Artificial Intelligence has rapidly become a necessary technological advancement in today’s world. It has begun to shape every imaginable aspect of human life, ranging from the way we live to the way we move, buy or even sell.
The significant impact of AI can be seen in various industries, many of which have revolutionized their operations and improved their customer service relations, thanks to AI.
The retail industry seeks to gain tremendous benefits from incorporating Artificial Intelligence in its day-to-day operations and many brands are currently experiencing these gains already.
The results point to the creation of a dynamic retail industry, which remains flexible and technologically sound, whilst still preserving the essence of the business.
So how exactly has AI helped the retail business boost its speed, efficiency, and accuracy? Let’s find out!
Cognitive Inventory Management
The idea of using AI’s “thinking capacity” to determine the components of the inventory, based on the current trends of sale is Cognitive Inventory Management. The AI makes inferences based on available data and then predicts the possible scenarios, provide recommendations on the required actions, and even take those actions, with human approval. Once the algorithm is sufficiently trained, the managers can even allow the AI to make decisions, thereby increasing efficiency and freeing up valuable time. More importantly, the system can process huge amounts of data in good time and result in an inventory well-tailored to the trends in the market or customer demand.
Remembering Customer Purchase History
Using an AI-powered CRM, marketing is made easy by targeting specific interests of the buyers. With data mining techniques, Artificial Intelligence tools can breakdown large amounts of customer data to identify purchasing patterns and preferences. Each customer builds up their own purchasing portfolios over time and once there is enough data, the AI can then go on to recommend similar items of purchase to the customer. Not only that, but the e-retail experience is also further enhanced by displaying web pages tailored to the tastes of the buyer.
One major way to improve customer service is to be always available for guidance or feedback. While this is a tall order to maintain for employees of the business, an AI-driven chatbot can truly deliver on the requirements. The bots are trained to answer commonly asked questions, converse with the customers and point them to useful items that the customers are looking for. Using these interactions, the AI collects the client data and uses it to further make inferences about their purchasing patterns.
Personalized Shopping Experience
Tools like biometric recognition, loyalty accounts, and unlocked rewards or benefits allow AI-powered CRMs to recognize a particular customer. This up close and personal recognition can lead to an even better customer service experience. The algorithm can classify the customer to be from a particular demographic or geographical area and display a specific category of items that the user is likely to purchase. Further recognition can be done on the basis of the analysis of their social media profiles. All this is done, not just with the consent of the customer, but with care to treat the data as private information.
The retail industry can leverage AI to connect and manage supply chains spread across the world. The task involves identifying products that are in-demand or will be in the near future, transporting said products, keeping track of the shipments and managing the inventory. This, coupled with adjusting staffing, distribution systems, and delivery mechanisms, are all tasks made easy by AI. By using AI and CRM in combination, the retail industry can experience new records of efficiency, whilst maintaining a good track record with their customers.
Salesforce Einstein: A Comprehensive AI-Based CRM
As one of the first comprehensive AI-driven CRMs, Salesforce Einstein has led the way to incorporate machine learning and predictive analysis into customer relationship management. Features such as Einstein Discovery allow users to discover hidden patterns in their client data, while others like Einstein Prediction Builder allow for business predictions to be made with the help of custom AI models.
Other important features include the use of bots connected to CRM and the incorporation of computer vision. Computer vision allows deep learning models to use product images to identify the brand, make or model. The Einstein Voice assistant is also an innovative addition to the CRM, which uses voice recognition tools to interact with users in real-time.
Leverage Rolstech’s Expertise In Salesforce And AI
Rolustech offers its own expertise when it comes to applications of AI, which have the potential to revamp the retail industry as you know it. Coupled with that, the Salesforce Industry Vertical Solutions we offer allow you to tailor your CRM needs according to the needs of your industry. They include Salesforce cloud integrations and custom app functionalities.
As a certified Salesforce Partner, Rolustech offers Salesforce Customization Services to fit your unique business needs. Our certified Salesforce Consultants also ensure that the best expertise is available to you in order to maintain a flawless customer service record and at the same time, allow your business to operate more efficiently.
Rolustech is proud to be a Salesforce Consulting Partner and Certified Expert. We have helped numerous firms with Salesforce integrations and customization. You can contact us to learn more about the Salesforce platform by scheduling a FREE CRM Consultation now!