AI AND CHATBOTS IN RETAIL

Artificial intelligence simplifies finding and purchasing products in the retail industry through 24/7 customer interaction.

While the retail industry is using artificial intelligence to assist in package delivery and IT security, another fundamental application of this technology is through 24/7 customer interaction. Chatbots in retail can now be used to help the customer quickly find what they want and recommend different products based on their purchase history, preferences, location, and budget.

Nearly 50% of major corporates across the retail industry industry now uses chatbots. With all the data collected from customers and their previous orders, chatbots can accurately predict and present customer’s product preferences as well as when, where and how they are most likely to make a purchase. Connecting with the customer directly and efficiently has allowed an average revenue growth of 19% across the retail industry, coupled with an average cost reduction of 15%. Chatbot interaction with customers as well as other AI advancements are predicted to procure an average investment of $70 million per company, compared to the $57 million currently spent.

Chatbot technology in the retail industry allows customers to seamlessly connect with their favorite retailer at any time of day. The branded user interface of chatbots allow customers to find a product, place an order and specify delivery time in a matter of minutes, all without having to visit a store or take time out of their daily life. Chatbots allow efficient connectivity between companies and their customers to boost the sales and exposure of the retail industry as a whole.

If you would like to learn more about the use of AI and chatbots in industries,  please read our guide on AI and chatbots.