AI innovations are transforming the retail and e-Commerce industry in 2021
The outbreaks of the coronavirus pandemic and digital transformation have created ample opportunities for the retail and e-Commerce industry across the world. The ever-changing industry is allowing retailers, merchants, business people, and many more to enhance e-Commerce businesses to meet customer satisfaction by leveraging advanced AI innovations and technologies. Multiple retail and e-Commerce companies are harnessing smart functionalities of artificial intelligence with a diverse range of products and services including smart payments, seamless transactions, fast delivery, and many more through online mode.
Top 10 AI Innovations in Retail and e-Commerce Industry
Virtual Trial Rooms: Virtual trial rooms are emerging as one of the top AI innovations in the retail and e-Commerce industry that digitally manage customer tastes and preferences of apparel. It is developed with the integration of artificial intelligence and augmented reality to increase customer engagement in this industry. There are 3D models of footwear as well as garments placed to the detected key points to display the orientation to customers efficiently with each frame showing realistic texture and lighting.
Cashier-Free Stores: Cashier-free stores are attracting the eyes of consumers with attractive and comprehensive check-out and smart store solutions. It is becoming the future of the retail and e-Commerce industry for its swift movements and efficient services without waiting in a long queue. Human employees who do not have retail background can join these cashier-free stores to help consumers adopt the new technology of shopping as well as payment.
Sales Assistant Robots: Multiple sales assistant robots are being introduced to the retail and e-Commerce industry to enhance efficiency and workflow for higher revenue in the nearby future. Retailers have started reaping the benefits of these sales assistant robots for shelf scanning, checking inventories, assisting in shop monitoring, completing mundane tasks, and many more. Robots are helping this industry to provide accuracy in inventory management with the integration of IoT, robotics, and artificial intelligence.
Conversational Chatbots: Cutting-edge technologies like artificial intelligence have introduced conversational chatbots to the retail and e-Commerce industry for a better customer experience 24*7. These conversational chatbots are known for answering FAQs, offering promotions, making customers take interest in other products, solving queries with personalized answers, and many more. This AI innovation has helped the industry to gain higher revenue while meeting customer satisfaction and higher customer engagement.
Automated Warehouses: The implementation of artificial intelligence has transformed classical warehouses into automated warehouses or smart warehouses. Smart technologies like AI and robotics have started managing all kinds of regular and mundane workloads to keep human employees busy with creativity and other important work. Robots cover the storage, processing, weighing as well as transport system of goods without any potential error. It helps to simplify the order tracking system and can work for longer operating hours efficiently and effectively.
Personalized Product Recommendations: Artificial intelligence has provided the retail and e-Commerce industry with personalized product recommendations based on customer behaviour. It helps to recommend the best suited as well as best products to different consumers with different tastes and preferences. Multiple companies have started using the personalized product recommendation system to earn more customers to retain brand loyalty with good sales.
CRM: Customer Relationship Management (CRM) is one of the top AI innovations in 2021 that let the retail and e-Commerce industry organize business customers or clients without any potential error. It is known as the proactive approach to gather sufficient real-time data of the customer base and utilize this data for creating effective marketing strategies to meet customer satisfaction efficiently. Real-time data includes demographic data, behavioural patterns, purchase history, contact information, and many more.
Visual Search: Visual search is on the rise recently, especially in the retail and e-Commerce industry. It has transformed the way online shoppers seek suitable products. Visual search is based on finding a product on the basis of an image and not through text. The target audience of this AI innovation is millennials or Gen-Z and it has increased the digital commerce revenue in the last few months.
Smart Home Devices: It has been observed that smart home devices with the integration of IoT and artificial intelligence have transformed the retail industry. Multiple smart home devices such as Alexa, Siri, Google Home, and many more are increasing the revenues of different retail companies. These voice assistants are helping disabled patients, senior citizens, and businesspersons to order products and services without typing, just with voice activation.
Automated Product Description: Automated product description is present in the industry to ensure a profitable e-Commerce business through automating unique and high-quality product and category descriptions. There are multiple tools for product description generation to come up with the best product description in the cut-throat competitive market. It helps to transform the existing product description with the updated data and uploads it to respective online stores.
The Future of AI in Retail and e-Commerce Industry
The above-mentioned artificial intelligence innovation is just a few out of many that are helping the retail and e-Commerce industry gain higher customer engagement, especially post-pandemic. The future of this industry is thriving owing to selling new products and services through online platforms. The implementation of AI in the retail and e-Commerce industry can help businesses to grow by staying relevant and up-to-date with the needs and wants of consumers, resulting in higher revenues in the competitive market.
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