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AI recognition technology aims to provide retail business owners with a better understanding of their customers’ interests, by broadcasting targeted advertisements and ultimately improving their retail experience. The system collects analytical data such as customers’ age and gender and reveals their interests or preferences. Through facial recognition, key clients and customers can be identified immediately after they enter the store and be provided with a better experience through personalization of services.
AI can help retail stores in various ways. Firstly, AI-based systems can eliminate manual guesswork for activities like conducting product promotions, inventory assortments, and identifying supply chain complexities, etc. Major retailers are already experimenting with the use and possible applications of AI in the above fields. Some are even aiming to anticipate customers’ orders and good to be shipped without waiting for actual purchase confirmation.
It helps customers make smarter decisions with better accuracy and real-time forecasting. Good forecasts also help retailers optimize supply chain, create impactful promotion strategies and improve customer experience.
AI also makes operations very efficient using robotics, process automation, and optimization. This greatly enhances productivity and reduces manual labor cost.
Lastly, retail is competing with ecommerce, where data generated by users is easily captured online. So, AI becomes an indispensable tool to capture heterogeneous data generated by customers in a retail store. Making coherence of in-store customer from multiple resources is of utmost importance. Customers just do not try, buy and leave but even use their smartphones to assist them when they shop in brick-and-mortar stores to check prices, read product reviews, and share on social media to get confidence in their purchase decision.