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Sep 18, 2019
Artificial Intelligence for Retail Companies: Why You Need It
The rise of Amazon as the biggest retailer on the planet can be greatly attributed to the company's early adoption of artificial intelligence in the early 2000s. AI was credited with some 35 per cent of Amazon's sales in the early days and with rapid advances in technology since that time, Amazon has gone from strength to strength to be the success story you know today.
You don't have to be Amazon to take advantage of artificial intelligence in your business. Plenty of other retailers are having great success by incorporating AI in their sales, marketing and distribution models and enjoying increased productivity and profitability as a result. By adopting cutting-edge technology you are making a big investment in the future of your company.

Personalization 

AI helps to increase the experience your customers have when shopping with you. By using the algorithms that AI incorporates you can develop people-centered experiences when selling and promoting your products. 

When your customers are given a more personalized experience, rather than the standard one that everyone else experiences, they are more likely to spend money and return later for more, building brand loyalty. 

One way to achieve this is by using SuitApp – software you can embed in your fashion retail website to provide your customers with limitless outfit suggestions, helping to increase your average sale size.  

Stock Management Issues 

It also allows you to stay ahead of your competition who are not using artificial intelligence in their business models. AI is a smarter way of doing business and it can help you to predict trends and manage your inventory so you are always more responsive to your customers' needs while at the same time reducing waste and overheads. 

According to a white paper from the IHL group, excess and short supplies of stock cost retailers $1.1 trillion globally every year. Oversupply of stock is marked down and sales turnover is decreased., while out of stock items are a missed opportunity for sales and customers often go to the competition.

AI can step in and determine how much stock you should order based on factors such as sales history, weather events, trends, promotions and so on. 

Customer Support and Satisfaction 

It's estimated that 80 per cent of brands around the globe are using chatbots as an AI solution to provide customers service on their website.

Chatbots can help to provide answers to common questions, help customers find items that they are looking for, inform about new items for sale and make suggestions to customers based on their history or items that they have in their shopping carts.

When your customers are given a more personalized experience, rather than the standard one that everyone else experiences, they are more likely to spend money and return later for more, building brand loyalty.

Walmart, for example, has begun using cameras in its physical stores that recognize different facial expressions as a way to determine satisfaction levels. If a customer seems unhappy when they are completing a transaction, a customer service representative will intervene to attempt to salvage the relationship with the store.