The term "artificial intelligence" refers to software that learns from experience. It mimics the human spirit in that it changes the responses according to the data. Standalone cars and voice devices, like Alexa, rely on artificial intelligence.
Retail businesses may also benefit. In this post, I will list 10 cases of use of artificial intelligence helps traders.
10 Advantages of Artificial Intelligence
Customer Service is essential for most retailers. Artificial intelligence can streamline and improve customer service. A.I. analyzes customer messages and information to provide customized responses. It is also used for questions that are asked over and over, to reduce human involvement. This leads to better service while reducing costs.
Product recommendations are more effective with A.I. For example, chatbots can interactively offer products to consumers based on their preferences and intended use. This process has worked well for 1-800-Flowers.com and North Face, the outdoor retailer. This is a big improvement over the guided sale. A.I. is more personalized and can change the answers on the fly by learning more. This leads to an improvement in sales.
I wrote to Retail Without Human Resources in a previous article. It uses A.I. analyze video data in real time to understand the behavior of buyers, including products added to a customer's shopping cart.
Retailers have been using personalized marketing for years. With A.I., personalized marketing decisions can be made on the fly. The message or promotion may change based on historical and real-time information associated with each consumer.
Fraud is a huge challenge for online merchants. A.I. reduces fraud by applying lifelong learning in real time and intelligently reporting transactions that appear suspicious. I approached the detection of fraud based on A.I. last year, in "The smart ways to handle fraud."
Using A.I., product search can become smarter as he can understand human language. For example, a customer might say, "I want to buy a present for my niece, she is four, loves dinosaurs, and pink is her favorite color." A.I. Search tools can use natural language processing to understand the buyer and show the products that fit his or her request.
A.I. may streamline the expedition by finding the best routes, estimating the arrival times, and even experimenting with manless ports to load and unload containers. Autonomous vehicles powered by A.I will likely further improve the delivery process.
The classification of the product is a laborious process. A.I. simplifies it by analyzing all product information and standardizing it in a common format. This makes research, product comparisons and even product flows easier for third parties. A.I. can review product images and identify features, how they are used and similar products.
A.I. can automate the price of goods . Historically, traders set prices by researching the market, estimating what buyers would pay, evaluating competitors, and so on. A.I. optimizes all this. It can collect complete data and provide prices. The merchant saves time and increases profits.
Inventory Management benefits from A.I. For example, robots can count items in a warehouse and A.I. can then make decisions such as reorganization or liquidation. This speeds up the inventory management process and frees up time for employees.