How Retail market Is Implementing AI Technology For Sales


AI Technology could change our retail business in ways which haven't been imagined before!

It's encouraging to observe the retail industry steadily recovering its feet following the devastation caused by COVID-19. The situation is slowly but surely returning to normal and retailers are making necessary measures to gain control over their operations. Now, more than ever, the retail sector recognizes the need for digital transformation, specifically the role played by artificial intelligence (AI) and machine-learning (ML) as well as the Internet of Things (IoT) in solving long-standing issues like broken supply chains and a decrease in discretionary spending and an unanticipated growth in demand for delivery services that are contactless.

These tools can provide prescriptive demand forecasting and dynamic pricing and counterfeit detection, hyper-segmentation of customers and supply visibility. They also have the capability to react to demand signals in real-time. Retailers may also be interested in automated checkouts at the shop as well as robotic warehouse management systems. These are a major financial benefit however require more effort to implement. Planning and development of products and support for distribution agents and spotting market sales and sales are examples of other apps which can prove beneficial.

At first, these benefits could seem to be very abstract. However, to fully comprehend the impact of AI in a real-world situation, it is necessary to examine companies that have moved from being an explorer to an expert, and then an ambassador! This is, in other words, an overview of the traditional retailers who have dived into the realm of AI and implemented AI to improve the experience of customers and also their overall business processes.

Here we will discuss about some big company's are using AI Technology for effective customer interaction.


Let's Have A Look 

1. Aditya Birla Fashion and Retail Ltd

Aditya Birla Fashion and Retail Ltd.'s Pantaloons has become the very first company within the group to use AI-powered personalization tools to provide personalized omnichannel experience to customers. Pantaloons has utilized Algonomy's principal products Recommend and Engage Find, and Discover to make use of both real-time and all-encompassing data stored to personalize the customer's experience from beginning to end. Pantaloons uses intelligent merchandising systems to provide "complete-the-look" recommendations and products that match the customer's previous purchases, along with product recommendations based on the top local stores and festivals to help with cold-start scenarios. The main retailer has created a Style Finder which allows customers to select their own categories and special occasions, and then discover custom-made items or brand new ones.

2. Bata

India's top footwear retailer, Bata, implemented an AI-powered video analytics system to improve sales as well as operations and customer satisfaction. Created through Agrex.ai, the platform makes use of the store's video infrastructure to perform data collection and insights generation using smart sales conversion as well as audience segmentation. For instance, it makes use of "Emotions Charts" to determine the amount of people who are interested in a particular product and its class. This allows the shore to analyze the responses of customers to the product to determine what generated positive or happy feeling.

3. Blackberry

With the help of an omnichannel strategy for engagement, men's apparel chain Blackberry utilizes an AI and ML platform (Engage+ by Capillary Technologies) to develop the most efficient Blackberry advertising campaigns. By analyzing various variables like the reachability score, responsiveness score and the probability of conversion The platform's algorithm determines the best marketing mix for a customer. Through Journey Builder, Blackberry was also able of automating engagement throughout the buyer's life period and then send the most appropriate message.

4. Bestseller India

Bestseller's on a quest to transform into an AI-powered company. They are planning to use AI to create an optimal shopping plan in each of their stores, as well as forecast the most popular product that they can increase its inventory and improve the efficiency of their supply chain. The result will be happier customers at stores, and an increase in the quantity of merchandise that is not sold. Actually, the company collaborated together with IBM(r) Garage(tm) to introduce Fabric.ai, the first of its kind fashion-oriented AI initiative aimed at reducing the amount of inventory that is not sold and increasing the sales-through rates.



5. Arvind Fashions

With over 1500 standalone stores as well as more than 5,000 multi-brand and departmental stores in India and licenses to more than 20 global and national brand names, Arvind Fashions is constantly looking for ways to better understand the customers' preferences more effectively. This is why the retailer of branded clothing has formed a partnership together with Nucleus Vision LLC, a San Francisco-based IoT and blockchain-based company to create solutions that provide a personalized in-store shopping experiences. Arvind Fashions has signed a memorandum of agreement (MoU) in partnership with Nucleus Vision for a trial project that will see Nucleus Vision's sensors used throughout their GAP, Nautica, and US Polo Association locations. Nucleus Vision's cutting-edge technology will give vital insight into the behavior of consumers, helping the business in increasing the customer experience and retention.

6. Reliance Retail

Reliance Retail is leveraging data analytics and AI to provide a specific store-specific range. Furthermore the department of fashion and lifestyle is part of Reliance Retail is investing considerably in technology to become to a hyperlocal. Through the use of a specialist team to create applications that provide seamless offline and online experience, the business expects to boost sales.

7. Lenskart

To keep the ideals of customer-centricity and fascination, Lenskart is introducing an "AI Lens" to this vital task of recording the footfalls of customers. In order to do this they've partnered together with Tango Eye, the leading developer of computer vision technology, which provides complete video analytics solutions. Without any involvement of the user and no chance of error, the company's AI as well as ML technology converts the video data into actionable information for better productivity, higher sales, and safety in retail stores. In addition, it does not require any equipment or software in order to function since it just connects to the store's DVR/NVR , and analyzes the data from multiple cameras.

8. Future Group

Kishore Biyani's Future Group's AI and ML platform "Tathastu" is designed to completely modernize the way consumers interact with. They've chosen the the San Francisco-based platform for marketing automation MoEngage Inc's intelligent customer engagement services to streamline processes and enhance customer experience and marketing. After having worked with companies like Tokopedia, Bukalapak, OYO, Traveloka, and BigBasket to streamline the management of customer lifecycles, MoEngage has established a solid position within India. Indian market. Through its unified analysis and automation system MoEngage will provide personalized interaction to its customers. MoEngage's technology is utilized to boost digital customer involvement across the entire range of Future Retail brands, and assist in promoting the adoption of Future Pay.

As part of the Tathastu initiative The retailer is also seeking to enhance the performance of its supply chain. In order to support scale in retail the retailer has selected the o9 the integrated platform for supply chains that has embedded forecasting capabilities, for their Digital Transformation Partner. Future Group will use the most recent generation of o9 platforms that incorporate the functions of Demand Planning (Forecasting) as well as Replenishment Planning as well as sales and Operations Planning. It will be used to Future Group's 1500 stores in more than 450 cities.



ACKNOWLEDGEMENT

It is clear that AI could change the retail industry in ways that had never been imagined before. It could enhance customer buying experiences by making transactions smoother and more seamless, while also guaranteeing their safety and security throughout the day. It is evident that AI is essential for both modern and traditional retailers to ensure that their customers are safe and happy throughout their journey. The path ahead looks very promising.


CONCLUSION

GTS is here to help you to create and get your AI solutions optimized for search engines, client delivery, and more with the use of our premium Training Datasets and Data Quality Management that is human-annotated.  We collect fashion datasets, ecommerce dataset, image classification dataset, product datasets, product sales dataset etc.

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