Retail
Retail
AI can provide the retail industry with a much-needed upgrade and help retailers.
- Make faster and accurate decisions in selling, marketing, inventory management, cash management, etc
- Offer a better customer experience resulting in customer loyalty and higher sales.
- Reduce losses by preventing in-store theft and fraud by customers and employees.
- Optimize and accurate planning of workforce in different operations like cash management, in-store replenishment, fulfillment
- Optimization supply chain to reduce wastage, reduce loss of sale due to stock-out, etc
In-store Promotion
AI-driven technology like face recognition and age/ gender determination can help retail companies drive targeted and personalized promotion per the customer’s demographic profile and preferences, which saves them time comparing products.
Virtual Fitting Rooms
Virtual fitting rooms can be developed and offered to customers with the help of AI-driven technology. This can help retailers reduce queues for actual fitting rooms, offer merchandise that is not available in-store, etc. Online retailers can even use it to enhance customer experience before purchasing products and reduce the return rate.
Cashier-less Store
AI can enable vision cameras to identify each customer separately, place the items they have taken in the cart and generate bills automatically. Unique customer identification can be made by face recognition, and products carried in the cart can be made by gesture recognition.
Tracking Customer Satisfaction
AI can help track customer satisfaction by scanning their facial expressions and determining their mood. Using AI to do so will decrease manual surveys which are inefficient and not always accurate.
Theft and Fraud Protection
AI can automatically identify theft, detect suspicious movements, and identify repetitive offenders in retail stores. AI can also identify abnormal POS transactions like missing or scanning a product, unauthorized give-away of merchandise, switching of products during scanning, etc