The retail industry has undergone dramatic changes that have tested many businesses’ resilience and flexibility. Retailers who refuse to stay on top of the latest technology trends will inevitably notice major declines in both revenue and customer experience. Increasing shift of customers who choose digital shopping over in-store shopping, and the constantly changing opinions of informed buyers with a wide array of options, make artificial intelligence crucial for retailers now more than ever. If you’re a retailer that doubts AI’s capabilities to maintain and grow the success of your business, you’re about to change your mind.  

Artificial intelligence improves customer service for retailers

In the retail industry, whether online or in-store, customer service is one of your most important marketing tools. Customers today want an easy, direct, and personalized shopping experience. They want to find exactly what they need, and they want to do it in the quickest, most convenient way possible. For many customers, that convenience comes digitally. In 2016, US online sales of physical goods reached a staggering 360.3 billion US dollars, and sales online are expected to reach over 600 billion by 2021.

With the significant increase in online shopping, technology has evolved to improve and optimize the buyer’s path to purchase in a variety of ways. For retailers who utilize this technology, there’s a huge opportunity for growth they can’t afford to miss. Artificial intelligence has the technological capabilities to analyze your customer’s behaviors, understand what they’re looking for, and ultimately lead them directly to it. Artificial intelligence enables retailers to technologically read their customers’ minds to give them exactly what they want. Studies show that 86% of customers will pay up to 25% more when they have a good experience with customer service. With custom software development and artificial intelligence, the possibilities for optimized customer service are nearly endless. Geneca provides custom software development that can give your customers the outstanding experience they’re looking for, increasing their customer satisfaction, average order value, and motivating them to return and make another purchase.

Artificial intelligence gives the customer a personalized experience

Optimizing customer service isn’t simply listening to your customers, it’s predicting what they want before they ever tell you and offering them a personalized shopping experience that makes them feel like you know and understand their unique needs. Artificial intelligence allows retailers to not only understand what their buyers want, but why they want it, and what would motivate them to come back and buy again. Retailers can use artificial intelligence and custom software to analyze customer behavior using a variety of statistical techniques to predict their future buying decisions and offer them a shopping experience that is personalized to their wants, needs, and interests. Artificial intelligence is essential for retailers to connect with their customers in new ways that make them feel understood to obtain customer loyalty and earn sufficient ROI.

Artificial intelligence optimizes supply chain efficiency

Optimizing customer experience is just one stepping stone for retailers. Another crucial aspect in the retail industry that affects both the customer and the business, is supply chain efficiency. Retailers must ensure that as easy as it is for customers to order their products, it’s just as easy to receive them, which means their supply chain operations must be organized and efficient.

This becomes quite the challenge as retailers both big and small have a lot to keep track of. Inventory management, packaging, and shipping- these are all components of every supply chain that can have large impacts on a retailer’s bottom line. With machine learning and predictive analytics in artificial intelligence, retailers can easily optimize their supply chain efficiency. Artificial intelligence has the capability to collect all data relating to a retailer’s inventory including transit routes, current location, and status. If a customer orders your product, and something wrong happens during shipment, artificial intelligence can track exactly where the product is and when the customer can expect it to be delivered and arrive at their front door.

The bottom line is this: retailers need artificial intelligence. The retailers who use artificial intelligence to their advantage will optimize customer service, provide a personalized experience for shoppers, and have ultimate control for efficient supply chain management. Competition within the retail industry is fierce, and retailers can’t afford to fall behind. Geneca helps businesses stay ahead of the competition with custom software solutions tailored to your unique needs for success today, tomorrow, and far into the future.