Amazon Go- the Ultimate Example of best use of AI in the Retail Store.
Amazon Go is completely revolutionising the physical store shopping experience for consumers and this has led to a number of other retail stores trying to imitate it by using AI and Deep Learning. Walmart and others are looking to enter the space where Amazon is currently Number 1 – the space of cashless retail outlet.
As per Report, Global Spending on AI by Retailers is expected to cross 19 Billion Dollars by the end of 2027.
Stores and Retailers are using AI and Deep Learning for/to :
- Analyse Customer behaviour, preferences and Choice by using demographic data, social media data, and Transaction Data (for analysing purchase patterns).
- Achieve Self Check Out and make it more efficient and smooth by making it independent of POS terminal.
- Demand Forecasting : Avoid Stock-outs by learning in advance (by using AI) and for better Inventory Planning.
- Offer better customer service and support.
- Automate the entire process of shopping.
- Make Shopping Omnichannel- that means shoppers can start their Journey online and complete it offline and vice verse.
- Targeted Promotions – Make the offers, promotions, couponing and loyalty system more Dynamic, Personalised and Real Time.
- Price Optimisation – More Dynamic Pricing based on Data Analytics (rather than fixed EDLP- Every Day Low Price)
- Increase productivity of Retail Operations.
- Come up with better Market Baskets of Promo Products which are frequently sold together.
- Shelf Space Optimisation by Analytics based Assortment Planning and Placement.
- Supply Chain Optimisation by making Sourcing, Procurement and Logistics more efficient.
- In-Store Visualisation and Surveillance.
- Chatbots for Digital Customer Support.
- Location based Marketing.
- Better Product Recommendations to the Customers.
- Deliver Seamless and Hyper-personalised shopping experience.
Based on this Report by CNN business, Caper’s “smart” shopping cart is packed with artificial intelligence to let customers scan, bag, and pay all on the cart. As consumers increasingly shop online, the company believes its AI cart can bring the conveniences of online shopping, offline.
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