Artificial intelligence has the power to greatly improve our lives. In retail, that means getting goods into the stores and warehouses when they are needed without additional costs through the use of forecasting algorithms. It also means getting deliveries to homes and businesses in the most efficient way possible. Artificial intelligence takes all the data we already have on things like production, shipping, logistics, consumer demand, and more and distills that data down to actionable points that streamline the whole process. Between 2016 and 2018 the use of AI in retail grew by 600%, but it’s still an underutilized tool. The race to improve business using AI is on – is your business ready to get in the starting gate?
Currently, artificial intelligence is only used in 29% of the retail grocery supply chain. There are a lot of missed opportunities here, as forecasting demand can cut down on food waste and forecasting growing conditions to plant, water, and harvest at optimal times can cut down on production costs. Apparel and footwear have the highest level of AI adoption at 33%, but that’s still not enough to end waste and decrease costs throughout the supply chain. Consumer behavior is fickle, but there has never been more information available about consumers as there is now. Artificial intelligence can help keep production, shipping, logistics, and retail costs low while delivering better value to customers.
Customer service is probably the one area where companies are making the most of artificial intelligence. Customer-facing AI can:
- 9% improve customer satisfaction
- 8% reduce customer complaints
- 5% reduce customer churn
You’ve probably interacted with artificial intelligence recently and you just don’t know it. All those robotic voices when you call customer service are making sure you get routed to the person who can actually help you, which leads to a better overall experience.
Learn more about the future of AI and retail from the infographic below. Which industries will be left behind?
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