Artificial IntelligenceRetailers are actively using advanced technologies like hybrid cloud and Artificial Intelligence.

After the outbreak of COVID-19, there has been a huge transformation in the nature of work with more employees working from home than ever before it has also changed how consumers shop. The new global study shows that hybrid shopping is on the rise as shopping habits consumers adopted out of necessity during the COVID-19 are becoming routine. At present, retailers are actively using advanced technologies like hybrid cloud and Artificial Intelligence to keep consumers engaged with businesses. AI helps retailers improve demand forecasting, make pricing decisions, and optimize product placement. This article features how retailers use AI technology and hybrid cloud to become a part of this digital transformation.

Customer Acquisition and Retention

While customer acquisition is the act of gaining new customers, customer retention is focused on developing better relationships with your existing customers with the goal of increasing loyalty and driving repeat purchases. Retailers use AI to auto-populate and personalize online carts, personalized promotions (redeemed offline/online), and more.

Omni-channel commerce

Omni-channel retail (or omnichannel commerce) is a multichannel approach to sales that focus on providing a seamless customer experience whether the client is shopping online from a mobile device, a laptop, or in a brick-and-mortar store. Utilizing technologies like Artificial Intelligence and hybrid cloud allows retailers to detect fraud, then customer care chatbots provide best-in-class customer services and personalized product recommendations.

Store Operations

AI and cloud tools can help stores overhaul how they manage day-to-day operations, empowering associates to stay focused on customers, not manual tasks. AI can be used to execute buy online/pick-up in-store, saving customers' effort and enabling associates to spend less time focusing on inventory management.

Product Lifecycle Management

Product lifecycle management (PLM) refers to the handling of a good as it moves through the typical stages of its product life: development and introduction, growth, maturity/stability, and decline. This handling involves both the manufacturing of the good and the marketing of it. Retailers use AI and cloud to design to value, trends analysis, optimizing sourcing, manufacturing, and quality.

Merchandising and Assortment

Product assortment sometimes referred to as merchandise mix, refers to the variety of products that a retailer stocks and sells. A retailer that sells many different types of products is considered to have a large product breadth. Artificial Intelligence and Hybrid Cloud help retailers to do demand planning, assortment optimization, inventory optimization, pricing optimization, and much more.

Logistic Fulfilment and Delivery

Logistic fulfillment is the process of receiving goods, then processing and delivering orders to customers. While any company selling products directly to consumers through the mail must deal with fulfillment, this term is most often associated with e-commerce. Artificial Intelligence and hybrid cloud in the retail sector help retailers to do demand prediction to optimize fresh value chain, omnichannel fulfillment optimization, warehousing operations optimization, and also AI-enabled last mile (e.g. drone delivery).