Emerging technologies are enabling artificial intelligence (AI) to go beyond automation of routine tasks and address complex business challenges not previously tackled by 'traditional' IT and engineering.
- DELIVER THE NEXT PHASE OF YOUR DIGITAL JOURNEY
- REVAMP YOUR CUSTOMER ENGAGEMENT
- DRIVE EFFICIENCIES BY AUTOMATING DECISION-MAKING PROCESSES
The challenge is that Artificial Intelligence is not a single capability or technology, that will manifest itself as a single use-case for retailers and brand.
AI in Retail
AI is capable of providing significant benefits for retailers to improve their customer services, insights, and business processes
AI in Retail Industry focuses on the below key pillars of any software to be developed
- Insights AI (or) Data Collection
- Business Speed Up using Bigdata
- Leveraging to AI on Customer Engagement
Insights AI (or) Data Collection
AI techniques can be used to develop and gain an accurate and deep understanding in reading/processing large volumes of data structured or unstructured data which would not have been possible with previous approaches.
Business Speed Up using Bigdata
Using AI to optimize business processes, often accelerating processes and reducing friction for core business functions.
Leveraging to AI on Customer Engagement
Leveraging the power to AI to engage with customers in new and more effective ways than previous customer experiences.
This entirely enables customers with new and great experiences and touch-points, as well as dramatically improving existing ones.
SrinSoft Artificial Intelligence in Retail- Use Cases
Consumer experience is revolutionized by the use of Big data along with natural language interfaces and machine learning. This will create a near human interaction.
SrinSoft's digital intelligent assistants designed with the brand personality in mind and they can be much quicker and accurate when it comes to assisted shopping.
Omni channel shopping
In store and online selling efforts will be synchronized to sell more by knowing more about the customer. For instance, the moment a shopper enters a store; the store staff will get information about all the products reviewed by the customer online. This will help the retailers to make better sales pitches and offer better consumer choices inside the store.
Personalized Pages for web shopping users
Consumer purchase history, view history, clicks, understanding consumers social media interactions and impressions are the big data to analyze the buying behavior of a consumer. SrinSoft AI experts develops an Algorithm for Retail companies to showcase customize web pages per individual as per their thoughts and wishes.
Virtual Reality and Augmented Reality
Flexibility to consumers in checking the products without visiting the store and from the place they wish. SrinSoft created an interactive Augmented Reality application to assist consumers to check the size of the kitchen appliances and colors virtually.
Product Mix optimization
Retailers with advanced AI algorithms that could correlate environmental variables with product mix were able to stock the right inventory, create better in-store offers and thereby sell more.
Optimizing supply chain management
Prescriptive demand models based on past sales for different products, events, marketing campaigns, seasonality etc. can ensure accurate demand and supply forecasting so that these problems don't occur.
They can ensure optimized logistics and effective utilization of operational funds.
Store Foot Print Optimization
SrinSoft's AI is being used to figure out what can be the best location for opening a new store. SrinSoft's algorithms consider historical data like sales, demographics, distance from competitors, nearby events.
This decision could be responsible for savings/revenues of several millions (depending on the size and format of the store). These algorithms can provide the key drivers for the new stores success.