Elevate the Shopping Experience
Shoppers and retail customers are expecting more from their favorite shops and brands. Some didn’t disappoint with new technology blurring the line between digital and physical shopping. Imagine browsing products on your phone and knowing exactly where you can find the items you showed interest in when you’re in the store. Or getting an email or push notification about the products you tried in-store so you can do the next step and buy them online.
Recommendation engines are extremely helpful in carrying out the personalization and custom experiences of the customers. Providing real-time data and insights through IoT, AI, and machine learning.
AI-driven personalization is one of the main tools of retail marketers to drive business growth across different sales channels accounting for 54% of the industry. By adopting AI, 30% of them outsells their counterpart. This is because 80% of consumers are most likely to purchase when a brand offers a personalized experience.
Build Real-time Sustainable Supply Chain
Demand forecasting is an essential part of the retail business. In the same Microsoft study, 70% of retailers indicate AI and ML as top technology choices for forecasting and demand planning, and all for good reasons. The use of both platforms improved forecasting accuracy to 93% and reducing inventory by 30% through a demand-driven supply chain. Freeing up capital for other investments and improving cash flow. With real-time data from stores and insights from consumers, competitors, trends, marketplace forecasts, and industry shifts retailers are in a better position to forecast demand and ensure a sufficient and efficient supply chain for all stores.
