How retail are companies today using this technology to stay ahead of their competitors, and what innovations are posed as potential retail game-changers over the next decade?In this article, we will cover the various examples of AI being integrated into the retail industry, divided into the following sub-categories:In this article, we cover a variety of examples in which AI is being integrated with the retail industry, broken down into the following sub-categories:· Sales and CRM Applications· Customer Recommendations· Manufacturing· Logistics and Delivery· Payments and Payment ServicesInnovation is a double-edged sword, and like any innovation, the results are a mixed bag.
Many AI applications have yielded increased ROI — this case study of AI in the retail marketing department is an example — while others have failed and failed to meet expectations, such innovations shed light on the obstacles that must be overcome before becoming industry drivers.Below are brief use cases in five retail domains or stages.
In 2016, 1–800-floors.com launched The Gifts You Need (GWYN), which the company calls the AI gift gatekeeper.Gift recommendations are generated by information provided by users about the gift recipient, by comparing the specifics provided to the gifts purchased for the software recipients.The GWYN experience (which we included in our full article on chatbot use cases) attempts to reflect the role of the storekeeper in the store through personal and detailed communication with customers.
Get higher and higher conversions over time.ManufacturingReaders interested in our machine learning in product reports may find additional insights into this topic.Brilliant manufacturingGeneral Electric (GE) Brilliant Manufacturing Software has been inspired by GE’s relationships with client manufacturers over the past two decades, designed to make the entire manufacturing process more efficient, from design to distribution and service, and thus saving large costs over time.
The software includes analytics and operational intelligence tools suitable for a range of manufacturers.For example, WIP Manager software provides industrial and discrete manufacturers with plant-floor and plant-wide collaboration visibility for all tasks in the process.
An operational supervisor sitting behind a computer can now identify the ground-based problem that arises in the workflow in real-time, without having to take the time to do the time-consuming walks of the entire production facility.Torrey Plastics is an example of a company that uses GE’s Plant Applications product, which enables management to collect granular-level data throughout the product and reduce defective products and waste productivity.Gakushu Learning SoftwareEmbedded in manufacturing robots, Fanuk’s Gakushu Learning Software (“Gakushu” in Japanese means “learning”) speeds up “smart” operations on a specific task, originally designed for spot-welding and assembly lines.