AI and Retail

Artificial Intelligence is making many changes in retail. Already, entrepreneurs can experience the benefits of using computer vision or the perks of setting up an online marketing campaign. And the possibilities of AI are simply limitless, allowing retailers to remain competitive and generate excellent sales. Let’s take a closer look at the uses of such modern technology.

Customer Audience Analysis. An AI-enabled POS system can collect personalized information about what a customer bought. This data allows for the creation of personalized recommendations for new products. Digital signage with built-in computer vision is a great option to track what customers are shopping for, what appeals to them at certain times of day, etc. Merchandisers can use this data to create new promotional decisions for merchandise items.

Demand Forecasting. Understanding customer behavior helps the retailer forecast demand for individual products and product categories, facilitating the process of making pricing decisions and facilitating more efficient product placement. AI-powered predictive analytics also helps to order the right number of items.
Unique to predictive analytics is the use of a combination of online cameras and computer vision that tracks which items catch a customer’s eye, which ones a customer picks up, and which ones they return to the shelf. The computer also helps track where the customer’s route through the store goes.

Inventory Management. With the help of AI technology, retailers can successfully track all transactions taking place in the store and control inventory. Today’s technology allows online detection of items that are out of stock, as well as information about erroneous pricing. Large chains often use cash register systems equipped with computer vision to reduce the risk of lost/stolen merchandise.

AI-powered systems allow retail business owners to solve real problems, improve business profitability and remain competitive.