As all industries continue to transform by leveraging technology advancements, the retail sector is positioned to truly leverage existing assets and provide empowering business outcomes. AI powered innovation is able to deliver such results to the Retail market.
Leveraging massive amounts of customer data
Deliver and enable targeted shopping experiences and business avenues
Chatbots for customer care and customer service
In-store intelligence for an improved and interactive shopping
AI for Retail
AI is data driven and the ability to leverage advances in machine learning and deep neural networks for the Retail industry can help to drive greater value from the tremendous amounts of already existing customer data held by the industry. AI can help to deliver new revenue, expanded offerings and market distinction. Additionally, AI can help to address labor costs by allowing AI driven tools and learning to replace some of the workforce. Displaced workers can be repurposed to provide more valued roles aimed to deliver customer specific services. By capturing, securing and harnessing this data, Retailers are in a better position to realize such benefits.
Empowering Retailers to learn more about their Customers
AI technology takes a large data set about something in particular, runs it through AI algorithms, such as neural networks and then produces a model which can provide answers, almost like a human brain.
The answers that are given are based on whatever the AI was able to learn about that particular matter from the dataset.
The dataset that AI learns from in a retail industry example, is the actual sales data linked to the customer data. When this information is run through the machine learning algorithms, an AI model is produced which discovers actionable information about a business, customers and inventory which are not normally obvious or known to the business owner. Retailers can then do a variety of things to benefit their business.
For example, retail AI can learn about customers, their preferences and their behavior in order to get to know them. And, in the recent years, it can get to know them so well that it knows what they need and when they need it. Regardless of the varied data types, the data can fused and modeled.
Lucd Empowers AI Across the Retail Industry
The Lucd AI platform is ideally suited for Retail organizations to help address many of the current challenges they face today. By providing a platform capable to fuse the various retail data points, Lucd addresses:
Improve customer engagement- personal sales engagement
Deliver improved inventory management capability
Improve revenue and reduce costs
Improved innovation – loyalty, rewards, incentives
Securely deliver personal data compliance
Scale to meet industry needs – over 2million CPUs and computing 2 billion synthetic proteins