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Oct 17, 2019
Reasons you should invest in Artificial Intelligence
Artificial Intelligence (AI) has revolutionized the retail industry and is one of the major reasons why competition is hotter in this sector than ever before. Retailers face a variety of threats and challenges from changing consumer attitudes, different shopping behaviors and the rise of giant online competitors such as Amazon.
Artificial intelligence can be incorporated in different ways that can help to increase your customer’s experience, reduce human errors and improve sales and overall outcomes.

According to a 2019 study by IBM, retailers are finding successful reasons for utilizing artificial intelligence include supply chain planning, demand forecasting, customer intelligence, marketing and advertising, store operations and pricing and promotion.

For bricks and mortar retailers, investing in AI can help with both their physical stores as well as their online presence. There are AI solutions in abundance that can assist these retailers to play to their strengths when engaging with their customers. 
Artificial Intelligence allows retailers to include algorithms they can use for learning more about customer behavior which in turn can be adjusted to suit their specific needs and operational requirements. The end result is that they can have more targeted, personalized web impressions and advertisements, better manage their product inventory, sell more products and get ahead of trends.
But if you don’t have a bricks and mortar presence and your store is online only, AI still offers many of the same benefits and can help  you to stay ahead of the competition that aren’t using it – in fact if it isn’t a core part of your business strategy, you could soon find yourself going out of business entirely if you don’t keep up with the competition that is heavily investing in AI.

When you are able to better predict the journey that your customer wants to go on, you can make better decisions that are smarter, more intuitive and, most importantly, more profitable.

If you are a retailer in the fashion industry you’ll know that increasing your average purchase size can be challenging. Attracting customers to your online store takes a lot of hard work, so it makes sense to get the ones you already have to spend more when they are in your virtual store. 

Artificial Intelligence is just one of the ways you can improve this average purchase size and improve your overall bottom line.
Many  fashion retailers are using SuitApp as an AI solution to help with this task. SuitApp integrates with your website in a holistic way, using your inventory catalogue and algorithms to suggestive sell a range of entire outfit combinations to your customers when they look at individual pieces in your store.
So instead of just buying the pants, they might also consider shoes, a blouse, earrings and jacket that they have been shown would work well with their initial item of interest.
The software will generate limitless outfit combinations offering your customer a deeply personalized and targeted experience.