At Enterprise Wide, we’re thrilled about the transformative impact of AI on the retail sector. AI is reshaping and redefining how businesses engage with their customers, creating more personalised and efficient shopping experiences.
Picture these scenarios:
- You’re shopping online, and the site seems to read your mind, highlighting relevant offers and product suggestions. A tracker on each item ticks down in real time, showing up to date availability and stock levels.
- You’re shopping in person at the supermarket, the shelves are always full of fresh produce and other items that are relevant to your needs and those of other customers, with out-of-stock items being a thing of the past.
These scenarios highlight the benefits of AI in the retail space. As such, there are four main categories of AI implementation in retail, empowering companies to drive efficiency and enhance customer satisfaction:
- Customer Experience: AI provides personalised recommendations, 24/7 customer service through chatbots, and tailored marketing based on past customer behaviour.
- Supply Chain Management, Operations & Logistics: AI improves demand forecasting, optimises inventory management, and enables dynamic pricing based on real-time data.
- Sales and Marketing: AI offers customer insights that help create personalised marketing campaigns and analyse market trends for price optimisation.
- Security and Fraud Detection: AI monitors transactions for unusual activity, using biometrics and surveillance systems to identify unauthorised transactions and suspicious behaviour.
To discover more about SAP’s approach to AI-powered retail click here
