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better the results. No matter the business
system or where it’s stored, retailers have
masses of customer, transactional and
supply chain data at their disposal. In
order to get the most out of this data, it’s
important to engage and empower people
within all teams, to get everyone on board
with your plans for becoming an AI-driven
business. This even includes some teams that
aren’t initially considered as being potential
AI beneficiaries. Simply put, aim to collect as
much data as possible – and there’s no need
to worry if it’s a little messy; AI can handle it.
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ORGANISATIONS THAT
REALISE AI’S POTENTIAL WILL NOT
ONLY DRIVE SALES AND IMPROVE
EFFICIENCY ACROSS PLATFORMS,
BUT WILL ALSO BUILD A STRONG AND
LOYAL CLIENTELE IN THE LONG RUN.
Personalisation: The best way AI can help
brands is with the power of personalisation.
It allows brands to communicate with their
target audience at the right time, with the
right product, the right offer and message,
through the right channel.
When it comes to successfully implementing
AI in retail, businesses should ensure that
they plan ahead, focus on tangible outcomes
and consider the value of AI across the entire
business. Ultimately, data is the building block
to a successful AI strategy and there’s masses
of data out there waiting to be used.
Driving Digital Transformation in the
retail sector is something Vikram Bhat,
Chief Product Officer, Capillary Technologies,
feels passionately about and he discusses
the factors retailers should be aware
of if they are to make a success of
Digital Transformation.
The e-commerce momentum is becoming
unstoppable as brands are cashing in on a
number of factors such as spike in mobile
applications, a new generation of high-
spending shoppers, and the availability of
faster Internet speeds to enable them to
offer their customers a shopping experience
whenever and wherever they choose.
An omnichannel approach has also helped
shape the retail industry, a sector largely
driving e-commerce sales in the region.
Going omnichannel is tempting for many
retailers who have not yet embarked on their
Digital Transformation journey. However,
implementing an omnichannel strategy isn’t
only about being present on all channels and
platforms available, it is about providing a
seamless and unified brand experience to
customers across channels to enable them
to connect with a brand and simplify their
shopping experience.
A Google report found that 85% of shoppers
start their shopping journey on one device
such as a laptop, and end it on another such
as a smartphone or even a physical store.
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INTELLIGENTCIO
Brands are able to achieve higher response
rates, increased customer loyalty and lower
marketing costs.
Vikram Bhat, Chief Product Officer,
Capillary Technologies
While technology is the key enabler
for brands wanting to enhance their
omnichannel strategy, AI is another crucial
component driving its success.
But AI is only a tool and not a standalone
solution, so organisations need to
understand that while it can be immensely
beneficial in providing customer insights, it
cannot compensate for a modest or non-
existent omnichannel strategy.
In short, AI needs to be a supporting
element of a wider omnichannel strategy
and not being implemented for the sake of
being a hot technology.
When organisations take this approach,
the power of AI can truly be unleashed to
boost sales and customer engagement. Let’s
consider how AI can be applied online as
well in brick-and-mortar stores:
Unlocking data potential: Imagine the
amount of data brands have access to
via multiple platforms. AI can help brands
to process this data to identify consumer
spending patterns, buying preferences,
customer demographics, personal
preferences and so on.
Image search: AI allows consumers to
search for products based on images
they’ve come across. Shoppers simply
take a picture and get matched to similar
items on e-commerce websites. A good
example is Pinterest which is leveraging this
technology by allowing its users to select
any item from any photograph online and
then throws up similar items through an
image recognition software.
Enhancing customer service: Chatbots are
a popular and invaluable way for brands to
offer 24/7 customer service support on their
e-commerce websites. They simulate human-
like conversations with customers and can
execute tasks, automate order processing
and can also provide accurate answers to
customers about product details, quantities
and shipping terms.
Generating customer insights Instore:
AI deployed in physical stores helps capture
and correlate in-store customer behaviour
data and shopping preferences with digital
channels like social, email and mobile apps.
These insights can be passed on to the sales
associates for cross-selling, upselling and
strengthening the customer engagement
directly on the sales floor.
Organisations that realise AI’s potential will
not only drive sales and improve efficiency
across platforms, but will also build a strong
and loyal clientele in the long run. n
www.intelligentcio.com