Over the past year, Ecosystm has conducted extensive research, including surveys and in-depth conversations with industry leaders, to uncover the most pressing topics and trends. And unsurprisingly, AI emerged as the dominant theme. Here are some insights from our research on the Retail industry.
Click here to download ‘AI in Retail: Success Stories & Insights’ as a PDF
From personalised product recommendations to predictive analytics, AI is helping retailers deliver exceptional customer experiences and optimise their operations. However, many retailers are still grappling with the complexities of AI implementation. Those who can successfully navigate this challenge and harness the power of AI will emerge as industry leaders, driving innovation and shaping the future of retail.
Despite the challenges, Retail organisations are witnessing early AI success in these 3 areas:
- 1. Customer Experience & Engagement
- 2. Supply Chain Optimisation
- 3. Fraud & Risk Analysis
Customer Experience & Engagement
- Conversational AI. Providing real-time customer support and answering queries
- Personalisation. Offering tailored product suggestions based on customer preferences and behaviour
- Virtual Try-On. Allowing customers to visualise products in different settings using AR
“AI has helped us to refine our customer chatbots to allow for more self-service. We’ve experienced faster customer order processing and quicker resolution of issues, putting control directly in the hands of our customers.” – CX LEADER
Supply Chain Optimisation
- Inventory Management. Automating inventory management processes to ensure optimal stock levels
- Supply Chain Visibility. Monitoring and optimising supply chain operations, including logistics and distribution
- Demand Forecasting. Predicting sales and demand trends to optimise inventory and production planning
“We use AI to optimise the supply chain, saving operational costs. Digital supply chains and cloud-based tracking systems streamline operations and enhance efficiency.” – CFO
Fraud & Risk Analysis
- Fraud Detection. Identify and prevent fraudulent activities, such as online fraud and chargebacks
- Risk Assessment. Assessing risk factors associated with customer transactions and preventing losses
- Customer & Market Insights. Understanding customer behaviour, market trends, and growth opportunities
“With eCommerce as a key market force, understanding customer habits is crucial to ensuring we have the right products in stock and optimising our pricing strategy.” – COO
