How is Artificial Intelligence (AI) beneficial for retail businesses and what are the applications of AI in the retail business

1. 3/22/2018
OMNI-CHANNEL RETAIL SOLUTIONS
Applications of AI in Retail

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How is AI beneficial for retail
• Application of AI (Artificial Intelligence) driven processes in retail will not only
help retailers acquire new customers, but also boost repeat business.
• Increased accuracy in personalized communication to the customers along
with tailored recommendations and offers will compel shoppers to strengthen
their loyalty as they will begin to associate the retail brand with personalized,
relevant experiences.

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Applications of AI in retail
Below are some of the important applications of AI in the retail business:
• Sentiment analytics
• Predicting purchasing behavior
• Designing new products ranges
• Optimizing pricing
• Enhancing promotions
• Demand forecasting

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Sentiment analytics
Applying AI in analytics will enable sentiment analytics to understand customers’
reactions to the products purchased and the service received.

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Predicting purchasing behavior
AI will also be able to help in actually predicting the purchasing behavior as well
as the needs of in-store customers.

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Designing new products ranges
AI driven insights regarding demand and customer preferences would be
leveraged to design new product ranges.

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Optimizing pricing
Pricing of products is another area where AI can be applied in order to optimize
costs based on data regarding demand, customer preferences and so on.

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Enhancing promotions
Having data about customer buying history and preferences, applying AI to that
Will help in creating and enhancing retail marketing promotions.

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Demand forecasting
Another area where AI can be applied in retail is understanding future demand
for products and services based on previous data.

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OMNI-CHANNEL RETAIL SOLUTIONS
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