Advent of AI-Powered Marketing Helps to Boost Retail Profits Worldwide
If you follow the news on any media platform you’ve been hearing rumors of a coming global recession. Some people say the recession is already here.
Others say that AI can be used to keep the wolf of recession at bay. People like writer Mandy Schmitz, a freelance consultant and project management expert with 10+ years of experience working internationally for big brands in fintech, consumer goods, and more. She writes on readwrite.com about AI and the retail side of economics, with a positive outlook regarding the retail markets in the world, recession or no recession.
It is no secret that AI has revolutionized the retail industry. Since its inception, it has transformed almost every sector of this industry. AI is undergoing improvements every day, increasing the chances of growth for every business utilizing AI. A couple of decades ago, AI was a dream that has now materialized. In a matter of years, any retail business that doesn’t climb up the AI bandwagon will most likely become just a part of history.
Schmitz gives a clear breakdown of exactly how AI can be used effectively to cushion the possible coming slowdown in the world economies.
1. It is Reliable
When it comes to reliability, nothing can beat AI machines. They are far more reliable and efficient than humans. It goes without saying that if you need them to work 24/7, they will do it. Unlike humans, these machines do not need eating time, sleeping time, or even yoga time.
Businesses don’t have to deal with work breaks and sick leaves with these machines, making them much more reliable than a human. They can also process data in a matter of seconds and take on work that takes humans ages to accomplish.
2. AI has improved Customer Services Over the Years
AI has drastically changed customer service over the years. Customer care, in this age, is the marketing backbone of any business. Retail business owners are well aware of the paramount importance of customer care, so they are choosing AI over human intelligence.
Bots can take care of chats, phone calls, and emails without taking a break. They have sophisticated vocabulary developed through years and years of language data. Their useful assistance builds trust, which in turn, garners customer loyalty to the business. Some ad targeting software nowadays even use AI to identify the target audiences more effectively.
3. It Enhances Productivity
Experts suggest that AI works as an aide-de-camp for employees. In the presence of AI, employees can share their workload with bots and concentrate on their own tasks. This, in turn, helps them become more productive and show better performance results.
The article details how two companies are already employing AI.
Popular makeup brand Sephora uses AI to recommend makeup to its customers. For some women, finding the correct makeup for their skin type and complexion can be a challenge. Color IQ scans their face and recommends foundations and concealers accordingly. LipIQ is also a part of the ColorIQ technology that scans the lips and suggests a suitable lip color.
Lowes uses LoweBots to Find Items. Locating items in stores can be a back-breaking task for customers. This is where LoweBots come in handy. In the Lowes stores, these bots roam around and give directions to customers. They will keep inquiring about what you’re trying to find and assist you based on the answers you give them.
If the recession comes, algorithms are expected to help retailers get through it.
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