One of the top priorities for our retail clients is to figure out how they will compete with Amazon. To do this, we help retailers differentiate themselves by creating online experiences that combine the personalized feel of shopping in the store with the ease of online channels.
These personalized customer experiences are created through the use of predictive analytics, artificial intelligence (AI) and machine learning. The resulting technology enables retailers to recommend products uniquely matched to their customers, and allows their customers to search for products using language that is conversational, or just images, as though they were communicating with a person.
Using AI to personalize the customer journey is a huge value-add to our retail clients. Retailers that have implemented customized strategies see sales gains of 5-8%, a rate two to three times faster than their competition.
To help you start your AI journey on the right track, here are 5 important points senior retail executives need to know about AI:
Be bold. Retailers embracing AI are creating highly personalized experiences and setting new standards in customer experience.
Brick-and-mortar retail stores can implement similar levels of personalization. AI can be used to provide tailored websites, personalized product recommendations, better search results, as well as immediate and helpful customer service.
There are roadblocks to AI adoption that can make implementation difficult. These obstacles stem from the retail organization and their legacy systems being unprepared to handle the large amount of data AI solutions need to be most effective.
You don't have to go it alone. For most retailers, successfully leveraging AI requires partnering with a third party. Because of the barriers involved, employing an in-house strategy can be extremely costly and difficult. Partner for capability and capacity.
Take a portfolio approach to accelerate your AI journey. Resist the temptation to put technology teams solely in charge of your AI initiatives.
To learn more about the use of artificial intelligence in retail, contact us at firstname.lastname@example.org