrangements. Depending on the business goals, they can expose the best sellers or items that are not that popular to attract customers to them.
A precious function is making predictions on changes in a consumers life. For example, a system can detect certain changes in shopping habits of a particular customer and assume she’s pregnant. Therefore, the system predicts the future size of clothes (bigger) that she could be interested in, and later clothes enabling breastfeeding and settings for a child.
The goal of every business is… yes, income. But, a happy client is a returning client. By providing a pleasant user’s experience, you can win a competition over customers. We live in a digital era. Consumers are now attached to the new technologies and expect solutions that help them every day. Faster and more convenient shopping is the key to their hearts.
What for the most is essential when it comes to shopping in the convenience stores? Time! That’s why they’re so popular, and that’s why we need them for quick shopping not the way to work and during a break between classes at University. Usually, we already know that we need to buy so the most consuming process is standing in a queue to pay. From the consumer point of view, it can be very annoying as he is holding only one item – especially when he is in a hurry. Plastream solves this problem by its innovative self-service checkout you can read more about here.
Micro video cameras, placed inside the self-service checkout scan all of the products at the same time. Cameras recognise what products are being bought and automatically calculate and assign the price to the whole basket of products (including all deals, promotions and discounts). The purchase is finalised with a special in-app payment or during the checkout with no time.
AI serves to customers.
Implementing AI solutions in not only a win for business (mainly time-saving, cost-cutting), it also has a bunch of facilities. The more suitable offer, the better. Shopping takes less time than before: the customers can easier find desired products. Additionally, they got recommendations that fit their style and budget preferences. Moreover, they’re not facing the lack of assortment while they’re shopping. Customer service is improved to be more helpful in less time. They feel that companies take care of them. It’s an unquestionable win-win!
AI has changed the face of retail irreversibly. It improves the consumer experience with convenience and personalisation, which leads to a satisfied customer and many benefits for business in the long run. Plastream has recognised this revolution and become a part of it. We’ll be more than happy to cooperate with you – contact us!