As per a recent research and markets news report, Artificial Intelligence in the retail space is estimated to go up to a whopping US$ 27,238.6 million by 2025 from US$ 712.6 million in 2016. AI has emerged as the technology that is powering digital transformation in organizations and AI powered retail experiences will become essential for retailers to meet their customers’ needs.
For retailers to drive value to a new set of shopper expectations, they need to reinvent the retail experience. Accomplishing this will require a better understanding of customer behaviours and needs, a unified approach to retail operations and the ability to quickly act on key insights. The retail industry today needs to be based on data-driven retail experiences to stay competitive and improve revenues.
With on-demand services like Amazon Prime offering next-day delivery and 24/7 gratification, shoppers have much higher expectations than their predecessors. Convenience, flexibility and highly targeted personalized service and experiences are the current norm for customer expectations.
But delivering a personalized shopping experience at scale is a tough ask from retailers. As digital and physical purchasing channels blend together, the retailers that can innovate their retail channels will set themselves apart as leaders.
AI and cognitive services, with their ability to extract actionable analyses from their consumers are becoming an imperative for technology that powers Retail. Everything from the web property to the physical sales floor has become a channel to position brands thanks to AI powered systems.
Mobile and digital portals by means of advanced recommendations powered by AI, are recognizing customers and customizing their e-retail experience to reflect their interests, current context, previous purchases and shopping behaviour. AI systems constantly evolve a user’s digital experience to create hyper-relevant displays for every interaction.
Retail Transformation with Microsoft Dynamics 365
Advanced CRM such as Microsoft Dynamics 365 are game changers for the ever-growing Retail landscape – by learning a consumer’s behaviours and preferences through repeated interactions and unifying in-store, and back office operations to personalize customer engagement and increase employee productivity, Dynamics 365 for Retail empowers retailers to create exceptional, insightful shopping experiences.
Together with marketing automation, it helps develop a detailed shopper profile and utilize this information to deliver proactive and personalized outbound marketing – tailored recommendations, rewards or content.
AI applications in Retail are being applied in every aspect of the value chain:
Dynamics 365 allows Retail operators to achieve a high degree of operational efficiency through seamless shopping experiences across all channels and increased brand loyalty. Perhaps the most exciting application of AI in Retail is how the store experience has been modernized and made highly intuitive to offer more product selection and recommendations through advanced analytics that provide the best of both online and in-store shopping.
Engage 365 – custom built full-service Retail application
Leveraging the power of Microsoft Dynamics 365, Microsoft Social Engagement, Power BI and Azure, Engage 365 from Levtech Consulting brings a whole new level of personalisation to the shopping journey across collection of loyalty points, customized redemption rules, personalized offers and targeted marketing. The solution also uses sales automation, customer service and Marketing in CRM. To know more, please write to us at email@example.com