Artificial Intelligence Applications within Retail in 2020

by | Aug 20, 2020 | Blogs

Artificial intelligence and its uses have positively transformed the retail sectors, urging them ahead in a new direction. Its utilization isn’t restricted to the origin of product development but remains post-launch and consumer intercommunication.

The retail industry is one of the sectors that are reaping the benefits of AI integration. Nevertheless, there are still many issues that are out there. From what AI-technology or application has shown to be the most useful in retail to which changes have the potential to improve the retail game?
If we take a look at AI startups between 2013 to 2018, almost $1.8 billion is raised according to CB insights.

The scope of AI in business is increasing with every passing year, and people are looking forward to integrating AI applications in retail more than ever.
Let’s find out the top Artificial Intelligence Applications within Retail in 2020.

Cashier-less Stores

Digitalization helps in automating and streamlining much of the work-load. COVID has given us a lesson that we should be ready for every possibility and uncertainty. As human contact is now considered risky, retail markets are looking forward to incorporating cashier-less stores. This idea will help retail businesses in cutting down the cost of hiring and maintaining human resources.
One of the biggest examples of cashier-less stores in Amazon. Amazon Go is based on an AI application that allows customers to walk out of the store with the trolley of the purchased products, and the amount is deducted from the Amazon account.

AI and IoT play a significant role in creating this cashier-less store adventure, helping stores from begetting costly maintenance expenses.

Video Credit: CNET

AI-Powered Chatbots

The rise of the chatbots was attainable due to the AI alliance, creating them competent in speaking in a human-like way. Furthermore, with their capacity to read the visitor’s question, they can review and execute adequate help, respectively.

AI chatbots have upgraded customer service, seeking, communicating notifications, and recommending appropriate products – all by themselves. These AI chatbots work amazingly in retail as there are numerous questions that are lined up mostly filled with product associated inquiries. They also read the customer’s buying habits and recommend products that would meet their exploration and purchasing intention.
Chatbots are the present and future of retail, serving consumers to find the products through online stores and expanding businesses’ earnings in return.

Video Source: Talent Peaks

Voice Search AI Applications

31% of smartphone users globally are utilizing voice search at least once a week. While, in the year 2020, it is calculated to increase to 50%. With Alexa and other voice search services, clients can simply request the wanted stock without type and visually invest in the process.
Voice search is one of the required characteristics in any software solution and software development businesses. This program is going to be integrated into most of the business applications in the coming years.

Video Credit: IgniteVisibility

Visual Search AI Applications

This AI-powered system allows consumers to upload pictures and discover products alike to specific features of those uploaded images, like based on shade, patterns, and even designs.
AI linked with image identification technology is fabulous and can improve significantly in the field of retail businesses. Assume requiring a similar dress and just uploading its image, you get recommendations of brands either marketing the identical or something comparable. You can then match the price variation and go for the one that accommodates you.

Video Credit:  KDD2018 video

Mood Tracking AI Services

AI can identify your consumers’ attitudes and equip you with invaluable feedback that will enable your agents to assist just in the moment. Take Walmart as an instance. The retail outlet has cameras connected at each checkout alley that recognizes their mood.

If a consumer looks upset, they would quickly address and attempt to assist. So, with AI and facial recognition technology, stores can create powerful connections with their consumers and guarantee their well-being.

Video credit: Richard van Hooijdonk

Bottom Line:

Artificial Intelligence is one of the greatest technology of this era. This technology is transforming the retail industry completely. With AI applications, customers can find their desired products without any hassle. Artificial intelligence is also helping the retail sector cut human resources’ costs by taking help from technology.

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