Artificial Intelligence is not just what we see in movies. It has real-life applications that can make our lives better and businesses stronger and more profitable. In the retail industry, too, it has ever-lasting effects, and there has been a 600 percent rise in the adoption of AI between 2016-2018.
It is felt that the adoption rate is still low, ranging from 26 percent for home improvement stores to 33 percent for apparel and footwear. Currently, only 15 percent of companies are open to AI adoption. Only 25 percent of industries are spending their one-tenth capital in AI systems while rest invest only 7 percent. If AI has numerous advantages, why isn't everyone adopting it?
The most successful use-case of artificial intelligence so far is customer service. Customer-facing AI can improve customer satisfaction by 9 percent, reduce customer complaints by 8 percent, lowers customer churns by 5 percent at the early stages. With more improvement, the statistics are expected to rise further. Voice technology can emulate and mirror human emotions better and try to de-escalate tense customer service situations.
Chatbots and virtual assistants are used to help customers in finding new items to try, finding the right item to buy, and learning more about the available options. AI has streamlined the shopping experience. In Amazon Go stores, customers can take items off the shelves, bag them and walk out of the store without wasting time in the check-out line, as the system rings things up as one goes and is automatically charged as one walks out the door.
In restaurants, artificial intelligence has made it simpler to how customers dined. It is making it quite simpler for customers to get what they want and when. McDonald's and few other ready-to-serve restaurants use information about the weather, traffic, and current trends, time of day, to change the menu according to what people will want, such as soup in rainy weather.
In movies, Artificial intelligence is often portrayed as something that is going to destroy mankind. Still, in reality, most of these real-life applications are quite ordinary, and most are actually beneficial to human kind. As AI is being adopted largely in the retail industry, there will certainly be obstacles, but the end product will be a satisfactory one with more agility that serves both customers and businesses better.
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