Technology

Retail And AI: Transforming the Customer Experience

For many people, the concept of “artificial intelligence” is something distant and incomprehensible. At the same time, about 63% of them use AIe-based technology in everyday life. The latest developments are often used in retail, and marketers and sales experts love them. How can AI transform the customer experience?

More Precise and Customized Advice

With AI in the retail industry, you can analyze customer purchases and create new offerings based on these results. This way, buyers can get the marketing initiatives they are interested in, and thus improve the conversion. 

AI can also define a global strategy for interaction with clients. Better offers can increase resale and cross-sales.

Experts believe that in the coming years, leading retailers will release applications that will work with digital assistants, such as Siri, to simplify the buying process. 

For example, instead of ordering through the site, a person can just open the app and say: “I have a business meeting tomorrow morning. Pick up my clothes.” And the system will know so much about your preferences that you’ll be happy with the result.

Efficient and Friendly Service

Chatbots allow you to satisfy your customers’ desire for fast, friendly, and efficient service. Virtual interlocutors also make fewer mistakes, making it easier for consumers to get the information they need. According to Humanity in the Machine, people are willing to replace interaction with live people with chatbots or AI consultants in order to get more timely and accurate answers.

Chatbots can answer simple questions, speed up conversations, minimize the number of points of contact, and help in complex situations. AI systems can reach customers online through natural language processing, machine learning, and voice assistants.

Most chatbots have a rather primitive algorithm: they receive a query consisting of one or more commands, process it and respond, or pass it on to a human employee. Many researchers even agree that it is not possible to classify a chatbot as AI because it works according to a predefined algorithm. However, there are many cases in the market where chatbots have learned and improved their answers – they can be defined as AI.

Real-time Data Analysis to Influence Decisions

Companies can use AI to interact more deeply with customers. With biometric tracking and data analysis, it is possible to track the face of the buyer and adjust the interaction. 

Real-time data can improve customer feedback, response time, service requests, and interaction time. 

Real-time data can be used in visual analysis and personal contact with the buyer. This information will help to improve service delivery and build closer relationships.

Improve Product Offerings

Retail companies can use AI-based solutions to provide customers with the best product recommendations. Sales can be improved by collecting data on search queries on websites, shopping habits, likes on social media, etc. This way, your promotional offers will be more personalized. 

Based on the purchased goods, buyers can be offered related items. On the online page, you can also configure a filter that will help to sort goods by composition, color, function, etc.

Moreover, AI is able to analyze the voice of the subscriber. The system takes account of tone and choice of vocabulary, evaluates the emotional state of the interlocutor, and transmits to live managers the forecast of how far a client is ready to buy. Therefore, an AI assistant can be safely used to identify the customer and identify his needs.

Even the form of presentation can be personalized. Taking into account the information about each specific client, the system selects the size and color of the font for the announcement, determines the position of the text, and offers several variants of promotional messages. AI generates convincing messages without relying on its own stylistic or linguistic biases. Such individual promotional offers help brands to effectively overcome banner blindness.

In addition, there is a set of devices and platforms for which advertising must be adapted: a computer, mobile phone, tablet, and browsers and applications.

Service 24/7

Customers love to get help around the clock and on weekends. This service is difficult to provide, so AI comes to the rescue. It can be used for round-the-clock processing of consumer requests. According to forecasts, in the near future, 85% of contacts with clients will be carried out without the participation of technical support.

It is also important to conduct regular research to understand what is important to customers and their concerns. In this case, it is necessary not only to wait for negative feedback but also to conduct constant surveys of the satisfaction of buyers.

Outflow Forecast

An essential indicator in business is the churn rate. Sometimes a little compliment is enough to keep the loyalty of a client. And it’ll be a lot cheaper than bringing in a new client to replace the one that’s gone. 

AI, based on current and departed customer data, establishes patterns that identify customers who are prone to outflow even before they actually leave. By extending special marketing activities exclusively to them, the company maximizes the duration of the relationship with the client, without wasting profits at the expense of additional discounts to other customers.

Thus, AI and machine learning allow medium-sized businesses to achieve the same results previously available only to market leaders with large teams of analyst.

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