According to a report by McKinsey, a company that has applied AI (Artificial Intelligence) , an emerging technology, in segments such as human resources, marketing and sales , the average turnover saw an increase of about 66% in 2019. About 3% more than the previous year.
In addition to this example
There are now many companies that are increasingly implementing artificial intelligence within their business realities . At this point it is obvious that the benefits are quite high, however there are still risks associated with this type of technology. The slowness with which most companies are responding to this technology is precisely the answer to this small, big problem.
In any case, this is an emerging technology that is destined to become increasingly widespread. Especially in the way we shop and behave as buyers and as internet users in general.
To better understand the issue, let’s focus on five trends that are slowly conquering the world of retail and are already defining its future contours.
1. Intelligent Chatbots
Chatbots , those intelligent assistants that seem to know exactly what we want when we land on an e-commerce site. They may not seem like the cutting edge of emerging technology and AI. That’s because the flow of actions they perform may seem relatively simple to manage.
However, this simplicity is the great limitation of traditional chatbots, which literally freeze if you ask them questions they are not ready to answer. This is where the factor of artificial intelligence comes into play.
Intelligent AI-powered chatbots never stop learning (machine learning). Thanks to advanced system development that includes machine learning and natural language understanding ( NLU ), the most sophisticated ones are even able to perform sentiment-based analysis of the humans they interact with.
It is clear that we are facing a very important step
Forward in the field of personalization of the user experience . Which is something that really matters, as suggested by Accenture which identifies 91% of consumers as those most likely to buy brands that offer personalization of the purchasing experience.
2. Visual search
This is definitely one of the next big things when we talk about artificial intelligence and the world of retail. If the traditional online shopping experience started with a search engine and a query, thanks to this tool users can literally take a photo and upload it online to start shopping.
Once uploaded, the visual search recognizes the elements of the photo and suggests a series of products to the user based on their exact tastes and what they might be looking for, offering them the best result .
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Getting into the practical:
imagine that a person sms marketing strategy: examples & best practices on the street sees a pair of shoes from your brand but doesn’t know them yet. He can easily photograph them and thanks to this tool in a few moments he will be on your e-commerce to complete the purchase.
One tool that relies on this exact emerging technology is Pinterest Lens . If, for example, a user takes a picture of a particular ingredient, Pinterest will asia phone number use this feature to show a recipe that contains that ingredient.
Another notable example is Google Lens , which has recently been massively improved in light of the general public’s interest in AI.
One of the easiest ways to jump on board this bandwagon, which is certainly a very valid emerging technology, could be to create an app or integrate it into some type of content that you already manage.
3. Augmented reality
One of the emerging technologies that has been talked about the most in recent times is definitely augmented reality (AR) . The great step forward for the online market is definitely the one where users can observe products from different angles, exploring all aspects from every point of view.
Let’s take the world of furniture as an example. The integration of AR in the world of furniture retail is something that greatly enriches the online shopping experience. 66% of consumers say that this technology increases the possibility of purchasing the right product for their needs. 42 % would even be willing to pay more to have this service.
The transversality of application of this technology has allowed very different brands, from automotive to personal care, from Porsche to L’Oréal Paris, through the major social platforms and dedicated apps, to implement new services to increase user engagement.
4. Artificial Design Intelligence
This emerging technology is certainly one of the most curious and interesting. What ADI does is create websites in a totally autonomous and fast way. Despite the great potential, as far as this technology is concerned we are still in the embryonic stage . However, this can be something very positive.
This is because it will be possible, right at this stage, to experiment and reap the first fruits of this precious tool. Imagine small retailers that will be able to automatically build functional websites created in a totally personalized way, in a very short time.
A great way to approach this technology as a business reality is definitely to get in touch with AIDA, Artificial Design Intelligence Assistants .
5. Predictive analytics
We are in the midst of the data era. In this context, obviously an emerging technology such as predictive analysis is one of the most interesting. Automating the process of reading and analyzing data is certainly something that can save a huge amount of time and resources, both human and economic.
The use of predictive analytics and big data can help companies make decisions faster and more efficiently in many ways, such as competitive and pricing analyses, keeping an eye on warehouse stock, analyzing website performance and the performance of marketing and advertising campaigns .
Applied to the world of retail, this technology marries perfectly with the interpretation of consumer behavior . This is obviously a great support for customer relationship strategies and for improving the consumer journey and user experience . Artificial intelligence applied to retail analytics is therefore a truly revolutionary element for business.
The Future of AI in the Market
From interactive chatbots to augmented reality, artificial intelligence represents a real boost for the development of retail companies and their relationship with their customers. With the right investments and a lot of practice, your business reality can also optimize the consumption of human and economic resources and grow exponentially.
