Is it too difficult to do offline retail? N ways for artificial intelligence to bring retail industry back to life

JD.COM Mathematics was compiled from bbc.com.

What does the addition of artificial intelligence (AI) mean in the retail field? This means that its entry will not only help the retail industry survive in the fierce competition, but also help them prosper again in the post-epidemic era. So, how can artificial intelligence help the retail industry out of the predicament?

Retail executives use AI to find consumers' itching spots and try their best to satisfy them, and analyze relevant commodity information through AI to provide scientific guidance for consumers' shopping. At present, the physical store and digital shopping experience are merging, and AI technology can provide consumers with the data needed for safe and efficient shopping.

Statista's data shows that even though the online sales of grocery distribution in the US market soared from1200 million dollars in August 1965 to 7.2 billion dollars in June 2020, the vast majority of grocery shopping is still carried out in traditional physical stores. In the epidemic, consumers want to minimize the number of shopping and contact opportunities. This enables retailers and brands to obtain more valuable data from consumers.

For example, a startup named Locai uses ai to analyze the composition information of recipes, making it easier for consumers to plan their diets. As long as the data provided to consumers is accurate and complete, then people want to use AI to predict the needs of consumers, and the technical demand for online shopping and physical store shopping experience will continue to grow.

Retail information executives can use AI to analyze demand patterns and ensure that consumers' needs can be met in time. The epidemic has led consumers to try new brands and stores that they have never tried before. According to McKinsey's consumer sentiment study in June, 75% of Americans changed their shopping style because of the epidemic. Retailers and brands are using new technical means to analyze the activities of stores, and automatically upgrade processes, such as the inventory of products on shelves, which can be replenished in time according to data analysis to keep up with the needs of consumers.

For example, Pathr.ai has launched a spatial intelligence platform based on ai, which can evaluate the transportation mode of stores and the interaction between customers and goods in stores. Pathr.ai sees opportunities to improve the in-store experience, and we can provide targeted promotional information and other incentives to consumers when they shop.

AI can only perform data analysis on existing goods. For example, if you don't know the exact number of boxes in the store, AI can't accurately present the inventory and location of existing goods.

In order to speed up delivery, artificial intelligence plays an increasingly important role in inventory management. However, some retail enterprises lack specific information content in product data management. However, AI needs as much information as possible for analysis. If all product details are not set, consumers may get incomplete or inaccurate information.

For example, during the epidemic period, a store eager to sell all its stocks online may not know that it actually has 27 different flavors of ice cream, and AI did not get enough information, so it can only divide the flavors of ice cream into chocolate or vanilla, which cannot meet the diverse needs of consumers.

Retail information executives are working with suppliers to meet people's demand for online ordering, roadside pickup and home delivery. Brick Meets Click data shows that more and more American families are using delivery service to meet all their shopping needs, which is very different from the previous shopping model. In the past, people could only buy goods on the shelves, and they had to go offline to buy them in person. But now it can be done with one click. The speed of delivery has improved, and the way of consumption and shopping has also undergone tremendous changes.

This year's epidemic has created a unique opportunity for the development of the retail industry, allowing them to learn from consumers' behavior and adopt AI technology that can meet consumers' needs for a long time. From store intelligence to real-time inventory management, AI has the ability to help enterprises tide over the current difficulties and prosper again.