In today’s fast-paced world, technology is transforming industries across the board, and real estate is no exception. One of the most impactful advancements is the integration of geospatial technology with mobile apps, offering a new dimension to property search, management, and investment. Let’s explore how geospatial technology is revolutionizing the real estate sector.

1. Enhanced Property Search and Visualization

Geospatial technology enables mobile apps to provide detailed maps and real-time data, making property search more intuitive and informative. Potential buyers can view properties on interactive maps, explore neighborhood amenities, and even visualize future developments. This spatial context helps users make informed decisions without the need for physical visits, saving time and resources.

2. Improved Property Management

For property managers, geospatial mobile apps streamline the management process. These apps can track property locations, monitor maintenance schedules, and optimize route planning for property inspections. The integration of GPS and mapping technologies ensures efficient resource allocation and enhances the overall management experience.

3. Accurate Property Valuation

Geospatial analytics combined with mobile apps can significantly improve the accuracy of property valuations. By analyzing spatial data such as proximity to schools, transportation, and commercial areas, these apps provide a comprehensive understanding of a property’s value. This data-driven approach helps investors and buyers make well-informed financial decisions.

4. Risk Assessment and Mitigation

Understanding the geographical risks associated with a property is crucial for both buyers and investors. Mobile apps leveraging geospatial technology can provide insights into flood zones, earthquake-prone areas, and other environmental risks. This information is vital for risk assessment and mitigation, ensuring that stakeholders are aware of potential hazards.

5. Enhanced Customer Engagement

Real estate companies can use geospatial mobile apps to enhance customer engagement. These apps offer personalized experiences by providing location-based recommendations and alerts. For instance, users can receive notifications about new listings in their preferred areas or updates on property prices. This targeted approach increases customer satisfaction and loyalty.

6. Smart City Planning and Development

Geospatial technology plays a crucial role in urban planning and smart city development. Mobile apps equipped with geospatial and internet of things data help planners visualize and analyze urban growth patterns, infrastructure needs, and environmental impacts. This holistic view supports sustainable development and ensures that real estate projects align with broader urban planning goals.

Conclusion

The integration of geospatial technology with mobile apps is revolutionizing the real estate industry. From enhancing property search and management to providing accurate valuations and risk assessments, these advancements offer numerous benefits to buyers, investors, and property managers alike. As the technology continues to evolve, we can expect even more innovative applications that will further transform the real estate landscape.

Embrace the future of real estate with geospatial technology and mobile apps, and unlock new possibilities for growth and efficiency.

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Over the past two years, industries across the globe saw massive disruptions due to the sudden outbreak of the COVID  pandemic. Even the retail industry was taken aback but thanks to the digital adoption in their ecosystem that sustained them. If you are a start-up, an SMB, or an entrepreneur in the retail sector, you’d now acknowledge the massive capabilities of an AI-ML-enabled digital intervention that can fetch you the best returns in your retail business. Post Pandemic era has a lot to offer as e-commerce, and online retailing are surging ahead creating innovative retail industry trends for the year 2022. While 2021 was a year of adjustments that allowed economic recovery albeit, at a slow pace,2022 looks more promising with major retail trends. Let’s discuss the top 5 key retail industry trends in 2022:

Trend#1 Rise in Digital Channels & E-Commerce

Consumer behavior has drastically changed over the last few years because of the convenience and easy method of shopping via smartphone upon clicks, and digitally-enabled payments like a digital wallet, online banking, etc. Varied digital channels have become the preferred mode of seamlessly connecting with target customers.B2B, B2C, and C2C retail businesses are reaping benefits out of digital channels in some way or other. As per recent stats, in Latin America, the most relevant and popular media tools & techniques for marketers in the retail sector are digital marketing(it tops their list with 83% hold), social networking channels account for 73% while e-commerce rules with 63%  in their preference-list. Besides, the omnichannel retail trend has also picked momentum and online & offline channels are increasingly becoming a part of marketing strategies. Providing a personalized customer experience requires constant interaction with customers, so, digital channels are one of the growing retail trends worldwide.

Trend#2 Personalized Customer Experience

Identifying the right channel and right time for every customer is a major challenge that the retail industry facing today. The solution is to provide each customer with unique and personalized offers and experiences. It means, that what suits A may not suit B, and also C is different. As per the Hot Retail Trends 2022 study, a massive 44% of marketing personnel consider user experience as a major strategy constituent. It means personalized customer experience, providing a frictionless, seamless shopping experience to consumers will be one of the key retail trends in 2022. ROPO(Research Online Purchasing Offline), a multi-touch shopping model is an example of this trend.

Trend#3 Social Shopping

Today, almost 64%  of the global population uses social media for online shopping, the major shopping activity. This is driving marketers to spend massively on their advertising and paid media campaigning to boost social shopping activity. As per the Tiendeo Study, 58% of retail executives will increase spending on advertising on social media for the purpose just mentioned!! Indeed a hot retail industry trend in 2022 and beyond, too.

Trend#4 Cashierless Self-Checkout Stores

Magic Mirrors, virtual trial rooms, digital mannequins, smart shelves, AI-ML-enabled robots to guide customers inside stores and check inventory levels for regular replenishment, there are many ways digital technology is helping the retail sector to provide a seamless customer experience. Cashierless Self-Checkout retail shopping stores and other innovative features are surely becoming a happening retail trend in the years to come. Some retail giants like Walmart and Carrefour have already adopted many of these retail features and giving tough competition to their e-commerce counterparts!

Trend#5 Sustainable  Circular Economy

Customers are increasingly becoming environment-conscious, and the need for sustainable practices that protect natural resources is growing parallelly. This is leading retailers to reassess their marketing strategies in line with the environment-friendly dynamics and making a fine balance between sustainability and economic growth. This is a circular economy that leverages natural resources at the maximum level and digital becomes the medium to accelerate this phenomenon. In the previous year,2021, many retailers across the globe implemented sustainable marketing activities that advocated for huge industrial waste reduction. This model helps 80% waste reduction in the process involved. Indeed an immense retail trend in 2022 and further, too!

Bottomline

The message is simple and clear. Businesses across the retail industry will increase their budget allocations favoring more investments in digital marketing, digital advertising, and campaigning, garnering growth and fetching the best returns. As per a study conducted by EMEA & LATAM, it is expected that in 2022,  86% of the total budget allocations will go to digital channels while 14% to offline media channels. This is a shoutout to all the retailers who want to stay competitive in the retail world.

Are you a Start-Up, SMB, or an Enterprise in the retail industry, wishing to leverage the power of digital in your retail business? Contact our experts!

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AI is empowering retail systems to collaborate to improve consumer interactions, forecasting, inventory management, and other functions. AI technology such as computer vision offers near-real-time intelligence to physical establishments. When evaluated in the cloud, the same data can yield additional business insights.

If you want an example of AI, evolving consumer experience look no further than your Spotify or Netflix suggestions. While browsing these suggestions, you’re certain to discover at least a few things that strike your curiosity. Suggestions like these are generated by computers based on what people listen to and watch online. Its suggestions are likely to be more relevant to your preferences than those of your own family and friends. Millions of individuals are already reaping the benefits of AI (artificial intelligence) in action.

If you’ve ever used Amazon’s product recommendations, you’re probably familiar with its machine learning-driven method. When AI-generated recommendations are both accurate and helpful, we as customers have grown to expect a certain level of “personalization” in the retail experience. A growing number of these machine-learning tools are available to smaller businesses, and some may simply be added as a plug-in to their current technology.

Artificial Intelligence has the potential to revolutionize retail customer service, but it is still in the early stages. Customers’ shopping habits will be drastically altered by machine learning in the next few years. Artificial intelligence (AI) is reshaping retail.

Let’s take a look at a few examples of how machine learning will have an immediate impact on the retail customer experience in order to better grasp AI’s application.

The ability to forecast customer attrition is one of the most potent AI applications in online retail. It is rare for a customer’s enthusiasm in purchasing from a shop to wane suddenly. There are a number of indicators to watch out for, including:

1. Time Reduction in Browsing

Customers with a high churn potential can be identified through the use of artificial intelligence (AI) solutions that track customer activities. It’s an opportunity for the business to take charge of its consumer interactions. Incentives don’t have to be confined to the most obvious choices, such as discounts and deals that are tailored to each customer. For example, the future generation of AI will have the ability to analyze these consumers’ buying history and uncover more subtle problems—slow shipment times or a scarcity of clothing in the right size—that may be contributing to their high churn potential. Automated techniques can then be used to resolve these issues on an individual basis.

2. Extraordinary Customization

A certain amount of customization is now expected by modern customers while shopping for goods and services online. In spite of today’s relatively modest machine learning algorithms, AI-driven tailored shopping recommendations can be surprisingly precise. A more advanced version of this technology will be able to generate more specific, targeted recommendations that are tailored to each particular customer’s tastes, interests, and budget.

For retail, the next generation of these personalization tools will also have practical applications. In the near future, a client could walk into a physical store and be directed to things of interest by an app on their smartphone. Customer purchase habits can be used to provide personalized discounts and coupons. In fact, these things can be purchased immediately, without the need for a checkout line. You don’t have to be a sci-fi fan to understand this. For years, Amazon has been experimenting with different iterations of this idea in their boutique stores.

3. AI-Powered Support

It can be easy to overlook the fact that most individuals are already dealing with an AI on a daily basis. Machine learning is used by large online merchants like Amazon to generate their personalized suggestions, as we’ve already covered. If you’ve ever asked Siri or Alexa a question, you’ve used AI. These AI virtual assistants are becoming a fully regular aspect of everyday life. It’s become so commonplace that many people aren’t aware that they are conversing with an AI in other contexts.

Let’s say you’re in charge of customer service. The sophistication of chatbots driven by artificial intelligence (AI) has already reached new heights. Customers can get answers to the most common questions they have by using these services. This lets the actual humans working in the customer care teams to focus on the more difficult assistance issues that are beyond the scope of the AI’s abilities. AIs will be able to handle more sophisticated client interactions as machine learning methods improve. Online merchants and other firms stand to gain greatly from this. It allows them to deliver truly comprehensive support to their consumers while keeping their personnel costs consistent.

4. Identify Outstanding Target Prospects

New AI technology provides e-commerce enterprises with the real-time intelligence they need to tackle business difficulties like lead creation. AI solutions for marketing, sales, and CRM systems are provided by predictive marketing companies such as Mintigo. Getty Photos has successfully produced large new leads using Mintigo’s software by capturing data indicating which firms have websites showcasing images from Getty’s competitors.

Conclusion

This is only the tip of the iceberg in terms of AI’s retail applications. By using these tools, businesses may improve client retention, tailor their marketing, and provide top-notch customer support without significantly increasing costs. In fact, AI-powered technologies may typically save expenses by automating a wide array of processes. AI offers numerous opportunities in retail to connect the gaps in the online and offline experience. The retailers get to build a digitally connected workspace for online and offline stores in one integrated system.

Are you a Start-Up or an SMB in the retail sector, and want to explore the massive potential of AI  in your business and how it can improve your customers’ shopping experience? Reach our experts today!

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Retail is not a standard commercial transaction-based activity, rather involves multiple layers to it.

The retail business is undergoing continuous development, while retailers are struggling to stay afloat in the face of severe market rivalry and rapidly changing client buying patterns, which can turn out to be difficult to determine.

Retailers are putting money into cutting-edge technology like artificial intelligence (AI), robots, data analytics, and logistics automation to become more customer-centric and responsive to industry trends.

 It has evolved into a multi-layered activity that now includes technology to refine its operations and the experiences for the customers. The way retail is structured and run has altered as a result of technological advancements, particularly with the introduction of AI in the value chain.

For years, the retail business has been undergoing a digital change. It has improved speed, efficiency, and accuracy across the board, in an extensive way to enhance data and predictive analytics technologies that enable businesses to make data-driven business choices.

Without the internet of things (IoT) and, most significantly, artificial intelligence, the insights that help businesses make well-informed decisions would not be possible. AI in retail has given firms access to high-level data and information, which they can use to enhance retail operations and create increased business prospects.

AI in the Retail Industry

Artificial intelligence (AI) is rapidly transforming the way business operations unfold daily. Countries are attempting to make smart investments so that operations on a global level may benefit from this transition.

Artificial Intelligence is only the beginning of the trends and their successful integration with retail. Along with Artificial Intelligence, the retail industry continues to reap the rewards of Data Analytics and Machine Learning.

AI Technologies Implemented in the Retail Industry

Despite the widespread mention of artificial intelligence in industries worldwide, many firms don’t completely understand what it entails. When we say artificial intelligence, we’re referring to a set of technologies, such as machine learning and predictive analytics, that can collect, process, and analyze massive amounts of data and use that data to predict, forecast, inform, and assist retailers in making accurate, data-driven business decisions.

These technologies may even function independently, converting raw data acquired from IoT and other sources into meaningful insights utilizing powerful AI analytical capabilities. Behavioral analytics and consumer intelligence are also used by AI in retail to get important insights into distinct market demographics, enhance a variety of customer care touchpoints and predict the behavior of consumers.

How AI has been able to Enhance Operations for the Retail Industry

The initial and the most common thoughts about artificial intelligence may still be robots and science fiction. AI, on the other hand, has progressed significantly. AI is both a subject of research and a blend of technologies in today’s environment that help individuals as well as firms to make better and more well-informed decisions. It’s based on the human brain, which perceives, interprets, and responds to data, learning and adapting over time, mostly through data pattern recognition.

The strength of AI in retail comes from the capacity to leverage this intelligent technology across the customer’s purchasing cycle as well as within your business, allowing you to tap into even more potential and change what’s possible.

Chatbots, cognitive and machine learning, sophisticated analytics, and blockchain, when integrated with connected devices like machines and headsets, can infuse data and insights wherever they’re required. This eventually results in personalized, contextual, and relevant digital engagements based on purchase history, demographic data, location, time of day, and other data sources.

Apart from the business insight and sheer speed that these technologies may bring, the digital revolution in retail is simply drawing the line between the thriving firms and the still-developing firms. There are several advantages of Artificial Intelligence in the Retail Industry, we have listed them below –

1. Create an Engaging Experience for the Users

Retailers must distinguish their product or service and provide consumers with experiences that appeal to the customers to maintain their attention. Retailers may lead with innovation rather than react to change by incorporating predictive analytics to acquire more market knowledge.

When it comes to the most important retail developments of the recent decade, the personalized shopping experience stands out. Businesses have been able to significantly improve customer experience because of the continuously expanding AI technology. The trend has further been refined with smart chatbots and voice assistants driven by natural language processing algorithms.

Some of the most substantial AI advantages will be found in the shops too. Store staff may assist with sales using AI-enabled mobile devices, resulting in improved conversion rates and a better experience for the customers. 

2. Better In-Store Experiences

Brick-and-mortar retailers were forced to downsize their on-ground staff and minimize consumer interactions as the COVID-19 infection swelled and lulled. Physical retail businesses can now provide the same level of service that customers have come to expect thanks to conversational AI-powered chatbots.

Customers may use interactive chatbots to get real-time answers to their questions, automate check-out counters with cashless payment options, and streamline the processes and inventory using Real-Time Monitoring.

3. Demand Forecasting

The capacity to pivot and make amends is what distinguishes the successful market players. Organizations are yet to hit the bullseye with the evolving market as trends and attitudes vary every quarter. Retailers can now construct forecast models to assist predict industry trends and making changes throughout their Marketing strategies. This can be done best by mining information from multiple channels such as customer, marketplace, and leveraging the competitor’s data.

4. Create Actionable Insights from Data

Retailers must sift through the noise to translate diverse data sources into consumer-first strategies when confronted with an endless information stream from all elements of their organization.

For years, businesses have attempted to forecast the customer’s next move and determine how the demand curve will shift in reaction to a specific occurrence. With AI algorithms capable of analyzing massive amounts of data, businesses can now not only properly determine which goods a certain client would be most interested in, but also forecast demand for new market entrants.

5. Aligning an Offline and Online Retail Experience

Digital and physical shopping channels often follow different agendas and techniques, but considering them as separate business units creates friction for customers looking for a smooth shopping experience and inefficiencies for retailers.

This further helps the retailers with other factors such as setting realistic timelines, allowing firms to focus on high-value uses and helps to analyze the workforce.

6. Safety and Security

The problem of digital security has become one of the most critical in retail due to the rising percentage of e-commerce sales and the overall trend of digitization. And it is here that AI is utilized by organizations to ensure the security of sensitive data. Neural networks can detect possible weaknesses in a retailer’s environment, prevent money leakage through unsecured payments, and detect procurement fraud, among other things.

7. Customer Service Improvements

Retailers have been able to ensure that interactions with customers do not end at the door thanks to the use of omnichannel marketing.

Building interactive communication channels have increased the quality of consumer engagement activities for retail business owners. For example, Chatbots may ‘speak’ to consumers in a human-like and compassionate manner, assuring a seamless experience. They can also answer frequently asked questions, provide product recommendations, and respond to customer complaints in real-time.

The capacity of a chatbot to capture critical data from client interactions and utilize it to develop meaningful customer profiles remains to be one of the most important aspects. This type of self-learning helps the AI Bot to improve its interactions with consumers, ensuring that businesses do not miss the mark when it comes to human interaction.

Key Takeaways

The AI sector has seen a surge in new entrants throughout the world. These major firms are cooperating with many sectors to provide tailored AI solutions that will help businesses expand at a quicker rate to match the growing demands of the retail industry. The retail business hasn’t been immune to this trend. It has been and continues to use AI-based technologies to handle a variety of tasks.

Explore how AI can improve your retail operations and enhance business prospects and fetch you massive returns. Contact our experts today.

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With the rise of online retail activities, the retail industry is experiencing a wave of business upheaval. However, the COVID pandemic hit the retail industry as well as online retail’s rapid expansion. It is for this reason that merchants throughout the world are striving to implement AI in the retail industry.

Let’s take a look at how retailers are leveraging cutting-edge technologies such as Augmentation, Artificial Intelligence, and Machine Learning to stay ahead of their competition today, and what innovations are being pioneered as possible game-changers in retail over the next decade.

1. Recommendations for Products Based on Clients’ Purchasing Habits

Users will be able to create accounts in retail locations by following the same procedures as they do online. Stores have taken some steps to make this easier, such as allowing customers to pick up their purchases, get them delivered, and keep track of their points. This makes it easier for store employees to cater to the unique needs of each customer who enters the store. The types of things you buy, the combinations you buy, the brands you favor, the amount you spend, and how often you buy, all play an important role in determining your purchasing habits. To date, the emphasis has been on making product recommendations. Additionally, this approach can foretell customer demands and predict their arrival to the physical stores and online stores with a specific set of items to purchase, which is a ground-breaking approach.

2. Expansion of the Consumer Base with High-Value Services

Customers create their trust in a brand based on product quality, pricing, delivery, and response services. People are more likely to come into the store if the brand is well-known. Your brand’s ability to retain and attract new customers is a hot topic in the industry. Prompt customer service increases consumer traffic in the business since it demonstrates a company’s commitment to meeting the needs of its clients.

Customers can get answers to their questions through AI-enabled in-store assistants, which create a strong communication channel. There are no better examples of AI innovation in the retail industry than digital assistants powered by artificial intelligence (AI).

3. Inventory Management and Demand Forecasting

Product profiling can be done in the same way as customer profiling. Which items people choose to buy in what combination and what quantity, as well as the position in the actual store where this product is stored, are all factors in determining how much of this product is accessible at any one time. The goal is to ensure that this product is always sold in conjunction with other products and that the ideal quantity of the product is always available in the store. AI may be used to create efficient models, and the results can then be displayed on a dashboard enabling the store operator to take the proper measures towards the inventory.

4. Product Bundling and Pricing Strategy

Much of the work done in retail centers is on product pricing. For non-urgent items, customers wait for the price to drop before making a purchase. They also wait for things to arrive in combination at an appropriate price. For a short period, this can lead to greater sales and higher income; on the other hand, sales at prices below the procurement price might lead to overall unprofitable sales. In order to get the best price for a certain group of clients, AI can identify the price that will compel them to make an immediate purchase. Another group of clients can benefit from AI’s ability to recommend a product combination at a reasonable price. AI will be able to ensure the strategy’s profitability as it is being developed.

5. Chatbots for Customer Service Assistance

In addition to providing better customer support, AI chatbots also help with the search, send alerts about new collections, and make suggestions for related items. For example, a chatbot can advise an appropriate snapback to go with a black hoodie a consumer has already purchased. AI chatbots are already being used by 80% of global brands or will be in the near future. Chatbots have been deployed by Tommy Hilfiger and Burberry to help customers navigate their collections.

6. Logistics and Supply Chain Management

Retailers throughout the world lose around $1.1 trillion a year as a result of subpar execution in this area. It’s possible to avoid having leftovers or running out of supplies. When it comes to retail supply chain refilling, artificial intelligence (AI) may be utilized by taking into account factors like past sales, location, weather, trends, promotions, and more.

7. Search Visually

Customers can upload photographs and search for similar products based on color, shape, and pattern using visual search engines driven by artificial intelligence. Cortexica’s image recognition system claims a 95% accuracy rate. 90% of customers gave the Discover Similar feature a thumbs up. American Eagle’s infrared technology makes use of Visual Search, which not only directs customers to similar or identical clothing but also suggests complementary items.

8. Virtual Changing Rooms

We can’t forget about this amazing FUNCTION. With virtual fitting rooms, buyers can select the right outfit with all of the elements properly matched in a matter of minutes instead of spending hours searching. AI has developed a virtual fitting kiosk that can scan you in 20 seconds and measure 200,000 points of your body in this time. The installation of these scanners by retailers such as Levi’s, Gap, Brooks Brothers, Old Navy, and others resulted in significant gains in sales.

9. Voice Search

You can also use voice search to find what you’re looking for. Several major retailers utilize Google or Amazon AI technology to make voice search simple and fast for customers. Using Alexa, users can simply ask for the item they’re looking for and its delivery status without having to type anything at all. 27% of the world’s population use the voice service, while 52% prefer the browser search in mobile apps and websites for convenience.

10. Assistance in the Store

For both customers and store employees, retailers are investing in cutting-edge technology. Smart shelf tags, made possible by Kroger Edge technology, have replaced paper price tags in their shops. Video commercials, nutritional data, and promotions can all be portrayed on the displays thanks to this new technology. A robot called Lowebot from Lowe’s helps clients locate what they’re looking for by speaking a variety of different languages. Due to its real-time monitoring capabilities, it also aids in inventory management.

Conclusion

One of the top Artificial Intelligence vendors claims that the implementation of AI in inventory management resulted in a 32% cost reduction across all operations. AI’s ability to improve supply chain management and return on investment is expected to save 80% of the money. According to respondents, chatbots and self-checkout systems will be most advantageous for retailers in terms of customer-facing functions. Over the next five years, the worldwide retail AI market is predicted to reach over $5 million dollars.

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As retail outlets are being replaced by internet buying, AI in retail is taking center stage for businesses. The use of artificial intelligence in retail is enabling merchants to better understand their customers’ needs and expectations in an increasingly digital world. Artificial intelligence is having a significant impact on the retail value chain and is quickly becoming a valuable tool for retailers looking to get an advantage over their rivals. It has been anticipated by Tractica, a marketing research firm, that global AI revenues will rise to over $36.6 Billion in 2025.

If you’re considering implementing AI in your company, it’s important to know how other merchants have done so.

1. Improving the Shopping Experience In-Store

Retailers’ operational costs can be reduced by utilizing artificial intelligence to streamline in-store operations. It can take the position of salespeople to assist customers in the store, eliminate queues by accepting payments without a cashier, restock inventory through real-time stock monitoring, and digitally display products in stores and in trial rooms, among other things. AI is a must-have for merchants looking to save time and provide better service to their customers. Amazon has adopted a technology that responds to every pick-up of a product from a store shelf. Smart shelf tags, instead of paper price tags, have also been introduced by Kroger Edge technology in order to reduce expenses.

2. Chatbots for Customer Service Assistance

Omnichannel retail has ensured that customer connection doesn’t end in a store location. A chat program built using artificial intelligence in retail can easily increase client interaction. The use of chatbots to communicate with clients is a viable option. If necessary, they can transfer the call to a telesales representative who can provide answers to frequently asked questions, make product recommendations, deal with customer complaints, and gather useful data from your clients. The chatbots can be trained to learn from their previous encounters and use that information to improve and personalize their interactions with customers in the future. H&M’s Kik chatbot, which lets customers choose from recommendations, filters, and personal style preferences, put the clothing retailer ahead of the pack in 2016 even before the rest of the industry caught up.

3. Effective Supply Chain Management and Logistics are Necessary for the Success

Every year, retailers throughout the world lose money as a result of poor inventory management. AI-enabled logistics management can estimate demand for products by analyzing previous sales, location, purchasing tendencies, etc. Many organizations have just created AI-powered drones for warehouse management that can access hard-to-reach areas and automatically update a central database with real-time inventory availability. Retail supply chains, including inventory, staffing, distribution, and delivery can be fully automated using artificial intelligence.

4. Personalization and Understanding of the Client Base

Customers may enjoy a more personalized shopping experience thanks to AI technologies in retail. These technologies, such as biometric and face recognition, are able to recognize retaining clients and retain their preferences. Accordingly, they can recommend products and design promotional materials for them. Using advanced artificial intelligence algorithms, it is possible to decipher customers’ preferences by looking at their demographic information, social media impressions, and digital footprints online. Boston Consulting Group research found that “Brands who develop tailored experiences by combining advanced digital technology and proprietary data for customers are seeing revenue increase by 6% to 10% – two to three times quicker than those who do not.”

5. Prices can be Adjusted Depending on Market Conditions

A price-sensitive business like retail can benefit from the use of artificial intelligence solutions. Many different pricing models can be compared using these programs, and then the best price for a product can be determined. Seasonal fluctuations, competing items, and customer demand can all influence how much retailers charge. If we take into account the long-term revenue it will bring in, it is a worthwhile investment.

6. Intuitive Product Searches are Sixth

Automated product discovery is another benefit of AI in retail. It’s now easier than ever for customers to take a picture of a product they want and then use the picture to look for a merchant selling the thing on the web. As a result of machine learning retail software, buyers can search for and compare products more quickly and easily than ever before.

7. Improving the Efficiency of Retail Operations

The operation of retail stores has become more difficult due to the proliferation of multichannel retail. In a warehouse, store personnel must take care of several different duties. It’s no longer enough for them to just receive things, store them, and keep track of inventories. They are responsible for providing product information, tracking promotional offers, and merchandising. Automating back-office tasks and employing robots to do quality checks are two ways in which AI in retail can help a store manager’s work be done more efficiently. The saved time can be put to better use in the warehouse, saving a significant amount of time.

Artificial Intelligence As the Future

AI has the potential to revolutionize retail enterprises in every way. It replaces intuition with intelligence and provides retailers with a long-term perspective on the market. When it comes to deploying AI, business executives must take a realistic approach. They must realize that this is a high-risk, high-reward investment that will pay off in the long run. To be successful with AI, a business must have a long-term goal in mind. Small projects should be the starting point, and subsequently larger ones should be geared toward developing long-term AI capabilities.

Are you a Start-Up or an SMB in the retail sector and want to leverage AI for your business returns? Contact Us.

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E-commerce is rapidly becoming the favorite, default online shopping option amongst consumers living in India. 86% of Indian shoppers adopted online shopping over e-commerce platforms using online shopping apps during the pandemic. As per a recent report by Sensor Tower & MAAS, in July 2021, India’s app stores saw more than 80M online shopping app installs while reaching 113M downloads in October this year, just in India.No doubt, Indians are known for binge shopping and addiction for mobile apps have only triggered this habit of online shopping over varied app-based e-commerce retail stores. We have explored further about apps driving their online shopping behavior, and narrowing down to the best online shopping apps in India as of today! Based on their trending position, we have sorted them as below:

1. Nykaa – Beauty Shopping App

Nykaa App for beauty shopping, make-up, and cosmetics online shopping happens to be one of the best online shopping apps in India. This online shopping app for beauty products is India’s largest online shopping beauty store. Browse and buy cosmetics, beauty products, health products & more from top brands.

APP Highlights:

• Online shopping categories – Makeup, skin, hair, fragrance, natural, personal care
• Brands– Over 2400 brands available, such as Maybelline, AMC, Lakme, Loreal, biotique, charlotte, tilbury, NYKAA
• Shipping – Free if purchasing over Rs.499
• Secure Payment Methods – UPI,GooglePay,Debit/Credit card,Net banking,mobile wallet,COD,Gift card
• Return Policy – 15 days
• Online Ratings– 4.6
• Store Rank– 28

2. Shopsy Shopping App – Flipkart

One of the trendiest apps and the best ones, Shopsy Shopping App originates from Flipkart. Online shopping under the categories of fashion, mobiles, beauty, accessories, footwear, home at the best price range. Earning money on placing each order with Shopsy is possible now. Shopsy Shopping app offers the latest and trendiest fashion items, clothing from top brands, and all categories too from big brands assuring quality purchasing. Transparent return/refund policy.

APP Highlights:

• Online shopping categories – Fashion, home, lifestyle, footwear, accessories, beauty
• Product Listings –  Over 15 Crores
• Exclusive offer – Competitive wholesale prices
• Secure Payment Methods – COD (Cash on Delivery Service), debit/credit card, net banking,  UPI enabled PhonePe, etc.
• Trusted Suppliers –  1 Lakh+ trusted Flipkart supplier base
• Faster Delivery – Within 7 working days
• Online Ratings– 4.2
• Store Rank– 5

3. AJIO Online Shopping App

AJIO Online shopping app is published by Reliance Retail Ltd. and is one of the best online shopping apps in India. AJIO app is called an online aisle of style due to its outstanding offers and range of products available. The app takes care of all needs for men/women, and their astounding range of accessories, mobile phones, smartwatches, the latest fashion, and electronics & gadgets from top brands.

APP Highlights:

• Online shopping categories – style collections menswear/womenswear/kidswear, accessories,mobile gadgets
• Brands– Over 2500  brands, international and in-house label
• Exclusive Offer-  Payday weekend special sale
• Secure Payment Methods – Easy checkouts, online payment
• Return Policy – 30 days
• Online Ratings– 4.3
• Store Rank– 3

4. Meesho Online Shopping App

Meesho: Online Shopping App is one of the best online shopping apps in India, a favorite one-stop online Shop for consumers and shoppers. Shoppers can now shop for themselves as well as earn money online, both the benefits via the same Meesho App!  Lowest wholesale prices available that allow for online shopping at any budget. Reselling of items to friends, family is possible while starting own business with zero investment.

APP Highlights:

• Online shopping categories  – Women’s / men’s fashion,  kid’s fashion, accessories, home & kitchen appliances, beauty & health essentials, etc.
• Product Listings – Over 50 Lakhs products from 650+ categories
• Reselling and earning money option – 3-step via browse, share, earn
• Exclusive Offer – 30% discount on first order
• Shipping – Free delivery with no minimum order value
• Return Policy – 7 days
• Secure Payment Methods – COD (Cash on Delivery Service), online payment, debit/credit card, net banking, etc.
• Online Ratings– 4.4
• Store Rank– 1

5. Myntra Online Shopping App

Myntra is the top trending mobile app today and is one of the best online shopping apps in India. A very convenient, very consumer-friendly app that you can download and install anytime free. After downloading you can choose from wide categories of clothing for men, women, kids. You have plenty of other categories apart from the clothing one. From clothes & shoes to hair care & home products, Myntra is your one-stop lifestyle shop. Choose from the most popular clothing fashion brands like Vero Moda, Nike, H&M, MANGO, HRX, Biba, Roadster, & many more.

APP Highlights:

• Online shopping categories –  Over 7 lakhs products that include clothing for men, women, kids, shoes, jewelry, home products, accessories, cosmetics, gadgets, sportswear
• Brands– Over 3500 brands available, Puma, Adidas, Nike, Fastrack, Reebok, Fossil, Maybelline, Lakme, Kama Ayurveda, Gini & Jony, Allen Solly    Forever 21, MANGO, Biba, etc.
• Exclusive Offer – Express order delivery
• Shipping – Free shipping on first order
• Secure Payment Methods – UPI or COD (cash on delivery), EMI options
• Return Policy – 30 days
• Online Ratings– 4.3
• Store Rank– 8

Endless APP Game

Every day you come up with something new in the shopping zone. As a consumer, you love to explore products, accessories that meet your growing needs daily. As an online retailer, you need to be competent enough to match this growing trend of online shopping behavior amongst consumers in India. Updating yourself with time and finding a place in Google play store or Appstore is the perfect solution to remain competitive and business-oriented in the mobile world.

Don’t fall behind your competitors! Connect with us and find out which online shopping app would be ideal for your e-commerce retail business fetching maximum returns.

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What is the future of the Retail Industry?

What does the current market analysis show up?

How will the retail landscape look like adopting digital in the mainstream?

Is digital technology going to have an upper hand in the overall retail transformation that we will get to see?

Unlimited questions but we have prepared an articulate answer for you.

Today I am going to share with you some striking statistics that will enlighten you with the global market share of the retail industry in the coming years. AI-ML, IoT-powered retailing like social commerce, voice commerce, foot traffic monitoring all are going to shape the future of the retail industry.

 Know more about which trends are driving the retail industry and the challenges that most of the companies are going through.

The post Future of Retail Market – A Sneak Peek appeared first on AI and IoT application development company.

Consumer expectations.Customer experience. Consumer behavior. Does your retail business relate to these three terms? Do you know they are the major drivers behind the success of your business? So, to add real value to your business you must solve your customers’ problems first, listen to their growing shift in expectations and changing behavior. You got to mold your offerings, products & services as per their changing shifts. So, what will be the top transformative consumer trends in 2022?

Trend #1  Digital Comes First

Your retail business has already adopted digital routes to connect with your customers, right? But, is it sufficient or do you need to expand your horizon? So far your digitization journey has incorporated only these channels – your websites, your social media channels, email offers, and maybe more, however, you have added them as an add-on and not the primary channel for your business. Today, the consumer prefers retail experience exclusively on digital channels. B2B or B2C, customers are opting for their business routes via a digital channel only. For customers, digital comes first before the rest! Your business must focus on building an improved version of digital-first interactions with prospective or existing customers. Three ways your retail business can do this-

• Switch over to web & mobile apps
• Focus on digital-only products/services
• Set up a smooth omnichannel environment that will enable customers to have a seamless movement between channels for a cohesive customer experience.

Trend #2  Personalization & Micro-Moments

Your customers want personalized offers that exclusively cater to them. They want to feel special and not a part of your mass marketing goals. You must admit the fact in today’s age of hyper-individualization,  your consumers want to buy your product if it is uniquely customized to their requirements. They expect you to understand their unique needs and respond accordingly. This will lead your customers to build a meaningful rapport with your brand, your business. Moreover, they want all these very fast and immediately. They have plenty of choices as everyone is targeting them, not just you. So, focus on their unique needs and give them quickly before anyone does that! If you search in Google, the result will appear as ‘Micro-Moments’ for this kind of consumer experience. In a flash of seconds, you need to deliver to your consumer!!

Trend #3 AI-Powered Product Cognification

SMART is the ongoing trend and the cognification of products and services is increasingly making inroads to consumers’ lives every day.AI (Artificial Intelligence), IoT(Internet of Things)  are inevitably making products smarter and digitally powered thereby multiplying their capabilities manifold. For example, how consumers are buying AI-IoT-sensored refrigerators, cars, and other products that are technically SMART to use. Similarly, for your business clients and customers, even machines in factories are leveraging the huge potential of digital capabilities, increasing the efficiency and productivity in the ecosystem. Thus, products are becoming more and more intelligent while services are equipped with AI capabilities and other digital technologies.

Trend #4 D2C without Intermediary

Consumer trend is going to take a round-about turn in 2022 towards direct dealings and purchases with no brokers and middlemen or traditional intermediaries involved. The D2C(Direct-to-Consumer)trend is going to bypass intermediaries in the retail supply chain which means, wholesalers, suppliers, distributors, retailers, advertisers, all are connecting directly with their end-consumers/customers. As a retailer or business person in retail, you need to sync with this consumer trend and find some direct digital routes to your customers using varied online channels.

Trend #5 From B2C to C2C

How about current businesses like Uber, Etsy, Facebook, and many others conducting businesses online? The same pattern is going to occur in 2022 onward for the retail sector as well. Just for your knowledge, C2C (customer-to-customer) business means customers directly connect with other customers for the business. This is increasingly picking momentum and there have been instances when a b2c has transformed to c2c and succeeded in their journey. So, if you are not a platform, fully-fledged business, you can think of this c2c model and get started!

Trend #6  Subscription-based Services

An entirely significant consumer trend for 2022, the subscription-based products & services is the trend greatly driven by the rapid cognification factor. As a business, you can now delight your target customers with thoughtful subscription-based products and items when they need them. Your customers would just love to sign up if you personalize your offerings to their requirements and specific expectations. The bottom line is, your business can generate predictable revenues as long as you provide your customers with value-based products and services.

Trend # 7 AR/VR/XR

Immersive Experience is the keyword. XR (Extended Reality), AR (Augmented Reality), VR(Virtual Reality)digital tools and technologies are increasingly becoming popular amongst consumers and customers because they can get real-life experience out of them. Your customers get instantly impressed with these immersive& engaging tools/ technologies.

Bottomline

Today, consumers are highly prioritizing experiences over materialistic achievements. It means, they look for value-added services and products that are personalized to their specific tastes and needs.Consumers/customers are not ready to compromise on this ground and just cannot accept anything on their plates. As a brand, you need to connect with your target audience instantly else they will move to the next brands in a flash of seconds. So, get ready for the year 2022 and align your retail business according to the consumer trends predicted here!

Interested to know more about the consumer trends that can benefit your retail business? Contact us.

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Data is the most important asset of the retail industry. Data is useless if it does not help companies to make smarter decisions for business growth. As consumer behavior is evolving with time, it depends on how data are helping retail companies to get relevant business insights, improving customer experience leading to enhanced business outcomes. Predictive Analytics is the AI /ML digital tool that works on data to derive valuable insights and predictions, forecasting sales thereby helping retailers to plan ‘What Next’ moves. How Predictive Analytics can boost the retail industry? How is it helping retailers to generate sales and have a competitive edge in the market? We will discuss all these points in this blog today.

1. Product Demand Forecast

As a retailer, you want your business to expand and products to connect with your target audience. If you know what does your target audience demand and their preferences, your products will never be out of stock or understock, right? To keep your business running smoothly, predictive analytics helps to forecast the demand for exact products your target audience wants. The technology helps to ensure that you have enough items stocked to sell and can meet demands adequately and can predict your profitable months as well as sales deficit. It means predictive analytics helps retailers to assess demand and sales performances. Product performance can be gauged by indicators such as sales margins, the number of units sold besides other metrics. It helps to improve consumer engagement and satisfaction.

2. Pricing Forecast

Pricing forecasts is a major functionality of predictive analytics that uses real-time capabilities of machine learning, and data science technology, to bring out adequate answers to questions that as a retailer you’d like to know in advance. Few sample questions that predictive analytics can forecast regarding pricing elements are:

• For maximizing sales what’s the right price point?
• What should be the frequency for running price-based promotional activities?
• What should be the optimal attainable price of a customer?
• How the competitive pricing will impact sales?

Apart from the above factors, weather forecasting, real-time sales data also help to alter as well as induce the most perfect pricing part (best pricing ).

 3. Managing Inventory

As we have mentioned earlier, too, how predictive analytics helps in estimating product demand and what your target audience wants, it also helps towards managing your inventory properly and up to the mark. A poorly maintained inventory leads to a loss in sales. As a retailer, you will never like to hold on to those products that are not yielding sales. Moreover, you will always want to replenish stocks that your consumers want to buy. Predictive analytics helps to predict demand for products that help you to manage your inventory.

4.  Marketing Campaigns

As a retail business, you need to prioritize marketing campaigns from time to time.  Your business needs a powerful marketing plan that helps to boost your business potentials driving the best ROI. An inefficient marketing campaign management leads to a poor ROI because you cannot estimate the right budget and varied inaccurate calculations done on your part.AI-ML digital capabilities of predictive analytics help you to gain actionable marketing insights, and suggest you adopt individual campaigning for a specific target audience and be more budget efficient leading to maximum conversion of leads.

5.  In-Store Optimization

Predictive analytics helps in online monitoring of shopping activities, as well as in-store data analysis. Varied digital tools & technologies, IoT sensors, and surveillance cameras that are installed in retail stores, on product shelves, help to monitor the shopping activities of varied consumers. The technology helps you in the following ways:

• You can identify your shoppers’ favorite routes throughout the retail floor
• You can identify and distinguish popular, most searched products on varied shelves
• You can count the total number  of visitors  in your shopping zone at different times per day
• You can adequately calculate the average visit time of customers
• You can genuinely monitor queues

Predictive analytics helps you to gather these valuable insights. Using these insights, you can configure store layouts, plan the schedules of your staff, can distinguish the ideal opening hours of your retail stores, reduce customers’ waiting time in queues, and increase the high level of security.

6.  Shopping Cart

 If you own an e-commerce retail store, you can leverage the massive capabilities of AI-ML-powered predictive analytics to optimize your online store, product categories as per existing online shopping carts of consumers. For instance, your customers while browsing your online shopping stores may come across products they like so much. They save them, add them to their shopping carts. When they don’t buy them,  predictive analytics tracks them and lets you know why they didn’t buy and how you should respond to this kind of situation in the future.

7. Social Media Marketing

Social media marketing, online advertising are important segments of retail marketing. As a retailer, you’d think social media marketing involves greater expenditure than offline advertising. But using predictive analytics, you can manage these upfront costs and invest in social channels where you gain the maximum outreach and visibility. Predictive analytics can help you maintain a strong social media presence. You don’t have to stress regarding unreasonable expenses because the digital tool helps you to invest smartly on those social channels where you get the maximum ROI and prospect of acquiring new customers.

Conclusion

Predictive Analytics can help to predict the future of your retail business. Whether you are an online retailer sharing an online marketplace with bigwigs or small start-ups in the offline retail space, predictive analytics helps you to extract valuable actionable insights for your business outcomes in the right direction. The aforementioned AI-ML-powered digital capabilities of predictive analytics are just a few significant use cases in the retail industry. There are many more benefits yet to unfold. Stay tuned to this space and we will have further elaboration on this topic with detailed analysis.

Are you a retailer in the e-commerce industry or a physical retail store and changing consumer behavior bothering you? Want to know how predictive analytics can help you solve this challenge and grow your retail business?? Reach us.

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