Artificial intelligence in retail industry: use cases

Artificial Intelligence technology is spreading rapidly, embracing new areas, including retail. According to the research by Research&Markets, in 3 years, retailers' expenses on AI solutions will amount to $ 5 billion, and in 15 years their use will lead to a 60% increase in profitability. In today's world, retail businesses are constantly working in a multitasking mode and solving many issues: they need to attract new and new customers and satisfy all their needs and demands, reduce costs and increase profits, retain and strengthen their positions in a highly competitive environment. In this situation, innovative technological solutions based on AI come to the rescue, allowing for a significant increase in productivity. Today, the fundamental areas of AI technology development in the global retail industry are audience analysis and personalization, rational planning of staff working hours, and optimization of labor costs. One of the easiest ways to implement AI in your business is through Microsoft Azure. Microsoft Azure is an open and flexible platform that allows you to create, deploy, scale, and manage applications across Microsoft's global network of data centers using different programming languages, tools, and working environments. IT infrastructure capabilities are rapidly expanded by the unlimited resources of the public cloud. Microsoft Azure provides an opportunity to reduce infrastructural costs, deploy new applications in a short time, and provide access to them. Large companies that already have a large-scale on-premises infrastructure for their business application development and maintenance department can also take advantage of Microsoft Azure by moving some tasks and applications to the cloud.rnTo learn how to use it right check out Microsoft Azure consulting services. 6 real-life use casesChatbots in customer service With AI-powered chatbots, organizations can provide the best possible customer service, such as sending notifications about recently released products, sales schemes, and discounts. In addition, specially targeted chatbots can offer those products that may be of interest to consumers. For example, you bought a shirt in an online store and now the chatbot recommends you buy jeans that match it. Price prediction Artificial intelligence helps organizations predict prices for products with lower supply and higher demand. This significantly increases sales, and also allows the customer to understand that the price of product X is as low as possible now, and will soon rise to a certain amount, so it's worth buying the product now, while it's profitable. Logistics The problem with logistics and delivery management has always stood between manufacturers, stores, and customers. With AI, it's easy to organize the delivery chain and ensure stores have the right supplies from the manufacturer. Machine learning and product categorization Machine learning-based systems label products and sort them into different categories for customers that are looking for a particular product. This significantly reduces the time for both customers and salespeople. Customers` reactions tracking Neurotrack company uses AI to study customers' actual emotions during the buying process. Using high-precision cameras mounted on devices, researchers can see what customers pay most attention to when interacting with the online store, what is out of their sight, and whether it is difficult for them to find the product they want. This, in turn, helps improve the customer experience, optimize site functionality and visuals, and build stronger relationships with customers. With the help Artificial Intelligence and machine learning solutions you will develop your business rapidly, and most importantly, outperform your competitors on the market! Visit https://www.dataart.com/industries/retail-and-distribution/machine-learning-artificial-intelligence-ai-ml-retail to learn more.