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Business Management Review | Tuesday, April 05, 2022
FREMONT, CA: Like all other industries, even the retail industry underwent a substantial operational shift in lockdown to recover from the effects of a pandemic. Business models had to be restructured to stay afloat during the financial crisis. As customers' habits change, retailers' ability to engage with customers is more important than before. Despite major improvements, the industry has yet to recover fully and continually looks for new ideas to improve sales.
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Check Out This : Retail Business Review
Leveraging advanced data and analytics technologies, the digital transformation of retails has increased speed, efficiency, and accuracy across all business operations. AI-powered recommendation applications are rapidly gaining traction as customers seek a high level of personalization. By 2022, 76 percent of retailers are expected to use AI in their business processes, according to market analysis.
Due to the increase in hygiene awareness and fears of infection, providing a touchless shopping experience across the customer's shopping trip is critical to retail success. BOPIS: The Buy online, pick up in-store service allows customers to pick up pre-selected items without waiting in a crowded store. It also reduces customers' physical engagement on a physical.
The increased usage of voice search via voice assistant devices and smart speakers is another specialty application of Artificial intelligence in retail. In addition, online shopping is becoming more popular with such smart home devices. About 20 percent of owners of such smart devices use them to purchase products online, place orders, and track deliveries.
By 2023, most people will shop with voice assistants instead of other older options. In addition, new flagship stores will offer a mix of cafés, art galleries, shops, and other categories to attract customers.
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