In the previous article, we described the application of artificial intelligence in the medical field. Today I will introduce the application of artificial intelligence in the retail field.
Artificial intelligence has set off a wave in the business world, and the huge market size of its systems has received increasing attention. Let's take a look at what the huge potential of artificial intelligence has changed for the retail industry, which we could not imagine a few years ago.
Store Optimization
Whether and where to open a store has always been a difficult choice for retailers. According to statistics, this decision is enough to affect the cost or revenue of millions of dollars (depending on the size and form of the store). Currently, artificial intelligence is being used to find the best place to open a new store. Intelligent algorithms consider historical data such as sales, population, distance to competitors, nearby events, and current data such as weather patterns. These algorithms can provide key factors for the success of a new store.
Supply chain optimization
Supply chain management is the most important factor affecting the profit and loss of the retail industry. On the one hand, excess inventory increases costs, and on the other hand, exhaustion of inventory can damage reputation and lead to customer churn. A standardized model based on historical data such as different products, events, marketing behaviors, and seasonal factors can predict the correct supply and demand relationship. Through artificial intelligence, retailers can effectively prevent inventory problems, optimize logistics management, and use operating funds more effectively.
Marketing strategy
A canonical forecasting model based on historical sales, marketing campaigns, website discounts, major events, and competitor-related data can clearly indicate what influencing factors are more meaningful in the past and future, which can make retailers ’marketing campaigns more effective and help The company grows, attracts and converts more customers. Advanced artificial intelligence forecasting programs can use historical attributes such as background, previous sales experience, previous job, and more to paint portraits of employees who want to stay longer in the company. This will greatly reduce the company's recruitment costs.
Virtual fitting mirror
Deciding what to buy in a store, especially clothing and accessories, has always been a nightmare for customers. Buyers are constantly beset with buyers before every purchase. AI came up with a solution-a virtual fitting mirror. Virtual fitting mirrors can help customers try out various options before buying. It can show customers a virtual image of the selected clothing or accessories, but the premise of this is based on the use of gestures and touch interfaces. It allows consumers to mix and match clothing and accessories to make the right purchase choice.
Gesture Recognition
Information search is another annoying thing for consumers when shopping in stores. And the in-store advertising and gesture touch implemented by artificial intelligence have completely changed the traditional form of information search. These touch walls are used to promote merchandise, introduce customers to stores, and tell customers what to buy here. Customers can use gestures to control the touch wall to search for information, check products, add to favorites and buy. These touch walls can also be made as part of a shop window to attract consumers and ensure that transactions can be made even if the store is closed.
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