It’s no secret that artificial intelligence has revolutionized the retail industry. Since the advent of artificial intelligence, it has transformed almost every sector of the industry. Artificial intelligence technology is also constantly improving, increasing business growth opportunities for companies using artificial intelligence technology. Adopting artificial intelligence, which was just a dream a few decades ago, has now become a reality. In the future, retail companies that do not follow the development trend of artificial intelligence are likely to fall behind in the competition.
Whether it’s customer service, strategy, security or marketing operations, artificial intelligence has revolutionized the way companies do business.
Looking back at history, Minsky and McCarthy, the fathers of artificial intelligence technology, predicted how artificial intelligence would change the world. The news sent shockwaves throughout the industry. According to their predictions, artificial intelligence will replace human intelligence.
The modern definition of artificial intelligence describes it as the ability of a machine (either a computer itself or a computer-controlled robot) to perform functions that are only possible with human intelligence.
With the development of artificial intelligence, the world is witnessing innovation every day. Today, the dream has become a reality. When Apple's Siri guides users to purchase goods, or when driving a self-driving car, artificial intelligence is evolving before our eyes.
In the past ten years, every industry has experienced breakthrough changes. For example, the widespread use of robots in manufacturing or the advancement of healthcare through artificial intelligence. These groundbreaking innovations are all thanks to artificial intelligence.
As mentioned above, artificial intelligence has transformed almost every industry, including retail. From online giants like Amazon to retailers like Walmart and Target, retail companies are turning to artificial intelligence. The reasons are as follows:
When it comes to reliability, nothing can beat an artificial intelligence system. They are more reliable and efficient than humans. If they are required to work around the clock, they will. Unlike humans, these machines don't need to eat, sleep, or even take a break.
Using these machines, businesses don’t have to deal with break and sick days, making AI more reliable than humans. They can also process data in seconds and undertake tasks that would take humans years to complete.
Over the years, artificial intelligence has greatly changed customer service. In this day and age, customer care is the marketing backbone of any business. Retail companies are well aware of the importance of customer care, so they choose artificial intelligence over human intelligence.
Bots can handle chats, phone calls, and emails 24/7. They develop complex vocabularies from years of language data. Artificial intelligence helps people build trust, thereby gaining customer loyalty to the company. Some ad targeting software now even uses artificial intelligence to identify target audiences more effectively.
Experts suggest that artificial intelligence can act as a helper for employees. With artificial intelligence, employees can share work with robots and focus on their own tasks. This in turn helps them increase productivity and achieve better performance results.
Artificial intelligence is everywhere in today’s retail industry. Here are some examples of retailers that are effectively leveraging artificial intelligence in their business functions:
· Sephora Inc. uses artificial intelligence to recommend cosmetics. Well-known cosmetics brand Sephora uses artificial intelligence technology to recommend cosmetics to customers. For some women, finding makeup that suits their skin type and complexion can be a challenge. The Color IQ system scans their face and recommends foundation and concealer accordingly. LipIQ, also part of ColorIQ technology, scans a user's lips and recommends a suitable lip color.
Artificial intelligence plays a vital role in setting new consumer trends and standards. Consumers no longer have to work hard to find products. In the past, consumers often experienced a dilemma to find what they were looking for.
Now, AI tracks their previous searches and recommends products without the customer asking. This approach is more direct and effective because consumers now no longer have to see unwanted ads. Since the ads obtained by AI are more relevant, they become more attractive to customers rather than annoying.
Social media users have also experienced the capabilities of artificial intelligence. When people search for a product on the Google search engine, how often do they see it on social media platforms? Almost every time. These targeted ads recommend consumers what they actually want. If many consumers like this product, then promoting this product will become a new trend.
Artificial intelligence can also identify consumer behavior towards specific products and help companies understand whether the product can be sold.
The application prospects of artificial intelligence in the retail field are definitely bright. Many benefits have been demonstrated, and the technology is still in its infancy. In fact, the application of artificial intelligence has just begun, and its full potential will be revealed in the next 10 or 20 years.
Even in the infancy of artificial intelligence, many retail companies will benefit from it. They now base their strategies on consumer behavior. Artificial intelligence is constantly evolving and can be expected to automate every aspect of the retail industry in the coming years.
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