Artificial intelligence technology takes some huge data set as an input, processes it through AI algorithms (say neural networks) and then produces a model as an output which can provide answers like a real human. So, in layman’s term it is like a human brain knowing some behavior/ trait about someone and then acting accordingly at the proper time and location.
Artificial Intelligence in Retail:
Thinking as a Retailer? Wouldn’t it be great if you could know the Demographics, Shopping behaviors, Trend and needs of a customer who has just walked into your retail outlet or on the online site, on the fly? It would be easier to showcase the customized best possible products and offers for the customer in order to encash the opportunity. Even as a customer, I would be very happy if I am presented with everything which I am in need of, as that would save my time in decision making and shopping; enhancing my shopping experience.
This is exactly what Artificial Intelligence does for your Retail.
Below is a recent example in Retail Industry where Artificial Intelligence is used:
Technology behind the concept of Amazon Go includes “computer vision, sensor fusion and deep learning.” Using a mobile application, customers can scan their smartphones at a kiosk when they walk into the store. The store’s technology, which the online retailer calls “Just Walk Out,” automatically detects when products are taken from or returned to the shelves and keeps track of them in a virtual cart. When customers finish shopping they will simply leave. Shortly thereafter the company will charge each customer’s Amazon account and send a receipt.
AI can also be supportive in many other retail units likes:
- Store Location Selection
- Optimization of Product Mix
- Optimizing Supply Chain
- Virtual Mirrors, Gesture Recognition,
- Visual Listening
Any information and knowledge is always helpful and if received during correct time and place can turn out into an opportunity. AI helps in providing Accurate and on the fly information. Considering this AI is surely to stay and positively transform the face of Retail.