AI is reshaping retailing in important ways. This article presents a basic introduction for understanding Assessment-Type AI, outlines applications of assessment models in different facets of retailing, and concludes with broad suggestions for practical uses cases.
Footprints purpose is to bring Customer Intelligence & Media to the next level. Retailers can capitalize now on the rise of the AI through predictive models applicable to customers’ shopping behaviors. And with hyper-personalized marketing & advertising (#retailmedia ).
“Tell me whether I should care about this thing”
AI systems add contextual clues, generating a sense of urgency, ranking, and prioritization.
A big part of retail in the fourth industrial age is going to be delivering the personal experience customers want while reducing gross inefficiencies behind the scenes. Human teams are there to build relationships and problem solve in complex, higher-order tasks while AI provides support by analyzing data and finding patterns.
AI is proving to be one of the best things to happen to retail in a generation.
AI is blending into consumers’ daily lives and retail visits & transactions. With business data doubling every 1.2 years, retail data continue to explode. Retail data include purchase data, online browsing data, offline visits data, social media data, mobile usage data, and customer satisfaction data.
Assessment-Type AI helps retailers to become agile in the way they process this data & how they react in near-real time in their interactions with their customers. An aspect that people can keep up with any more.
Examples of Assessment-Type AI in Physical Retail:
• You have 1,000,000 active users in the same time on your ecommerce platform. The system tells you in which purchase intent category each user is part of
• You have 1,000 customers in your in shop. The system tells you which are high potential value customers
• You have 1,000,000 customers. The system tells you which are dropping off
• You have 1,000,000 customers. The system tells you which are loyal
• You have 1,000 suppliers. The system tells you which are breaching their SLA
The application of #artificialntelligence in retail is set to fundamentally change the shopping experience for customers and retailers. The friction-less store experience is the fundamental approach to blurring the line between in-store and online. And retail media is the critical tool to deliver a relevant, timely and highly personalized omnichannel experience.