Object detection is a fundamental component in video counters, as it detects objects in each frame, while object tracking assigns unique IDs to each individual shopper detected, before tracking their in-store movement. Retailers can also use computer vision to ensure that health and safety protocols—such as maximum occupancy—are being followed. And if a store is enforcing COVID-19 protocols, the technology can detect face masks and ensure social distancing rules are being followed.

Artificial intelligence is the term for technology that employs machine learning and automation to make decisions and solve problems like a human would. Though it might sound futuristic and technical, AI is more approachable and commonplace than you might think. In fact, the use of AI in retail already exists , even if retailers don’t realize it.

Customer behaviour analysis

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To remain competitive, retailers must allow in-store customers to enjoy the benefits of online shopping. Fast checkout, personalized recommendations, or instant access to customer care at any time are a few services that can be implemented with the help of artificial intelligence. The Customer relationship management segment held a revenue share of more than 19.7% in 2021. The CRM segment will gain prominence with strong demand to boost customer retention and customer service.

AI in retail – Market overview

North America hosts the primary AI solution providers and is an early adopter of AI technology. March 2021 – Inbenta Technologies launched a new AI-based solution, Conversational AI Search, to boost revenue generation by engaging customers. The new search tool uses natural language processing to answer and engage the customer with the right product offering. Ai.RETAIL provides transparency, agility and flexibility with retail-driven advanced analytics through a flexible and scalable platform.

Similarly, the demand for machine learning is growing rapidly during pandemics owing to its capable multivariate forecasting models. Thus, retailers are likely to invest more in artificial intelligence technology to understand the changing customer preference and the Artificial Intelligence in retail market trends due to pandemics. Speaking of the biggest retail trends of the last decade, the personalized shopping experience is worth special mentioning.

Unleash the power of AI in retail

This gives you a strong foundation for demand forecasting, predictive analytics, product recommendations, and more. Customer Engagement –Using IoT-enabled technologies to interact with customers, retailers can gain valuable insights on consumer behavior preferences without ever directly interacting with them. Take theKodisoft interactive tabletfor example – Kodisoft developed a tablet to be used in the restaurant setting for customers to use to browse menus, order, and play games. Supported by the IoT Hub and machine learning, this tablet has leveraged consumer data and behavior trends, allowing companies to increase engagement and success with customers. Today’s dynamic retail industry is built on a new covenant of data-driven retail experiences and heightened consumer expectations.

Voicebot.AI provides slightly bigger adoption numbers discovering that the percent of US adult smart speaker users grew from 47.3 million to 66.4 million during 2018. The eCommerce company first added the feature to its iOS app in August 2017 and rolled it out across all markets and devices in March 2018. The ASOS catalogue contains about 85,000 products with 5,000 new items being added every week. Urban Outfitters teamed up with Slyce to add Scan + Shop feature to its app. Customers can make a photo of any item from in-store advertising, catalog, or editorial and get information about it, as well as purchase a garment right away. So, retailers and brands implement it to ensure that each customer gets personalized service regardless of the channel used.

Enhancing the Customer Experience

Based on applications, the market is categorized into predictive analytics, in-store visual monitoring and surveillance, customer relationship management , market forecasting, inventory management, and others. Among these, predictive analytics dominated the segment share in 2020, and some of its key solutions are demographic segmentation, store operations, shelf management, inventory management, labor optimization, and more. The retailers are implementing AI-based predictive analysis to understand the future market opportunities and customer behavior.

The advancement in Big Data analytics will drive the growing adoption of artificial-enabled devices and services across different industrial domains and verticals. The ethical impacts of AI How To Use AI In Retail Industry applications are also important for retailers to consider. Specifically, concerns about data privacy, bias and the application’s appropriateness can affect if and how AI is implemented.

ai.RETAIL

Customer service software Zendesk and accounting tool Botkeeper are two examples of great retail platforms that take advantage of the benefits of AI. The supply chain is an area that could be transformed greatly by the implementation of Artificial Intelligence. There is always a necessity for quicker product delivery and improved inventory control.

The artificial intelligence in retail market report highlights leading regions across the world to offer a better understanding of the user. Furthermore, the report provides insights into the latest industry and market trends and analyzes technologies deployed at a rapid pace at the global level. It further highlights some of the growth-stimulating factors and restraints, helping the reader gain in-depth knowledge about the market. After this system was installed in the store, the owners obtained an entirely new level of insights. With all of this information about customer’s preferences integrated into the CRM, they can predict demand for a particular product.