Without a doubt, retail is facing enormous disruption. To stay competitive, retailers collect enormous amounts of data from transactional systems to help inform decisions. Making the most of that data can be challenging, though. In 2016, U.S. and European retailers only used about 30–40 percent of all business data available to them. Advances in artificial intelligence technologies can make it easier to leverage this data. With the help of new analytics and machine learning tools, AI can help retailers transform heaps of data into actionable insights that can improve sales and the customer experience.
Improved Sales with Personalized Marketing
The enormous amount of data available to retailers can be a bit of a roadblock, as finding valuable and actionable data can be like finding a needle in a haystack. Removing traditional silo barriers to data access and giving predictive models free reign can generate a wealth of actionable insight. Customers can be segmented and targeted, enabling shopping experiences tailored to a customer’s specific patterns and preferences, increasing sales and improving customer satisfaction.
Better Merchandising and Management
Insights can introduce improved merchandising that's tailored to forecasted customer preference and demand. AI’s ability to predict customer behavior on both the macro and micro scale allows for marketing and inventory choices that help retail locations meet demand and present the best possible products at the right times. AI can also track and process data from customer interactions with online portals to develop a better e-commerce strategy. AI assistance paves the way for data-driven business decisions, greater sales, and improved customer experience.
New Customization Options and Greater Customer Satisfaction
AI has improved to the point that customers can now communicate with devices using natural human speech. Machine learning and analytics allow for fast, speech-driven customer interactions with devices that allow for purchases from mobile apps, laptops, or in-home machines. This voice-based method, often combined with visual prompts, allows customers to shop three times faster than if they were navigating menus in a mobile app. Lifelike AI interactions can also provide clear and timely customer service and support.
Intel’s comprehensive portfolio of technology solutions can help support retailers as they start their AI journey. We offer computer solutions for machine learning in data centers, as well as processors that use smart APIs for collaborative and distributed intelligence at the edge. Supportive technologies like these will facilitate the next generation of AI-enabled retail.