Tag: Artificial intelligence

Struggling with Data Deadlock? Time to Breakfree with AI

Posted on by Omprasad Devadiga

Remember that feeling of frustration when you can’t find your keys, phone, or wallet because they’re scattered all over the house? That’s what your data looks like when it’s trapped in isolated silos. Businesses today are drowning in a sea of information, but without a way to unify it, they’re missing out on the true power of Artificial Intelligence (AI). ETP Group, a leading unified commerce solutions company, is here to bridge the gap. We unlock the potential of AI by helping businesses create a single source of truth—a unified data platform that fuels intelligent decision-making and propels them towards a future powered by AI.

ETP Group: Your Partner in Unified Commerce

ETP Group, a leading Unified Commerce Solutions company, understands the importance of data unification in the age of AI. We empower businesses to break down data silos and create a central repository of information. This unified data platform provides the foundation for AI applications to learn, analyze, and generate insights that drive business growth.

Why Unified Data is Essential for AI

Imagine trying to build a house without a solid foundation. Similarly, AI applications cannot function effectively without unified data. Here’s why:

  • Improved Data Quality: Unified data eliminates inconsistencies and errors that plague siloed systems. This ensures AI models are trained on clean, accurate data, leading to more reliable and trustworthy results.
  • Enhanced Feature Engineering: Data unification allows for the creation of richer datasets by combining information from various sources. This empowers AI models to identify complex patterns and relationships that might be missed in isolated data sets.
  • Holistic Customer View: Unified data provides a 360-degree view of the customer journey. This empowers AI to personalize experiences, predict behavior, and deliver targeted marketing campaigns.
  • Streamlined Decision-Making: AI can analyze unified data to identify trends, predict outcomes, and recommend optimal courses of action. This empowers businesses to make data-driven decisions that improve efficiency and profitability.

Unlocking AI Opportunities with Unified Data

ETP Unify is a powerful cloud-native Unified Commerce Retail Solution. Built using MACH Architecture, it brings the best of retail and e-commerce functionality to the user in one, easy to use, and beautiful interface. With all information stored in one database, it empowers retail merchants and managers to have all the information and tools at their fingertips to serve customers across channels, helping create an amazing experience for consumers.

ETP Unify, a unified commerce retail platform, empowers businesses to leverage AI in several ways:

  • AI-powered Product Recommendations: Unified data allows AI to understand customer preferences and purchase history. This enables businesses to recommend products that are most likely to resonate with individual customers.
  • Dynamic Pricing and Promotions: AI can analyze unified data on customer behavior, market trends, and competitor pricing to optimize pricing strategies and personalize promotions.
  • Fraud Detection and Prevention: Unified data empowers AI to identify suspicious patterns and activities, helping businesses prevent fraudulent transactions.

The ETP Group Advantage

ETP Group goes beyond simply unifying data. We provide a comprehensive suite of services to help businesses leverage AI effectively:

Boost Sales with Intelligent Product Recommendations:

  • Personalized Suggestions: Leverage customer demographics and purchase history to deliver targeted product recommendations at checkout.
  • Matrix Factorization Algorithm: Generate highly relevant suggestions by analyzing product attributes and customer interactions.
  • Dynamic Cart Updates: Continuously refine recommendations as more items are added to the cart.
  • Dual-Screen Display: Streamline checkout with a clear view of recommendations for both the customer and cashier.
  • Upselling Made Easy: Increase sales by showcasing relevant products at the point of purchase.

Secure Your E-commerce Operations with AI-Driven Order Management:

  • Fraud Detection in Real-Time: Identify and isolate potentially fraudulent orders with our proprietary Machine Learning algorithm.
  • Advanced Anomaly Detection: Analyze order attributes like channel, product, quantity, discount, payment, and delivery mode for irregularities.
  • AI Scoring for Risk Assessment: Make informed decisions with a real-time risk score assigned to each order.
  • Inventory Optimization: Ensure efficient inventory management by prioritizing genuine orders and filtering out potential fraud.
  • Continuous Learning Model: The AI model constantly learns from new orders, improving accuracy and streamlining order processing.
  • Future-Proof Technology: Ongoing research and development pave the way for even more innovative AI applications within ETP’s Unified Commerce platform.

In the age of AI, unified data is the key to unlocking its full potential. ETP Group, as your trusted unified commerce partner, empowers businesses to break down data silos, gain valuable insights, and achieve significant competitive advantages. By harnessing the power of AI with unified data, businesses can transform their operations, personalize customer experiences, and drive sustainable growth.

ETP Unified Commerce Retail Platform: Today’s Solution for Tomorrow’s Thriving Retail Businesses

Posted on by Omprasad Devadiga

The retail industry is constantly evolving, and both customers and businesses are facing unique challenges in today’s landscape. From long lines and limited selection in brick-and-mortar stores to complex online navigation and data privacy concerns, navigating the world of retail can feel like a maze. 

Customers navigate crowded aisles, limited selections, and the ever-present question: “Is this the best price?” Businesses must balance maintaining a physical presence with the convenience and competition of online shopping, all while building customer loyalty in a saturated market: “Is there a way forward that benefits everyone? How can retailers overcome such a challenge?

Introducing Unified Commerce Retail Software by ETP, a cloud-native and AI-powered SAAS platform, can create a smoother, more satisfying shopping experience for everyone. 

So what is ETP’s Unify? The key to success in the modern retail world is to put your customers’s experiences first. ETP Unify is a tool that helps you do just that. It gives your retail business the power to center everything around your customers’ needs and desires. 

To dive deeper into ETP’s retail software, first, let us give you a brief overview of unified commerce and why it is so important for retailers.

What is unified commerce?

Unified Commerce refers to a retail business model that integrates both offline and online channels to create a unified platform that provides a seamless customer experience across all touchpoints. In more simple terms, imagine shopping seamlessly between your phone, laptop, and favorite store. That’s the magic of unified commerce! It’s like having everything in one shopping basket but for your entire shopping journey. So no more wondering if that jacket you saw online is in stock at the store.

Plus, everything is stored in one giant filing cabinet (one central database). This means no more duplicate information and constantly updating stuff. It’s like having a single source of truth, giving you, the shopper, and the store a clear picture of your purchases and interactions. Pretty cool, right?

How does this benefit retailers? Well, retailers can manage their operations more efficiently. The aim is to break down the silos between different channels, creating a unified retail environment. 

We have explored what exactly is ETP Unify and why it is important for retailers. But how exactly does it translate to exceptional customer service? Let’s delve into the specific features of the ETP Unified Commerce Platform and see how they revolutionize the way you interact with your customers.

A Feature Powerhouse for Seamless Retail & e-Commerce Operations

Here’s how ETP Unified Commerce Retail Software helps retailers create amazing customer experiences.

Unified Product Information: 

Effortlessly Manage & Publish Products Across Channels 

Forget the hassle of logging into every single online seller platform! ETP Unify’s PIM system streamlines product management across all your channels. Just upload your product information once, and it gets distributed everywhere you sell. Update prices, stock levels, images, and promotions easily—all in one central location.

  • Search, filter, and manage products better with custom tags
  • Drive multichannel promotions and price offers with ease
  • Consolidate and automate your digital media assets
  • Manage your product masters and catalogs in one place

Unified Inventory Management System: 

Ensure 100% Fulfilment & One Version of Truth 

Say goodbye to inventory headaches! ETP’s Unified Commerce Platform gives you a single, clear view of everything you have in stock across all your sales channels. No more scrambling to find the right product. The Unified Inventory Management System keeps everything organized so you can ensure you have the right items available at the right place and time, every time.

  • Unified data across multiple nodes, stores, and warehouses
  • Real-time sync across physical stores, marketplaces, and webstores
  • Reduced cost for better cash flow management

Artificial Intelligence:

AI-driven Actionable Insights & Innovations for Unified Commerce Success

ETP Unify helps customers discover new favorites at checkout with AI-powered product recommendations, considering factors like product features and customer demographics. Cashiers can easily add these recommended items to the bill, boosting sales and keeping customers happy. Moreover, its AI-driven Order Management System prevents fraudulent purchases before they happen by analyzing various order details and identifying suspicious orders in real-time with machine learning. It helps retailers streamline their operations and protect their inventories.

  • Halt order anomalies in their tracks with early detection
  • Identify, isolate, and manage orders with irregularities in real-time
  • Monitor anomalies instantly across various order attributes like channel, product, quantity, discount, payment, etc
  • Assess real-time e-Commerce risk levels with our AI Score

Smart Order Management System:

Streamline workflows and inventory in real-time across channels

ETP Unify’s Smart Order Management System takes the complexity out of online orders. From the moment a customer clicks “buy” to the package arriving at their door, everything is handled smoothly. This includes receiving orders, routing them efficiently, and processing them quickly. Need to cancel or return something? No problem; the system handles that too. So you can focus on what matters most: running your business and keeping your customers happy.

  • Order receiving rules for whether to hold or pass orders based on various criteria 
  • Smart order routing for allocating orders as per factors like node priority, stock levels, & more
  • Order processing, from order acceptance & rejection to picking, packing, labeling, and shipping
  • Order returns to plan for reverse logistics, perform quality checks, and approve or reject returns

 

6 Ways ETP Unified Commerce Empowers Retailers to Thrive in a Competitive Landscape

 

Enhanced Customer Experience for Increased Customer Loyalty

Shop Anywhere, Anytime!

No matter how you shop, ETP Unify makes it a breeze. Browse online and pick up in-store, or find something amazing in-store and complete your purchase seamlessly online. This effortless experience across all channels enhances customer satisfaction and loyalty toward your brand.

 

Real-time Visibility of Inventory for Higher Inventory Turnaround

Say Goodbye to Stockouts!

The ETP Unified Commerce Retail Platform gives you the power of real-time inventory tracking across all your channels. No more worrying about outdated stock levels! This means you can always see exactly what’s available, reducing the risk of selling items you don’t have and leaving customers disappointed. The result? Improved in-store service, faster order fulfillment, fewer backorders, and happier customers all around.

 

Leveraging Artificial Intelligence for Improved Profitability 

Double Your Profits!

Want your customer to add more items to their cart? The answer is ETP Unified Commerce Retail Platform! Its real-time smart AI engine recommends the perfect products to customers across all channels, leading to more items added to carts and higher overall sales. Moreover, the built-in AI also detects suspicious orders in real time, preventing fraudulent purchases and protecting your profits. This powerful combination of AI features helps retailers like you maximize sales and minimize losses, leading to a significant boost in profitability.

 

Powerful Order Fulfillment for Superior Customer Service

Unlock Faster Fulfillment!

Imagine fulfilling orders across multiple channels with the ease of just one! The ETP Unified Commerce Retail Platform provides a single, unified view of your inventory and orders, streamlining the entire process. The result? 

  • Reduced Shipping Costs: Say goodbye to wasted resources! ETP Unify helps you choose the most efficient shipping options.
  • Lightning-Fast Processing: Orders fly out the door with ETP Unify’s efficient processing. No more keeping customers waiting.
  • Happy Customers, Guaranteed: ETP Unify helps you meet and exceed customer expectations for fast, accurate deliveries.

 

Centralized Information Management for Higher Employee Productivity 

Break Down Information Silos!

The ETP Unified Commerce Retail Platform puts an end to scattered information! Customer details, product data, sales orders, promotions—everything is stored in one central location, accessible to everyone in your organization. This means smoother operations, accurate decisions every time, faster action in spotting trends, etc. Eventually, it helps your entire organization work together seamlessly, leading to better results all around.

 

Unprecedented Scalability to Support Your Growth

Grow Fearlessly!

This cloud-based system effortlessly adapts to your changing needs, whether you’re expanding into new markets, adding brands, or experiencing a surge in sales. Plus, updates and new features are rolled out seamlessly, so you can focus on running your business without interruptions. The ETP Unified Commerce Platform gives you the flexibility you need to scale up your success hassle-free.

 

The Winning Formula: Delighting Customers and Driving Retail Innovation

Let us summarize the ETP Unified Commerce Retail Platform for you. With its focus on centralized information, real-time data, AI-powered automation, effortless product management, and inventory management, ETP’s Unify equips you to meet the evolving needs of your customers and stay ahead of the competition.

So why wait? Take control of your retail future with ETP Unify today. Its scalable design ensures it grows alongside your business, while its seamless updates keep you on the cutting edge of technology.

Empower your team, streamline your operations, and unlock new levels of customer satisfaction. Choose ETP Unify, the unified commerce platform built for tomorrow’s thriving retail businesses.

 

Want to achieve the highest level of customer satisfaction? Click here for a free ETP Unified Commerce Retail Platform demo!

Fraud Detection and Security in Retail: Leveraging AI and ML for Protection

Posted on by Omprasad Devadiga

 

In the fast-paced world of retail, where transactions occur at lightning speed and customer data is constantly flowing, ensuring robust fraud detection and security measures has become imperative. With the rise of e-commerce and digital transactions, retailers face increasingly sophisticated threats from cybercriminals seeking to exploit vulnerabilities in their systems. In response to these challenges, many retailers are turning to cutting-edge technologies such as Artificial Intelligence (AI) – also known as AI in Retail – and Machine Learning (ML) to strengthen their defenses and safeguard their businesses and customers.

What are ML and AI in Retail?

(Artificial Intelligence) AI for retailers involves using automation, data, and technologies like machine learning algorithms to provide consumers with personalized shopping experiences in both physical and digital stores. Whereas machine learning (ML) involves implementing self-learning computer algorithms that are intended to analyze large datasets, find pertinent metrics, patterns, anomalies, or cause-and-effect relationships between variables, and ultimately gain a deeper understanding of the dynamics that shape this sector and the environments in which retailers operate. These advancements highlight the critical role of innovative retail software solutions in addressing the evolving security challenges faced by modern retailers.

Emergence of AI & ML as Powerful Tools

ML and AI in retail have emerged as powerful tools in the fight against fraud in the sector. By leveraging AI and ML algorithms, retailers can enhance their fraud detection capabilities and stay one step ahead of cybercriminals. Additionally, the implementation of AI and ML technologies within (Point-of-Sale) POS software systems further enhances retailers’ capabilities to detect and prevent fraudulent activities, ensuring secure transactions and protecting sensitive customer information

One of the key advantages of AI and ML in fraud detection is their ability to adapt and evolve over time. Traditional rule-based systems are limited by predefined criteria and may struggle to keep pace with rapidly changing fraud patterns. In contrast, AI and ML algorithms can continuously learn from new data, refine their models, and detect emerging threats more effectively. This adaptive approach enables retailers to detect and mitigate fraud more efficiently, reducing the risk of financial losses and reputational damage.

ML and AI in retail industry are also being used to enhance security measures across the retail ecosystem. From online payment gateways to point-of-sale systems, retailers are deploying AI-powered solutions to detect and prevent unauthorized access, data breaches, and other security threats. Advanced authentication methods such as biometric recognition and behavioral analysis are becoming increasingly common, providing an extra layer of protection against fraudsters.

In addition to detecting fraud and enhancing security, AI and ML technologies can also help retailers improve the overall customer experience. By analyzing customer data and transaction histories, retailers can gain valuable insights into consumer behavior, preferences, and purchasing patterns. This data-driven approach enables retailers to personalize their marketing strategies, recommend relevant products, and offer targeted promotions, enhancing customer satisfaction and loyalty. Moreover, retailers may anticipate sales with artificial intelligence (AI) and machine learning by examining data on past sales, industry trends, and consumer behavior. This allows retailers to make well-informed business decisions and in planning their personnel and inventory levels.

Furthermore, AI and ML can play a crucial role in optimizing inventory management and supply chain operations, reducing the risk of fraud and theft within the retail environment. But how do you make your e-commerce business fraud-proof? This is where Ordazzle’s AI-powered Anomaly Detection function comes into play. Its proprietary Machine Learning algorithm helps you isolate the abnormal or deviant new orders to be later reviewed and released for execution or cancellation. This helps you avoid any outlier orders that might be fraudulent further improving your inventory for normal orders.

Want to know more about ETP’s anomaly detection functions?

Click here

Potential Challenges of AI & ML in Retail

Despite the numerous benefits of AI and ML in fraud detection and security, retailers must also be mindful of potential challenges and ethical considerations. As these technologies become increasingly integrated into retail operations, concerns around data privacy, algorithmic bias, and transparency have come to the forefront. Retailers must ensure that they adhere to strict data protection regulations, implement robust security measures, and conduct regular audits to maintain trust and credibility with their customers.

How can the Government support adoption of AI in retail?

While AI presents promising prospects for enhancing marketing and operational efficiency, it’s crucial to employ it ethically and transparently. This requires a supportive policy framework addressing data privacy, security, and ethical considerations while fostering innovation.

Governments can facilitate the adoption of AI for retailers by investing in vital infrastructure and digital connectivity, supporting research and development efforts, and fostering collaboration between industry and academia. Additionally, governments can offer incentives and offers to retailers for implementing AI, and promote AI education and training programs to upskill the workforce, enabling them to effectively collaborate with AI systems.

In conclusion, AI in retail industry and ML are revolutionizing fraud detection, empowering retailers to combat fraud, protect sensitive data, and enhance the overall customer experience. By leveraging the power of these advanced technologies, retailers can stay ahead of emerging threats, mitigate risks, and build a more secure and resilient business environment. Moreover, ETP’s retail solutions integrate seamlessly with AI and ML capabilities, providing retailers with comprehensive tools to streamline operations, enhance security, and optimize the customer journey in today’s rapidly evolving retail landscape. As the retail landscape continues to evolve, AI and ML will undoubtedly play an increasingly central role in shaping the future of fraud detection and security in the digital age.

If you are seeking a reliable retail software solution. ETP is undoubtedly the best choice for maximizing efficiency and ensuring success in your retail business ventures.

The Future of Stores: Driving Bigger Baskets with Smart Retail Solutions

Posted on by Omprasad Devadiga

 

Did you know the first product to be barcode scanned was a pack of Wrigley chewing gum at an Ohio supermarket in 1974? Fascinating, isn’t it? This changed the retail game forever. As revolutionary as it sounds, this transformed the way people shop. Barcodes not only help business owners track their stocks but also help in quicker checkout processes for customers.

From the invention of the cash register in 1883 to the digital age of online shopping, we have come a long way. Over the years, technologies have made business owners’ lives easy as well as hugely influenced consumer’s choices and habits. This has only encouraged businesses to keep up with the technologies. The faster the technologies, the more sophisticated the customer’s behavior.

Online shopping has taken the retail world by storm due to the conveniences and tailored shopping experiences, it offers its customers. However, shoppers still like to visit a brick-and-mortar retail store to experience the product or services closely. This has further encouraged retail stores to optimize their in-store customer experiences using smart retail technology such as Artificial Intelligence, Virtual Reality, the Internet of Things, robotics, and other latest technologies. Before diving deep into smart retail technology, let us take you through the basics. What exactly is smart retail technology?

 

What is smart retail?

A smart retail is nothing but a store that has integrated advanced digital technologies including smart self-checkout systems, smart inventory management, smart carts, and smart mirrors and shelves; into the traditional retail store. This next-generation technology helps deepen the interaction between customers and the shops.

 

How do smart retail solutions help store owners and shoppers?

  • Creates a customer portfolio by capturing visitors’ data more precisely
  • Ensures stable income and traffic by bringing back customers with easy-to-navigate and interactive stores
  • Enable smooth operations with advanced inventory and client management systems
  • Avoids task overload by automating the duties saving a great of shop owners’ time
  • Helps businesses stay ahead of their competitors who still using traditional retail ultimately winning the market

 

Smart retail technologies that will define the store of the future

  • Internet of Things (IoT) can collect real-time data which can be used to monitor inventory levels, consumer movement tracking and shopping patterns, etc
  • AI & ML can analyze the collected data to customize marketing efforts, enhance inventory management and pricing strategies
  • Mobile apps give customers access to offers, discounts, and recommendations
  • AR & VR allows immersive shopping experiences for customers
  • Beacon technology can be used to send offers & location-based notifications to customers’ smartphones who are in-store
  • Big Data Analyticsallows to analyze huge data collected from different sources to make data-driven decisions
  • Robotics and automationcan help shelves restock, handle warehouse inventory, and assist customers with basic inquiries

 

What are some applications of smart retail technology?

Smart mirrors:  Acts as navigation, information & advertising board, and advanced fitting space. It can help store visitors try on clothes and accessories and will also allow them to visualize more products, and choose colour variations in different weather settings.

 

Virtual fitting space: Allows visitors to choose items without leaving the fitting rooms by contacting the consultants through a smart mirror in the fitting room.

Smart shelves: Help staff track the item’s availability, misplacement, and theft attempts. Moreover, it will help customers find the right product size and colour.

Interactive kiosks: Self-service kiosks where customer can order and pay for their product. Other kinds of kiosks are information and interactive kiosks where visitors can find any product or information about the shops and 3D maps of shopping locations.

Real-time inventory: Helps business owner keep track of their stock in real-time and ultimately take control of their stocks. This is a way to enhance customer experience and they hate to see their desired product go out of stock.

Smart carts: A tablet that will convert the cart into a smart cart. These carts can track products bought and tailor offers based on the data. Moreover, they also allow visitors to make payments from the cart without standing in a queue.

 

What does the future hold?

Retail stores are keen to adopt smart retail solutions and their interest has been increasing rapidly over the last few years. Whether it is to transform their customer shopping experience or to provide a personalized and immersive service, businesses need to keep up with the latest technologies if they want to bridge the gap between online and offline retail.

Latest Trends in Retail Software

Posted on by Omprasad Devadiga

The retail industry has undergone significant transformation in recent years, with technological advancements playing a pivotal role. Retail Software has become a key tool for retailers to streamline their operations, enhance customer experiences, and stay competitive in the ever-evolving retail landscape.

Let us explore the latest trends in retail software:

Omni-channel Retailing:

Today’s consumers expect a seamless shopping feeling across multiple channels, including online, mobile, and in-store. Omni-channel retailing has become a prominent trend in the retail industry, and software for retailers plays a crucial role in enabling them to deliver a consistent customer experience across all channels. Retail software solutions allow retailers to manage inventory, orders, and customer data in real-time, allowing for a unified view of the customer journey and seamless order fulfilment regardless of the channel.

Personalization:

Personalization has become a top priority for retailers as they strive to deliver tailored experiences to their customers. Retail software enables retailers to collect and analyze customer data to gain insights into preferences, behaviors, and purchase history. This data can be used to create customized recommendations, offers, and promotions, both online and in-store. Personalization boosts the customer experience and drives customer loyalty and repeat business.

Mobile Technology:

Mobile technology has revolutionized the retail industry as retail store software has evolved to modify the regular POS and adapted its functionalities to make it portable introducing this trend. Mobile point-of-sale (mPOS) solutions have become increasingly popular, allowing retailers to conduct transactions and manage inventory using handheld, mobile devices. Mobility retail store software also includes mobile apps for retailers to engage with customers, offer mobile payments, and provide personalized offers and promotions. Mobile technology has enabled retailers to provide a seamless and convenient shopping experience to their customers in-store.

Artificial Intelligence (AI):

AI has gained significant traction in the retail industry, and retail software companies have leveraged this technology to enhance various aspects of retail operations. AI-powered chatbots and virtual assistants can handle customer queries and provide personalized recommendations. AI algorithms can analyze customer data to create insights for personalized offers and promotions. AI can also optimize pricing, inventory management, and supply chain operations. Using AI in retail software has improved operational efficiency, customer engagement, and decision-making.

Inventory Management:

Inventory management is a crucial aspect of retail operations. Retail software has evolved to provide advanced inventory management capabilities. Retail software solutions offer real-time visibility into inventory levels across multiple locations, automated replenishment based on demand forecasting, and optimized order management to prevent stockouts or overstocks. Advanced inventory management features in retail store software enable retailers to optimize inventory levels, reduce carrying costs, and improve order fulfillment. Endless Aisle allows retailers to allow the customer to view their online and other stores’ inventory in a single screen and reduce the risk of lost sales in case of stockout situation.

Data Analytics and Reporting:

Data analytics and reporting have become integral to retail operations, and modern retail software provides robust analytics and reporting capabilities. Retailers can analyze sales, customer, and operational data to gain insights into customer behaviors, trends, and operational performance. Data-driven insights enable retailers to make informed decisions, optimize strategies, and identify opportunities for growth.

Enhanced Security:

With the increasing threat of data breaches and cyber-attacks, security has become a top concern for retailers. Retail software solutions now incorporate advanced security features, such as data encryption, multi-factor authentication, and compliance with industry standards. Enhanced security measures in retail software protect customer data, prevent unauthorized access, and safeguard against potential security breaches.

Retail Software has significantly improved lately to keep up with the ever-changing retail landscape. Latest trends in retail software include omni-channel retailing, personalization, mobile technology, AI, inventory management, data analytics, and enhanced security. Retailers leverage these trends to streamline operations, enhance customer experiences, and stay competitive in the dynamic retail industry. By adopting ETP retail software solutions that align with these trends, retailers can improve their operational efficiency, customer engagement, and decision-making capabilities on their Journey to Creating Amazing Customer Experiences.

AI Revolution in Retail and Consumer Products

Posted on by admin

Artificial Intelligence, abbreviated as AI, has been at the centre stage of business innovation since quite a few years now. It shows no signs of slowing down anytime soon. Instead, going by the recent trends, its adoption is expected to increase manifolds in the next couple of years. The rapidly growing competition in the retail industry requires the players to consistently innovate with their consumer products. They need to improve the efficiency of business processes and improve decision-making – exactly what AI is equipped to help them achieve. This will ensure consumer loyalty and further increase their base, helping them to stay buoyant in the challenging retail market conditions.

Etp-Blog-AI Revolution in Retail and Consumer Products

A recent report titled “The coming AI revolution in retail and consumer products” conducted by the global IT company, IBM, predicts a bright future for AI-powered innovations. Conducted at the 2019 Big Show, which was hosted by National Retail Federation, the study included participants from 1,900 retail and consumer products from 23 countries.

Let’s take a look at the salient points of the report that was released by IBM’s Business Value.

  • 79% of consumer products and 85% of retail organizations that participated in the survey revealed their plans of integrating AI in their existing better supply chain planning by the year 2021.
  • Two out of five retailers already use AI, and the number is expected to become double by 2021.
  • The retailers surveyed believe that AI may push up their annual revenue growth by a significant 10%.
  • Artificial Intelligence plays an important role in automating demand forecasting and customer engagement.

 

 

 

Putting AI in Retail

Posted on by admin

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The human brain is more than just an organ – it is a complex system that helps humans to analyze information and take simplified decisions in various situations. But it cannot always gauge all the possible outcomes of a decision and hence our decision-making ability gets limited in certain circumstances. But what we cannot achieve with the powerof our brain is today being achieved by applying Artificial Intelligence (AI). It is much more than neural networks and complex algorithms; it involves enabling machines to take appropriate decisions in all possible circumstances.

With the huge amount of data being transmitted from electronic devices every day, it becomes imperative for the data-driven organizations to collect and identify a pattern in them. But, what exactly could be the advantage of collecting and analyzing data? Well, to predict the future it is necessary to understand the past and the present.

One of the biggest beneficiaries of Artificial Intelligence is physical retail. It is facing immense competition from e-Commerce portals, which not only provide user-friendly shopping experiences but also come up with relevant suggestions for future purchases. The need of the hour for physical retailers, therefore, is to revamp their business processes and come up with innovative measures to provide a more than satisfying customer experience along with an efficient stock management strategy. Artificial Intelligence (AI) can help achieve both. Here is a brief overview of how AI can help drive transformation in physical retail.

  1. Collecting relevant data: Data collection forms the backbone of AI. According to some of the industry stalwarts, “there can be no direct leap to artificial intelligence if substantial and relevant data is not being collected”. Most of the physical retailers lack the indigenous technology to collect and process large chunks of data by themselves. But that should not be considered as a hindrance to AI as there are efficient retail solutions like ETP V5 that can help them collect and process relevant and authentic data.
  2. Personalization: AI can be thought of as a complex algorithm that consists of all possible ‘if-then’ conditions. These conditions can be identified in various ways such as shopping cart analysis, payment preferences and surveys among others. The analysis performed can be used for managing product assortment, customer-specific promotions, and other loyalty programs. Personalization will ensure repeat footfall, which in turn will ensure a healthy bottom line.
  3. Supply chain and inventory management: If a retailer is able to collect relevant data, it becomes easier to maintain a healthy supply chain along with an efficient inventory management system. If the retailer wishes to sell the right product to the right customer at the right time and place, managing inventory across all channels becomes most important. This is indeed a mammoth task that can be eased out using an efficient Omni-channel Retail Solution like ETP V5 which can identify hidden patterns in the customer’s buying behavior and provide relevant suggestions to maintain the right inventory. Maintaining and managing supply chain and inventory are the backbone of a profitable retail venture.

AI has started revolutionizing the way in which physical retailers go about taking business decisions and with the enhancement of customer’s technical abilities, it can be safely claimed that AI will play an important role in the future of retail.

Redefining the Future of Retail Personalization using Artificial Intelligence

Posted on by admin

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Personalization in retail is definitely not a new concept. Retailers have explored it in many ways over the years to improve shopping experience for the customers. While other retailers simply managed greeting returning customers by their name, Amazon has been one of the pioneers of personalization in retail with its ability to show different and relevant home pages for different customers based on their past clickstream paths and buying history. However, such rudimentary approaches are now considered the starting point for modern day retail marketers.

Customers are savvier than they were a few years ago. Personalization is not a need for them anymore, it is an expected norm. And retail brands must rise to the occasion to exceed this expectation. This may seem an extremely challenging task but with the proliferation of data analytics and implementation of machine learning and artificial intelligence, retail personalization can be majorly resurged.

To begin with, a very basic and brief preview into how AI works; AI uses comprehensive algorithms and logics to find trends in available data be it internal or third party and then helps analyze those trends to derive patterns that can be associated to shopping behaviors and customer personas. Utilizing machine learning that operates on probability and statistics, adjustments can be made in data sets to achieve the best outcome when it comes to creating the right marketing message for each individual customer.

Application of AI driven process in retail marketing and promotion campaigns will not only help retailers acquire new customers, but also boost repeat business. Increased accuracy in personalized communication to the customers along with tailored recommendations and offers will compel shoppers to strengthen their loyalty as they will begin to associate the retail brand with personalized, relevant experiences.

For retail personalization, the future seems to be pretty exciting. Leveraging the potential of Artificial Intelligence, there are limitless possibilities to notch up personalization to levels beyond the imagination of the customer. Infusing AI in marketing will be the differentiating factor for retail marketers that look to stand out from the horde of advertising and marketing communication targeting shoppers.