AI In Retail: Top 5 Artificial Intelligence Retail Solutions
Updated on Apr 30th, 2021
AI in retail is becoming a hot trend of the global market, and the reason is the advanced benefits that artificial intelligence retail solutions offer. Whether we talk about automating inventory management, or conversational chatbots for customer service, or even implementing RPA and computer vision for better services, AI in retail is enhancing the retail segment.
As per a trusted source, the artificial intelligence retail solution market is expected to rise from $993.6 million to $5034 million by 2022. Moreover, AI solutions’ efficiency in eliminating the thefts and enhancing the shopping experience is further expected to enhance AI’s retail growth rate by almost 38.3%.
Clearly, many retail businesses are making use of artificial intelligence retail solutions to streamline their mundane tasks and innovate their business models. So, when all your competitors are doing it, why not you?
That’s why, today, we have brought you the top five most prominent artificial intelligence retail solutions that are sufficient to automate your retail business and make your brand unique in the market. So, without wasting much time of yours, let’s quickly cut to the chase!
Top Artificial Intelligence Retail Solutions
1. Automated Store Management Software
The first and foremost popular and most effective artificial intelligence retail solution is a store management system. An automated store management system is a robust AI application that tracks and simplifies all your store operations in simple language. Right from sending offers to your valuable customers to enhancing their shopping experience, a store management system is capable of doing a lot of things.
Not just that, but this unique artificial intelligence retail solution even helps your customers to go cashier-less shopping with amazing RPA and computer vision technology. Your customers only need to add items to their card, and the custom AI-based solutions scan the product, and the customer can pay from their digital wallets seamlessly!
2.Real-time Inventory Management System
Another excellent artificial intelligence retail solution that has gained huge momentum in the past few years is AI-based inventory management software. It is often witnessed that managing the inventory and warehouse operations is the foremost crucial yet tedious task for many businesses. The process requires careful analysis of your products and customer needs. However, the case is a bit different with AI in retail!
The custom AI-based inventory management software not only streamlines your inventory management process but even eliminates conditions like stock-out or old inventory in the supply chain. That means you can get accurate sales forecasting based on your products’ popularity, thereby minimizing your cost and enhancing profitability. Not only that but with smart sensors and computer vision, all your warehouse operations are also automated, thus reducing your employee’s crucial time.
Whether we talk about categorizing your products, detecting faults in the orders, or even keeping track of your order receipts, everything becomes a piece of cake with artificial intelligence retail solutions.
3. AR-based Customer Services
Customer experience has become the most vital component of the global sector in today’s competitive world. Regardless of your quality, if your products/services are not useful/accessible by your customers, they are of no use. Hence, many of the leading retail businesses today are using smart AI applications to enhance their customer’s shopping experience.
With smart AI mobile apps, you can seamlessly enable your users to try your product or know more about them while sitting remotely. Not only that, but the customers can even try the products on themselves to know what suits them and what not – all thanks to VR technology! Leading brands like Nars and L’Oreal use the same kind of AI application to enhance their customer services.
4.Computer Vision Solutions
Computer vision is a newly adapted AI application that has transformed the global sector today. With its unique capabilities to enhance the offline retail store and detect thefts, computer vision has become a prominent artificial intelligence retail solution in today’s digital market.
The robotics technology, along with smart sensors, not only smoothens the users’ shopping experience, but the automated solutions even make your finances accurate and reliable. Apart from facilitating digital payments and cashless shopping, computer vision enhances your marketing campaigns by detecting user behavior in real-time. You can even analyze your best employee of the month with AI in retail.
Read More: Top 7 uses of Computer Vision in Retail
5.Personalized Recommender Systems
Last but not least, we have a recommendation system as the most promising artificial intelligence retail solution. Well, who doesn’t know about a recommender engine? Almost every successful app/platform is leveraging this smart application of AI in retail. A recommendation system firstly learns about your customer’s behavior and monitors their interaction with your brand.
Then afterward, the system offers personalized suggestions to every user based on their past activities. That means, while accessing your online retail store, you could potentially engage your customers by offering them personalized suggestions. Those suggestions would compel your users to stay more on your platform, thereby enhancing their shopping chances and eventually increasing sales.
What else is stopping you from adopting artificial intelligence retail solutions for your small business?
Ready to Implement AI in your Retail Business?
It is a known fact that to succeed in today’s competitive market, implementing custom AI solutions has become a foremost aspect. Whether your need is just for automated inventory management or engages your users on your online store, artificial intelligence retail solutions are a must. That’s why investing in custom retail solutions is the only profitable solution for satisfying your business needs.
That’s where Matellio comes to play!
With over 15+ years of experience, we, at Matellio, have always been the leading choice of retailers when it comes to developing custom retail solutions. Our certified digital transformation services are perfect for your business needs, from conversational chatbots and inventory management to AI-based warehouse solutions and mobile retail applications. So, reach us today, and bring intelligence to your retail business. Transform your big business idea into a reality with our free expert consultation, as only those who make the first step will succeed in today’s competitive world. So, keep discussing and keep innovating!
Till then, Happy Reading!
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