Artificial Intelligence Applications
Artificial Intelligence Applications – Retail & Customer Service
While AI applications are virtually limitless, there are a few verticals that have shown great promise with the addition of AI-based tools. These verticals include Retail/Ecommerce, Media, Robotics, Autonomous Vehicles, and Health Care.
Predictive Analytics Leads To Better Insights For Retail
A combination of changing consumer habits and COVID-19 precautions have permanently changed the retail space, moving ecommerce from popular with a subset of the population to a must-have for the entire population. With the increased competition online, retailers are looking to AI to help provide them a competitive advantage. A Retail Week Connect survey found that 60% of ecommerce companies in the UK were investing in AI.
Today, businesses are gathering more information about their customers and market than ever before, compiling billions of data points on a daily basis. This exponential rise in data collection is overwhelming for most. By using AI to process and analyze this data, decision makers can predict future trends and enhance customer retention.
Given that customers have come to expect strong personalization across their entire interaction with a business, it is more important than ever to make the most of your data. With the increase in digital activity by nearly the entire population due to the Coronavirus, businesses now have the data that will help improve deep learning AI models for predictive analytics. These models can help us better understand the Who, What, When, Where, How and Why of a shopper’s visit, helping forecast demand, automate inventory, personalize shopping experiences, intelligently price goods/services, and more.
Bots Entering The Chat Bring Customer Service Improvements
Not only is live chat the preferred digital customer service medium, it is quickly becoming the most popular way to receive support with the majority of consumers readily integrating online chat into their customer support journey. Similarly, half of customers now expect live chat to be integrated into a businesses’ website.
Businesses are keen to continue this trend, as an online customer service representative can serve upwards of 5 people at once via chat. By adding an AI-driven chat bot to online stores, businesses were able to reduce the amount of chats that needed a human’s interaction by offering context-sensitive FAQ and help article suggestions directly to the user.
AI Will Help Your Retail Business Excel
Supercharge your website’s search feature with a little help from Lucid’s Fusion Engine. Our deep content tagging will make sure your users can find exactly what they want, even if they’re not the best searchers. You are invited to contact us to discuss how we can help.