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How AI is helping retail to reach operational excellence

Posted on March 22, 2024

Artificial intelligence has become increasingly prevalent in conversations in professional settings and social contexts. While some individuals clearly grasp this new concept, many find it challenging. However, what is evident is its growing integration into businesses.

From B2C to B2B, numerous companies have adopted this new technology into their strategies, particularly in the retail sector.
Market reports project significant growth in its utilization within retail. Globally, artificial intelligence in the retail sector is forecasted to reach $24 billion by 2028 and $45 billion by 2032.

AI retail operation

AI is a valuable tool for businesses, enabling them to accurately predict scenarios and forecast outcomes. Whether it’s a small business or a large retailer, it assists companies in fulfilling customer needs and staying competitive, making it essential. One of its key advantages is its ability to autonomously create and update itself, minimizing the need for human intervention. 

Particularly within the retail sector, it has been deeply integrated to enhance the omnichannel customer experience. Research by IMRG & Hive stated that within the next 24 months, approximately 75% of fashion retailers are expected to invest in artificial intelligence. Companies are increasingly adopting these new technologies by setting higher standards for service and personalization, aligning with customers’ rising expectations.

Benefits of integrated AI solutions to your strategy

Indeed, it offers numerous benefits in the online retail sector, including:

1. Automation

It can introduce greater automation to tasks traditionally performed manually, such as inventory checks. This can streamline processes currently prone to human error, ensuring more accurate outcomes through automation.

2. Segmentation

Dividing your customers into relevant, targeted groups is fundamental to every marketing strategy. Leveraging AI solutions in your models can help identify your ideal audience and maintain the accuracy of your customer segments, ensuring your initiatives remain consistently relevant.

3. Safety

It can provide more security of data to brick-and-mortar locations. Tools such as motion trackers, digital sensors, and object detectors can prevent losses from your retail store. 

4. Optimizing costs 

It can enhance cost-effectiveness by enabling businesses to make decisions informed by real-time data. Additionally, it forecasts industry shifts, proposes innovative pricing strategies, and offers insights for refining your marketing approach.

5. Supply Chain Management 

AI can also improve the supply chain management. It can estimate which products will be more requested based on trends. It can also alert when stock is low and advise on the quantity of items to be ordered. AI takes all your historical data and makes stock predictions. It is an effective tool to support your business’ logistics.

5. Personalization

By leveraging this technology, retail businesses can secure a competitive edge in personalization. It effectively analyzes data from each consumer, allowing for precise and customized recommendations tailored to individual preferences. Offering tailored and personalized recommendations can bring exceptional advantages for your company, enhancing user experience and encouraging greater customer engagement.

6. Customer Experience

Adopting an AI tool can help you improve customer experience. Additionally to personalization, providing your frontline teams with a chatbot can help them provide a better service, reducing decision-making time and providing your customers with the correct information when needed.

AI operational excellence

MobieTrain: Introducing AI Chatbot to frontline employees 

As a result, not integrating AI into your business would not only translate into fewer sales opportunities but also reduce efficiency within your teams. AI should be an integral part of your business strategy in-store. Regarding frontline teams, providing them with innovative technologies that can improve their efficiency by simplifying their jobs is essential. 

Consider this scenario: Have you ever found yourself in a situation where a customer asks about a specific product attribute, and you’re unsure how to respond? Or a client inquiring about a particular product assortment, and you can’t recall the details?

This is precisely why MobieTrain has integrated an AI Chatbot into its platform. Instead of resorting to “let me ask the manager” responses, Mobie provides instant answers. With Mobie, your frontline teams can instantly access job-specific information, branded content, and knowledge from their mobile devices. This ensures they have technology support whenever they need information, new policies, announcements, or relevant content.

No more “Let me check with my supervisor”; with Mobie, all the solutions will be right in the palm of your staff’s hand. If you want to learn more about improving your brand’s customer experience and optimising efficiency within your customer-facing teams, click here.