Retail AI Transformation

(ai) in retail

The retail industry has evolved vastly in the last couple of years and is using more technology than ever. Thanks to the increasing pressure from online rivals the competition is fierce and only the best make the cut. 

Leading retailers know that customer experience and streamlined operations are key to their success and artificial intelligence (AI) in retail helps in both directions. Companies that are making extensive use of AI can identify opportunities faster and take model-driven decisions.

Retail is improving thanks to AI

We live in uncertain times, where ‘thanks’ to the healthcare situation market forecasts are changing on a monthly basis, while at the same time customer requirements are growing. For these and other reasons an increasing number of retail and wholesale companies are turning to data analysis in their aim to stay ahead of the curve. At HyperAspect, we transform these huge amounts of data into actionable insights. 

Retail AI companies are using the technology for a number of scenarios including, product recommendations based on customers’ personal interests, managing supply chain and inventory, and optimizing marketing efforts. HyperAspect is empowering leading retail companies to adapt to the modern marketplace and make strategic business decisions.

HyperAspect Cloud Engineering

Our HyperAspect Cognitive Cloud harnesses the latest cognitive technologies to help retail companies, build intelligence applications that provide unique context-aware insights thus improving customer relationships, increasing operational efficiencies and build long-term competitive advantages.

The future of the retail industry will be all about AI

Retail businesses need a deep understanding of their potential clients to keep up with requirements and expectations. AI for retail will allow companies to identify consumer patterns and analyze their behavior, thus providing an advantage over competitors by facilitating data-driven planning and operations. Tackle the everyday challenges of your business using AI and provide a seamless experience to your customers. 

Increase in Sales
Implementing AI into your retail business can ensure a constant increase in sales via next-best offer analytics, customized promotions and recommendations.
Customer Loyalty
Customer loyalty is a two-sided process. To ensure that your customers are loyal you need to show personalization with the help of concrete recommendations and smart segmentation.
Better Promotions
Drive sales by using valuable customer data and identifying the perfect promotional content and relevant prices for each client.
Theft and Fraud Prevention
AI is used heavily in prevention of malicious activities. Recognize suspicious behavior of visitors and unusual patterns in transactional data in real-time and stop any wrong attempts on time.
Inventory Optimization
Analyze variability in demand and supplier delivery times through machine learning to cut down inventory holding costs and boost cash flow.
Autonomous Checkout
Cashierless checkout is used in many locations but with AI you can identify products, while still in the shopping cart and instantly bill customers on the way out.
Shelf Management
Empty shelves cause loss of revenue. Thanks to AI you can spot empty shelves in real-time and optimize product placement for maximum cash flow.
Customer Support
Thanks to AI technology, customer supports agents are able to understand the actual problem of clients faster and more precise, which leads to higher overall satisfaction.

Making the World a Better Place

Are you looking for ways to increase revenue in these difficult times? Nowadays, customers expect that their favorite retailer would know their habits, while providing the same excellent customer service. At HyperAspect, our goal is to assist retail companies in utilizing AI technology in an efficient and simple to use manner. 

AI in retail will help you to understand your potential customers’ preferences and target the right audience, speed up daily processes, align product assortment, bring tech improvements to your eCommerce, and assist in recognizing possible financial risks. Go through some of our successful case studies and learn how we can help you. 

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Unifying Marketing Channels in a Retail Environment

Appropriate upselling is a common problem according to many retail businesses. For our client, we created a unified system that served both online and offline customers. We added a loyalty program, referral system, post-purchase rewards, integrated email marketing, upselling and cross-selling, and besides the huge annual increase in sales revenue of $2.4 million, our client experienced an eight-point increase in guests’ overall satisfaction.

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Personalizing PDP Experience to 6X ROI for online retailer

A client was searching for a solution to quickly surface the right products for individual users, reduce development cycles and rapidly implement website changes. Using the HyperAspect platform, we focused on optimizing PDPs across eight markets in Europe, using the highest performing strategy in each market. Some of the aftermaths of our work include 6 times better ROI from PDP recommendations, a 17% increase in customer return rate with the first 3 months, and a stable increase in both average order value and customer satisfaction.

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Customizing Shopping Experience for Specific Audience Segments to Increase RPR

In the highly competitive eCommerce space, investing in innovative ways to hold the attention of shoppers all the way through to purchase is a challenge. As a solution, our team made our clients’ category pages more robust, and began using them to list sub-categories. We were able to automate which content gets served to each audience segment via recommendation widgets. After working with HyperApect, our customer enjoyed a 25.7% click-through rate (CTR), 6% increase in revenue per user (RPR) and a $2 million boost in incremental revenue.

Benefit From Artificial Intelligence (AI) In Retail

Working with retail AI solutions doesn’t have to be overly complicated and suitable only for IT personnel. At HyperAspect we aim at creating simple dashboards that are user-friendly, serve the exact industry needs and help in running your retail business in an efficient way. 

We can assist in training models build on your own concrete data that will improve operations, target customers to a better extent and ideally – increase profits…and as we live in rapidly changing times – when the behavioral data changes, the models can be simply iterated and updated right away.

Improve your sales with AI today!

Make The Right Business Decisions

The retail industry is under severe pressure from both economic factors and customers expectations. Modern clients want to have the desired product at the right time at the right site or delivered on their terms. These tasks could be tackled by personalized communication, precise forecasting, supply-chain alignment, and real-time operational solutions. All this can be done by gathering customer-related data and interpreting it through machine learning algorithms. Omit the trial and error phase and make the right business decisions immediately. AI-driven retailers already see an increase in revenue and customer satisfaction, why not be one of them?

Customer-centricity is in the core of every industry nowadays. Adopting automated self-learning decisions will help you to create better targeted campaigns, synchronized customer 360 images and will allow you to implement next-best action marketing and perform new customer predictions.

Implementing AI into your retail business will optimize most of your processes and the way how to make decisions. It will help you with ad placements, organizing the supply chain, your stock inventory and all your marketing efforts.

Our AI retail solutions will allow you to evaluate, which aisles are most popular among customers. Recognize foot traffic trends in real-time, and improve staff presence at the sweet spots.

In times when physical buildings are not vital, AI and machine learning will allow every retail business to scale down energy costs through tracking, accurate forecasting and anomaly detection. Meet your energy-efficient goals with HyperAspect.

Analyzing facial expressions of visitors, user reviews, social media comments and support calls to recognize customer sentiment is very valuable data. Use such recorded emotion to improve products and sales.

For your current customers, use data from their previous purchases to predict the number of days until their next order. That way you will always have in stock their favorite product and will never let them down.

Use data science to identify the optimal price, motivated by brand, category, competitiveness and even demographics. In the same way one can classify which sites could be expanded and which reduced for maximum efficiency.

Retail businesses need to use AI to make a profit. Don't fall behind the competition!

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