Retail is no longer a place with old technology that customers aren’t willing to change their favorite brands. In the midst of a crowded retail market, every company is struggling to keep customers happy and satisfied, as well as convert every possible chance into sales. Technology has been a major catalyst in the industry of retail for a long time and, with the advent of disruptive technologies like Artificial Intelligence, the retail environment is likely to change.
What is AI?
Artificial Intelligence (AI) can allow machines to gain knowledge from previous experiences and adapt to changes in inputs and carry out tasks that resemble human beings. The majority of AI examples you see these days – from chess-playing computers to self-driving cars are heavily based on the power of deep learning as well as the natural processing of languages. With these techniques, computers can be taught to perform specific tasks by processing massive amounts of data, and also finding pattern patterns that are present in data.
Role of AI in POS Software
The use of disruptive technologies such as artificial intelligence is well-known in the point-of-sale software (POS) market, particularly in retail. The technology gives consumers the ability to control almost all payment options, through mobile and online platforms, apps, chat, social applications, and most importantly, on-site transactions.
The use of AI to enhance POS software can help reduce the loss of inventory by tracking accurately the levels and purchases (based on the sales figures and current inventory levels). The seamless integration of marketing, inventory, and purchase can help automate procedures for your company. In addition, they provide information into the shifting customer behavior and offer suggestions for how to engage with them.
Why should Retailers choose artificial intelligence-based POS Software?
AI can assist retailers in many ways. First, AI-powered systems can reduce the need for manual calculations such as coordinating promotions for products as well as inventory selections and identifying the complexities of supply chains as well as others. Retailers are already testing the potential uses of AI in these areas. Some even plan to anticipate customer orders and allow them to ship without waiting for purchase confirmation.
It aids customers to make better decisions with more quality and accuracy and also provides real-time forecasting. Forecasts that are accurate also aid retailers to improve their supply chain efficiency, develop powerful marketing strategies and improve the experience of customers.
What is the best way to make AI & POS software enhance the retail industry?
The retail experience is the same and hasn’t changed much in the years: walk into an establishment, search for the perfect item, and purchase. Artificial intelligence could revolutionize the traditional retail experience and propel this experience to the next step through individualization, automation, and improved efficiency. This is already being implemented! Below are the top cases of AI to enhance the retail experience.
Personalized In-store Recommendations:
Imagine a client is browsing the availability of a particular item at the store, and you could offer a personalized suggestion on his/her mobile phone for an item that is suitable for the requirements of the person. One method to accomplish this is by using mobile applications for retail stores. After a person enters the store and then opens the app for the store, sensors inside the store will be able to identify and monitor the activities of customers and behaviors. This store’s AI will also determine the date and time when the customer has last been to the store and keep track of the number of visits as well as products purchased previously. AI can make use of this information to make recommendations for the best products and provide personalized rewards such as discounts or loyalty points. in line with the current requirements of shopping.
Lowes Uses Robots to Locate Items
Finding a store that sells hardware can be a challenge and confusing, however, Lowes has created LoweBot. LoweBot in order to assist customers to navigate the store and find the things they need. LoweBots are in the store and are able to ask customers to answer a few questions and find what they’re looking for. They can give directions and maps of products and can share their knowledge of specialized products with customers. LoweBots also track inventory levels so the store can determine which items require to be replenished.
Create Secure In-store Payment Ecosystems
AI is making the entire payment system more secure, thanks to smart algorithms. For retailers and POS software developers, this implies faster checkouts as well as higher levels of trust. Retail establishments can mitigate risks and increase security by using an intelligent AI-based algorithm.
AI helps in speeding up the payment process by identifying loyal clients through algorithms and preventing suspicious transactions effortlessly. This can result in significant savings due to fewer charges and improved productivity of retail employees.
AI can help businesses collect massive amounts of information from various sources. These data-driven insights can be employed to develop effective marketing strategies which appeal to younger consumers. AI within POS software will help you harness massive amounts of data, providing important insights that can be used to improve real-time targeted marketing. Furthermore, the algorithms develop and adapt to the vast amount of information. It gives a better understanding of the buyer’s requirements and preferences, allowing them to offer exciting discounts, deals on products and services, as well as other offers when it is needed.
Intelligent Customer Experience:
Artificial Intelligence-powered devices such as kiosks or digital signage units are able to identify shoppers and alter the display of products in the store. Additionally, AI-powered automated assistants can analyze customer behavior and assist in ensuring their purchasing decision by suggesting products based on the customers’ preferences, requirements, and fit.
During POS checkout, or when interacting with salespeople, AI-powered devices like cameras with voice recognition capabilities can detect and interpret biometric, facial, and audible signals. Recording shoppers’ emotional states or reactions will help provide the right suggestions, products, or assistance. This helps ensure that the retail engagement doesn’t miss its target.
Promote In-store Fraud Detection & Prevention
Older POS software is vulnerable to theft and fraud. A business owner who is in retail is aware of how every penny affects the final results. With the aid of AI, retailers can keep track of their items, activities as well as transactions that can help stop fraud. It also makes it easier to spot the potential for theft.
AI’s data-driven capabilities monitor everything in real-time It is much easy to keep an eye on suspicious actions and alert retailers immediately. In the past, monitoring large-scale inventories, employees, and transactions, as well as purchase and sales were nearly impossible because of the limitations of capacities for managing and analyzing data.
Since AI-driven POS software analyzes and collects huge amounts of information monitoring has become much easier and takes fewer resources. AI can detect suspicious activity among the thousands of transactions and can even tell the possibility that an activity might be considered a sign of a possible precursor to fraud. Incorporating AI capabilities into POS software and video surveillance systems will help in reducing the risk of thefts and fraud due to monitoring in real-time.
Voice Assistants:
Amazon Alexa, Apple’s Siri along Google Assistant are becoming mature as they improve models and algorithms for machine learning. These AI-enabled voice assistants may be easily used in retail stores to help customers on the shelves or in the trial rooms as well as self-checkouts. Voice assistants can be in one-to-one contact with customers, which can enhance their shopping experience.
The examples above highlight the most innovative applications of AI in retail, which a handful of retail giants have implemented to improve the customer experience in stores.
Final Thoughts
AI could take things to the higher levels in the retail sector. This is the perfect time to make the investment in AI-powered POS software that is adaptable and scalable to the latest technological advancements. This will allow them to deliver optimal efficiency and efficient customer experience. With the help of AI, stores could benefit from data to find patterns of shopping and patterns of preference.
Author Bio:
Akshay Bhimani is a Software Analyst at Techimply, India. With experience in the technology-driven field, he has mastered his knowledge on How(s) and What(s) to be done for a business. Also, he’s keen to share his knowledge on a few technology-related topics such as cloud technologies, ERP, POS, school management software, and data security with readers that can assist any kind of business.
