Use of Artificial Intelligence in Retail Space
Artificial Intelligence which is taking over different sectors of the industry is predicted to soon become the locus of retail industry.
The new 720 degree view of customers suggested by Accenture is on the verge of becoming the core of retail strategy in the digital world. Amazon, Macy’s, and Walmart are successful examples of this innovative view of costumers. AI has some integral applications which largely benefit the retail world, making it easier for businesses to better understand their customers and their needs.
Among industries struggling to build data-driven strategies, the retail industry is the second of all, to own enormous data regarding consumers and their buyer’s behavior. However, they have not been able to transcript this data properly. Retailers are able to extract value from only 30-40 percent of the available data due to lack of technology and analytical talent.
AIs can be used to overcome such circumstances and prevent the wastage of maximum customer data, by extracting value from these massive sets of data. Machine learning could help retailers unlock their customer data potential and supply insights to predict the behavior of future buyers, thus helping to align sales accordingly.
Speaking with technology in today’s world has been made possible through bots enhanced by NLP engines via Google. The NLP engineers get access to immediate data in natural language from messengers, web, and voice assistants. This data helps create intelligent systems. Big companies are already using NLP to understand their customers better.
NLP systems understand natural language better with the increase in customer query analysis. The better these NLP engines work, the needs of customers are better met and more products are sold. No doubt that voice assistants do not do any sales, however, they make the process smoother. IBMs Watson enhances customer experience and helps them find desired items better. NLP and machine learning provide real value
The NLP machine first makes sense out of the query in natural language and then the machine learning steps in to extract value from the sense made. Intelligent machines assign meaning to data and rely on their existing knowledge. With the help of clustering, NLPs can find patterns and make connections between bits and pieces.
The market of machine intelligence has surpassed a value of hundred billion dollars and continues to grow. Retail industry has no option other than embracing AI to maximize its profits. This is now being experimented in this industry, however, it will soon become a necessity for better delivery and competitive advantage.
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