Retailers may not think of themselves as being in the business of managing data, but in many ways, they are. No other industry has more direct access to firsthand information about its customers through their behavior—what they like and what they don’t like, what they need and when they need it, what makes them happy and what frustrates them, and more. While retail interactions are first and foremost about helping people access the goods they need and want, taking the next step to think about them in terms of what they can teach—what data they can provide—can open up a host of opportunities for retail businesses.
And once that data is collected, artificial intelligence can help retailers take practical next steps. From better predicting their inventory needs to managing and supporting their employees, retail businesses can improve their operations and their customers’ experience and, thereby, the bottom line. Here, 15 members of Forbes Technology Council share smart ways leaders of retail businesses should be using AI in their operations.
1. To Create A Seamless Buying Experience
The use of AI in a retail business (and in any business, for that matter) should be about improving the customer experience. If consumer choice and past purchasing behavior is matched to just the right product offering, it creates a seamless user (buying) experience, and both the retailer and the consumer win. - Jeff Richards, SnapNurse
2. To Lower Costs And Improve Margins
The benefits of AI in the area of predictive analytics are wide-ranging and potentially game-changing. In particular, AI-driven analytics embedded into operational processes around customer engagement, inventory management and capacity planning can drive significant improvements in the accuracy of predictions and more optimal use of resources, leading to lower costs and higher margins. - Andre Dykhno, Change Healthcare
Continue reading: https://www.forbes.com/sites/forbestechcouncil/2022/09/06/15-smart-ways-retail-businesses-should-be-using-ai/?sh=1587ab601724
And once that data is collected, artificial intelligence can help retailers take practical next steps. From better predicting their inventory needs to managing and supporting their employees, retail businesses can improve their operations and their customers’ experience and, thereby, the bottom line. Here, 15 members of Forbes Technology Council share smart ways leaders of retail businesses should be using AI in their operations.
1. To Create A Seamless Buying Experience
The use of AI in a retail business (and in any business, for that matter) should be about improving the customer experience. If consumer choice and past purchasing behavior is matched to just the right product offering, it creates a seamless user (buying) experience, and both the retailer and the consumer win. - Jeff Richards, SnapNurse
2. To Lower Costs And Improve Margins
The benefits of AI in the area of predictive analytics are wide-ranging and potentially game-changing. In particular, AI-driven analytics embedded into operational processes around customer engagement, inventory management and capacity planning can drive significant improvements in the accuracy of predictions and more optimal use of resources, leading to lower costs and higher margins. - Andre Dykhno, Change Healthcare
Continue reading: https://www.forbes.com/sites/forbestechcouncil/2022/09/06/15-smart-ways-retail-businesses-should-be-using-ai/?sh=1587ab601724
