Pumping Intelligence into Retail Operations
The retail industry has undergone massive changes over the last two decades. Technology has transformed the way retail operations are run, right from the way products are sourced and stocked, to the way they are sold.
Every year, the NRF event is a testament to the quantum of changes that the retail industry is going through, particularly in the proliferation of intelligent systems driven by AI. To survive in this dynamic environment, retailers need to use smart, intelligent tools and technologies to enable them to stay ahead of competition.
There are several technologies that can bring the necessary intelligence into running retail operations. Here are a few of them:
3D Visualization of Planograms
In retail, planograms play an important role in planning of retail spaces. They also impact how products are sold. In practice, implementation of the planogram does not happen optimally; it is often difficult to monitor and track. 3D visualization can provide more accurate models for planogramming and allow for better compliance. Combined with video and AI, 3D technologies can help ensure better implementation of planograms in retail stores.
Inventory Management with Robots
The combination of scanning robots and video analytics can help retail store managers get a real-time view into the inventory at all times. Robots or even low cost investment like cameras can scan aisles and capture activities to ensure that inventory is at desired levels. Data is captured across the logistic supply chain thereby ensuring that all processes are streamlined, right from ordering to returns, to customer experiences and warehouse management.
Chatbots in Online Retail
In the recent past, chatbots have become increasingly common in online retail. Over time, we can expect to see chatbots handling far more complex queries as they gain more experience via machine learning. Over a period of time, they will mature into virtual agents with a human touch.
Robots as Customer Touchpoints
Robots have tremendous potential across various customer touchpoints in retail. They could act as sales assistants or even delivery robots. They could support in billing and operations too.
There is ample scope to infuse intelligence into every retail store and system through the use of smart tools and technologies including AI, IoT, and analytics. This year, Infosys is showcasing a range of intelligent retail solutions that are designed to help retailers navigate their next. If you plan to be at NRF 2019, do drop by our booth #557, and we’ll be happy to walk you through them.