AI solutions for the retail industry

Our retail customers were able to benefit from a wide range of solutions areas using AI and cloud technologies. Want to know more about how AI can help your retail business?

Retail

Retail diagnostic analytics

Retail analytics is a means by which a retail business owner can get insights from past metrics. Understanding the past performance is the key to unlocking optimization possibilities which can, in turn, drive the profit margins. Retail helps to answer queries like

Why were my sales low in the 3rd quarter?

Why was there a spike in the customer footfall last Thursday?

What was the product in most demand during the summer holiday season?

Predictive analytics

Predictive analytics helps in better planning and optimization of retail products. With an optimized inventory and chart of predicted sales, it is possible the manage the demand and supply trends in the business. Predictive analytics tries to answer queries like

What will be the sales forecast for the 2nd quarter?

When can I expect the next spike in customer footfall?

How much inventory should I provide for the upcoming winter season?

Predictive
Dynamic

Dynamic pricing

Dynamic pricing is a means by which a retail business can retain its consumer loyalty either by virtue of discounts or free gifts. It is essential that this activity be optimized in a manner that does not hurt the bottom line of the business

How to automatically compute discounts for products on the shopping cart?

What are the freebies that can be extended to nudge buying decisions?

When is the best time to schedule discounts?

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Consumer segmentation

Consumer segmentation is a process of grouping your consumers, based on their product interests and buying patterns. Targetting discount-driven sales and targetting marketing efforts is possible when a consumer group is established. Some outcome from this could be

Who were the customers that bought childcare products?

What kind of promotional activities can be planned for childcare products?

When is the right time to plan a discount campaign for childcare products?

Consumer
Sentiment

Sentiment analysis

For businesses that have an e-commerce store, it is quite useful to understand the feedback reviews at scale. Brick and mortar stores can also benefit from reviews that their consumers post on social media platforms. Sentiment analysis can help answer

What is the reaction to a new product or a new promotion campaign?

What are the products that have a largely negative sentiment?

How can I redact foul language from customer reviews on my e-commerce website?

Personalization

Personalization is a mechanism in which a buyer-centric virtual shopping experience is extended to every individual consumer. The object is to present a unique virtual shop that caters to the individual needs of each buyer

How to present customized recommendations based on buyer interests?

When is a buyer most likely to buy a product?

What are the promotional items that a buyer is most keen on?

Personalization
Cognitive

Cognitive search

Surfacing the right products at the right time is critical for a successful buying journey. Often buyers are not able to find the product of interest in the huge plethora of products on the retail store. By using cognitive search buyers can

Search for a product using its attributes

Search for similar products based on images

Natural search performance that can mimic a human salesperson

Chatbots

Employing and training staff to cater to all the needs of the customers in a brick-and-mortar setup can be challenging. Virtual assistance such as chatbots can effectively help the customers to locate and enumerate their products of interest. Chatbots can prove to be great customer support as they are available 24/7 and can provide all the details with a click of a button

Product discovery assistant while searching of retail listings

Customer support bot for triaging and user surveys

Effective use of customer support staff

Chatbots
Virtual

Virtual try-on

Online shopping can be made more interesting and rewarding by designing a virtual try-on of the products. A direct feel of how the product looks on the customer gives them the pleasure of live shopping. It can also reduce the number of returns and dissatisfaction among the buyers. Buyers are directed to the correct suitable products thereby propelling their journey towards the buying cycle. The following are the rewards for a virtual try-on

Mixed reality experiences for retail products

Effective product return management

Customer retention & engagement

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Workforce optimization

Managing the human capital in a retail business is essential to the success of the business. Effective workforce optimization can result in happy employees who are invested in the success of the business. Some optimization possibilities include

Which regions in the store require more staffing and which require less staffing?

How to organize the workforce shift schedule to cater to the consumer footfall patterns?

How to measure the sales success rate of individual staff members?

Workforce
Inventory

Inventory automation

Managing the inventory involves a huge amount of manual labour. AI techniques come very handy in reducing manual labour and in maintaining high quality inventory records. Some of the automation possibilities are

Generating interesting captions and product description information for products

Generating multiple product images for parameters like size, colour, etc from a single image

Automating the discount computation process for individual products

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