Smarter retail thanks to AI

Skeptics foresee the demise of the brick-and-mortar shop due to the convenience of online shopping. However, this impression is misleading. Retailers can give their businesses a new impetus by optimizing the buying experience. They can do this with some help from new technologies such as Artificial Intelligence (AI), as the following points prove:

1. Personalization must be top priority: if a customer takes a specific product, he or she can receive offers for other items that complement the purchased item – e.g. if you buy a winter coat, you will receive suggestions for matching scarves or gloves. Likewise, the AI can point to products that are currently on offer or would fit the previous item. That way, the customer is pleased about suitable offers and the retailer profits from higher sales proceeds.
2. Optimization of the Customer Journey: with Artificial Intelligence (AI), retailers can analyze the aggregated data from online and offline purchases to help customers get faster to their products. If a customer has viewed a particular product in the online store but has not bought it, he can be directed to the spot where he finds it when he enters the store again. The payment process also offers great optimization potential. Just think about Amazon Go convenience stores: sensors recognize which goods the customer is packing, so that buyers can leave the store immediately while the amount is deducted from their online account without having to spend a long time cueing at the cash register.
3. Having everything ready:An empty shelf does not bring any money, because customers often lack the time or motivation to search for personnel when looking for a specific product. At the same time, employees can’t constantly check for availability at peak times. AI can independently keep an eye on the shelves, alert employees when supplies...