Artificial Intelligence & The Disruption of Traditional Retailing
Posted On: January 14, 2020
Artificial Intelligence, mimicking the so-called cognitive functions of the human brain, has taken deeper roots in retail marketing. The retail market, currently dealing with the disruption of brick and mortar model to online shopping, is in a rapid state of flux. KocharTech, as an IT Solution Provider, includes Machine Learning and AI as its core principle in supporting the retail industry, with its innovative approaches to make the shopping experience a pleasurable experience for both customer and the retailer.
With 80% of the future business is expected to come from existing 20% of customers, the need for retailers to tread into the world of AI and ML is now more relevant than ever. It is already estimated, as per Juniper Research Reports that global annual spending on AI by retailers is expected to touch $7.3 billion by 2022.
Having realized this early on, KocharTech provides solutions to retailers using IoT & AI applications, like E-Surveillance for efficient implementation of Customer Lifecycle Management. Right from customer acquisition, revenue enhancement, customer retention to customer analytics, our solutions have come very handy to the retail sector.
Application of AI in Retail
While humans are prone to errors when it comes to repetition, the induction of AI in the retail sector can help in eliminating the inefficiencies brought into by operations by eliminating the need of teams for repetitive tasks. Tasks that are higher on the priority ladder are some that a team can work on, independent of AI. This way utilization of Human Resources of an organization is optimized. Teams are involved in more productive and complex activities that require multilevel skilling or specialization.
Customer Data & Analytics
Apart from providing better surveillance, with the help of cloud computing, AI can help in better data management and utilization of massive customer data. The cloud analytics track the products in real-time and monitors them efficiently. Using this data, AI concludes and creates a more personalized shopping experience for the users based on their interests and likes. Also, retailers can predict how well a product will perform in the market by learning from the past. This helps them make better strategic decisions. It’s now much easier to map the region, preferences, and purchase habits and build upon the marketing strategies and campaigns on them.
E-commerce sites heavily rely on Artificial Intelligence that bridges the gap between virtual and physical sales channels. While companies like Amazon have captured the major share of the consumer market, customer service experience has now become an important parameter of a business and its competitive advantages.
Artificial Intelligence, leveraged as a Digital Enablement platform for many of our solutions and software applications like installation and onboarding, business application support, and connected consumer support. These services are 360 degrees and multidimensional, for example, application download, app support, app engagement, and testing. If the new start-ups are looking for a turn-around, they can easily encash on smart data management by the inbuilt cloud analytics in the AI.
For delightful customer experience, AI has touched upon the points, we could never imagine a decade ago with the help of algorithms of subjects like Neuro-Linguistic Programming, statistics, probability, mathematical optimization, psychology, philosophy and many other fields where the machine can simulate the human intelligence. In many applications, the technology even supports upto the level of chat-bot operations, deciding whether the call needs to be transferred to the live agent in a contact center.
While we can always argue in terms of involving the corporate ethics in the usage of AI in our solutions, it is to be noted that any technology needs a fair amount of balance in implementation, so that people’s engagement remains a priority for a humane experience of business. The dynamics will alter in terms of multi-skilling of the manpower and constant involvement of the Training and Development department to upskill the current man force.
Solutions developed using Artificial Intelligence at KocharTech not only help reduce human intervention but are also designed to enhance business efficiency. To leverage the best for your business and know more about solutions that are built to scale, reach out to us.