If you have ever wondered, “is this brand reading my mind”, when you received discount offers from the same brand you wanted to buy apparel, then maybe it is indeed ‘reading’ you. As artificial intelligence (AI) takes over multiple industries, retail too has not been left far behind. In fact, several reports suggest that by 2020, 85% of customer interaction in retail will be managed by AI and 30% of all companies will employ AI to augment at least one of their primary sales processes by the same time period, writes ShwethaSatyanarayan.
As you enter the website of Keva Ayurveda, a brand that specializes in authentic, affordable Ayurveda products, a chatbot welcomes you. Based on your preferences, the chatbot guides you through the Keva catalogue and recommends products that suit your skin, hair and combinations that work for your skin type. What more? It will also suggest the products you need to avoid.
If you think the chatbot knows more about your skin, than you do, well you are not all wrong. “Technology has changed the way people buy products online and thanks to AI, the number of queries we receive have increased to 30-40 per day from just 10 in a week,” says Krishna, founder of Keva Ayurveda.
It’s interesting how AI has taken over retail industry and is helping retailers augment sales. According to Gartner, by 2020, 85% of customer interaction in retail will be managed by AI and 30% of all companies will employ AI to augment at least one of their primary sales processes by the same time period.
Commenting on why AI will rule the retail industry, e-commerce platform SaleBhaico-founder Vishwavijay Singh, says, “Artificial Intelligence is transforming almost every aspect of retail, be it providing intuitive navigation or automated customer support. By itself, AI is already being developed into assistive products for everyday life. Behind the scenes, there is a huge intricate and long computational process that entails a precise set of algorithms so as to provide an amazing experience to end users. This technology is going to rule the industry.”
So it’s no longer a secret that retailers collect big piles of consumer data, capture their shopping experiences and use AI to augment sales. Is all this data actually helping retailers? “Not really,” suggests Anjali Kumari, Sr. Director(Product)Capillary Technologies. She says that less than 10 per cent of consumer data is being used to increase sales in retail.
“To stay ahead of the curve in today’s cut-throat marketplace, Retailers are constantly exploring the potential of Artificial Intelligence(AI). Although, everyone seems to be interested, adoption of AI -powered tech is still less than 10%. This is primarily bec