The ecommerce has meant a radical transformation for the industry retail. Being able to buy at any time, from anywhere in the world and anywhere, has meant that the demand and supply of any consumer can be satisfied in real time. If we add the development of AI, the result is a personalized experience from the beginning to the end of the purchase process.
Artificial Intelligence has become a tremendously powerful tool that is being strongly imposed in the sector and that offers the possibility of creating a more attractive product or service for the consumer. The chatbots, are an example of it. Although it is in recent years when its implementation has become more popular, the reality is that they have been with us for a while. These virtual assistants improve communication with the client, answering their questions 24 hours a day, 365 days a year, but what other changes will AI introduce in the retail?
Benefits of AI, a win-win for consumer and retailer
The consumer is, without a doubt, the main winner of the implementation of this technology. Thanks to it, you quickly get the product you are looking for, but also, it is important to take into account the benefits it will bring for the retailer. The automation of some functions will facilitate the logistics tasks and will make the sale a simpler task.
For example, in retail, an AI system can help with inventory management. It will allow you to order a product before it is finished or to know in advance when there will be a shortage of a certain item. In addition, predictive analytics is another of the most interesting options that the development of AI will offer, not only in relation to products or services, but it will also make it possible to predict on which dates or areas it will be necessary to increase the number of employees.
In this sense, Vision Analytics, startup specialized in Computer Vision and IA, is working on different tools that allow the counting of people to control capacity, or in the design of heatmaps that provide information on which are the busiest hours, or how people are distributed in a given space. In short, solutions that serve to extract insights and improve decision making through data analysis.
“By means of this technology, it is possible to know in real time the products that are missing in some shelf for immediate replacement or obtain information on specific areas to know which are the most interesting for users. In this way, it is possible to implement A / B testing in physical spaces, which greatly optimizes any space“, it states Henry Navarro, CEO of Vision Analytics.
Another advantage of AI in the sector retail is its application in the field of marketing and communication. AI will provide a more in-depth analysis of the campaigns that work best, measure results more optimally and aid in decision-making, as they will be based on facts and relevant information, not opinions or assumptions.
According Accenture, the use of AI could improve profits by 60% by 2035. “To take advantage of this great opportunity, it is essential that organizations begin to develop strategies around AI that put people at the center, and that they commit to the development of responsible AI systems, consistent with moral and ethical values. ; all this will bring positive results and will encourage people to do what they do best: imagine, create and innovate “, declared Paul Paul Daugherty, CTO of the consultancy.
Obstacles that Artificial Intelligence must eliminate
One of the main barriers AI faces is mistrust. According to the report prepared by OMD in 2020, “Retail Revolution“While 32% of consumers in Europe – over 50 years old – state that they do not understand the need to make use of this type of technology, the youngest consider that it is too intrusive and are afraid of the way it is used. performs the collection of your data.
The objective of this research project, which aims to find out how this tool should be applied in order to create more valuable experiences for the consumer, reflects, despite this obstacle, a promising future for AI in Spain. According to the study, 85% of Spaniards are open to using this type of technology in their day-to-day life. The report shows that its main challenge is to eliminate the barrier of mistrust and increase its frequency of use to achieve an improvement in products and services.
The future of AI in the industry retail
The implementation of AI tools will make it possible to make user purchase predictions in real time. Stores will no longer target “30-year-old women”, Millennials“Or” married men of 40 with children “, but to individuals with names and surnames for whom accurate information is available.
“In this way, in this new sales ecosystem, physical stores will become a projector of unique experiences. AI will be even more important in a mobile context like the current one, in which access channels to the shopping experience are multiplying. The great opportunity of AI will be its ability to satisfy user needs by providing a plus in the value proposition “, affirm the authors of the “Guide to understand how Artificial Intelligence will revolutionize the retail sector”, Prepared by the Spanish Association of the Digital Economy (Adigital) in collaboration with ICEX.
Can we ask our smartphone where is the product we are looking for located? Will the stores of the future have employees? Will you send us app of our favorite brand a product designed for us? We do not know the answer, but we do know that digital assistance and the implementation of this technology will facilitate consumer purchases and will be key in the future of the retail because no company can afford to lose any data. The era of absolute customization has begun.