AI and ML are taking over retail. The technologies are shaping how retail will look by the end of the next decade. Retail store automation is already a buzzword ready to become reality. The entire product and service cycles in retail stores are getting streamlined and automated with the help of AI and ML. AI-backed products and solutions are helping offline retailers in India to digitize with artificial intelligence and machine learning. Let’s see how.
How AI and ML are Changing the Indian Retail Landscape
Improving customer experience offline and online is the number one priority for retail businesses in this digital day and age. Making personalized recommendations online and facilitating better customer experience is undoubtedly easier through an online store. However, offline retail stores lack this opportunity. That’s exactly where AI and ML are filling the gap.
Physical forms of AI are now expanding. From chatbots, we are moving toward robots in warehouses. Warehouses could use robots that collaborate with each other through visual recognition and carry out picking and packing of products. Up your capabilities with robots in warehouses.
There is a lot in your inventory that can be automated. Consider the annual maintenance of contracts. As a retail store, you need to track contracts when they near completion and revise them. Reconcile cash and credit cards and make life easier for your accounts team. Manage consumable ordering efficiently with an AI and ML-backed tool. Minimize shortage of inventory and allow stores at various locations to update stocks in a portal through a mobile app.
Your marketing team should always be on their toes tracking the activities of your competitors. This will not only help you collect ideas for your growth but will keep your success or loopholes in perspective. Do this with an AI backed solution.
Manage New Store Openings
AI and ML-backed solutions can help create a simplified environment and policies to facilitate new store openings. Mobility can play a vital role in this case as most of the reporting happens on-field. Without a mobile-first AI-backed solution, retailers can miss out on a lot.
Analytics and Trends
Cover multiple periods to track trends and spot places and situations that bring in the most revenue. Analyze customer behavior by consolidating data and executing Big Data disciplines on it. Learning more about the customer and tailoring services to their needs can be the ultimate game-changer for your retail business.
Give the customer an interactive space they can use to give feedback for your services. Not just that, businesses today need to excel in customer services and treat customer right. Encourage customers to review and rate your business through a conversation AI-backed chatbot. It is vital to touch all platforms and make a presence across channels with your chatbot so that your customers can use the one they feel most comfortable with- to talk to your business.
When repetitive tasks are automated, employees can focus on high-value jobs that yield actual results for the business and improve employee satisfaction. Allow your employees to work on what they do best and automate monotonous tasks to improve speed and accuracy and employee productivity.
An AI-powered solution can help retailers streamline the employee onboarding process. Collect employee data, identity documents, schedule meetings, notify employees and the relevant department, prepare for orientation, carry out specific training, clarify future plans, go over safety procedures, and so on. An Ai and ML powered solution for retailers can be the best best for Indian retailers.
India is still yet to completely embrace the ‘online’ of shopping. Therefore, there is a greater need for offline stores to level up and gain customers today in this part of the world. Create specialized offers for your loyal customers, organize social media contests, leverage creative ads, use smart shelves, and introduce intelligence in all your key operations with artificial intelligence and machine learning. This is a great time for retailers to innovate on the online and offline front. Leverage a retail automation solution to improve customer and employee engagement, analyze data and make more revenue and profit.