For many small business owners, the implementation of artificial intelligence (AI) may seem like a daunting challenge. It’s easy to dismiss AI as a complicated and slightly unusual tool that can only be used and understood by computer scientists or other experts at big technological companies, but this attitude is mistaken. In reality, there are many ways small businesses can take advantage of Artificial Intelligence right now. And they shouldn’t wait, as their competitors certainly won’t.
However, AI has garnered trust with time, and some big names such as Bill Gates and Elon Musk have become its supporters. Yet, one must also consider that we haven’t reached a point where one can say AI is a threat. AI, currently, is well-regulated, and it is encouraging us. It has advanced with time, and the good news is that small businesses are getting familiarized with it.
Domains like healthcare, finance, automotive and logistics are already using computerization to help them in various ways. Artificial Intelligence and healthcare when combined can save lives and act as a second line of defense when people’s bodies’ defense fails. For instance, Apple released the feature of fall detection in their watch as a sign of AI being used in a way to benefit the human race from a medical standpoint. Wearables can help cater to the healthcare platform in integrating AI and act as the first indicator of diagnosing health issues and diseases.
In the retail industry, the role of AI has changed the way customers are dealt with these days, and it has changed the overall customer experience. The AI-powered tools can do various things such as:
- Handle various standard tasks
- Help understand actual customer needs to identify complex problems
- Proactively start a conversation with customers
- Interact with potential customers with essential data
- Help a large number of customers 24×7 without needing a human presence
- It has become front line consumer engagement
- It uses for data collection and analysis
- It also used to find and recruit top or best talents
Considering all these features, one can say that artificially intelligent tools like chatbots, etc. cater to several responsibilities that small businesses can benefit from. In addition to this, the role of AI in customer service is also inevitable because it can also analyze the customer data and come up with powerful insights and beautifi[ul graphs that further help customize the user experience and make the customer satisfaction level better.
We, Vedalabs is the perfect solution for retailers to grow with the help of Artificial Intelligence and computer vision.
Veda Labs is an AI platform that helps warehouses and retail chains track/flag/highlight more than 5000+ objects and specific activity through CCTV cameras using AI & thus giving an advanced level of business intelligence. Artificial Intelligence and Machine Learning are the key technologies that will unlock a better and amazing future for a race of retail, and that is why we believe that you and us can play a very significant role in building that future. Through various artificial intelligence trained tools like footfall counter, demographic analysis, facial recognition, and unique or repeat customers.
Although at Vedalabs, we were capturing a lot of omnichannel consumer data for our customers through CCTV cameras, the data captured in offline stores was purely post-transactional in nature. Brands had no way of identifying potential customers among store visitors or optimizing their in-store experience proactively.
Our team crafted these AI tools to increase 25% of overall sales in a particular store, also this makes the store ‘digital’ or ‘smart’. These tools were rooted based on store performance, i.e, traffic foot analysis, demographic analysis, and unique or repeat customers.
Let’s just start with “Store Traffic Analysis”
How many people have visited the Store?
People counting technology has already been rolled out to many public spaces such as train stations and museums, as well as thousands of retail stores. These are systems that enable retailers or station operators to keep track of the numbers of people passing through. Infrared time of flight technology used on the people counters accurately counts people who pass by its sensors, analyzing whether people are coming or going and measuring how long they spend in certain areas. It even detects staff and excludes them from count data to ensure it reports only the most accurate data.
The information that is generated by footfall counters can be used to deliver reliable ROI to business. For example, it can be employed to optimize the way that the store is laid out and to reorganize staffing levels to improve efficiency.
Footfall data also plays a significant role in helping to increase levels of customer service – the more insight you have about the way customers behave in your store, the more you will be able to deliver the kind of service that will convert them into loyal and permanent customers.
“Getting the Demographics of In-store Customers”
Demographic data is statistical data collected about the characteristics of the population, e.g. age, gender, and income. For example, It is usually used to research a product or goods and how well it is selling, who likes it or in what areas it is most popular or which age groups prefer to buy.
There are several things that we can predict when it comes to consumers. But by using demographic data, businesses or brands can understand why customers make choices, is it because of where they live, their age, gender? It may enable them to forecast products in the future and how customers will react to them.
It uses probability and complex algorithms to compute information from data in real-time. Wherein CCTV cameras provide us real-time feed. Intelligence plays its role when it detects a person and in real-time provides age and gender to the detected being. We have trained our tools in such a way that they can manage computation in idle as well as busy hours.
Facial recognition is bringing new values to the retail customers. At first, the retail industry might not be a place where you would expect to find a huge demand for facial recognition technology. But if you take a closer look, you will see that there is plenty of potential for this technology to change the world of retail.
Various ways in which facial recognition is used:
- Loyalty Programs: Retailers usually have large data of their loyal customers, along with permission to use this data for personalized marketing. This makes it easy to use facial recognition to make specialized offers or discounts to these customers in the store.
- Enhanced Customer Service: When combined with other systems, facial recognition can provide access to a wide range of data on individual customers. The type of data includes how frequently a customer visits the store, when they last made a purchase, what their frequently purchased items are, and so on. With this information, store associates can provide more efficient customer service and more personalized assistance to each customer.
- Security: Facial recognition technology helps retailers to get to know about shoplifters and as soon as they enter the store. The system identifies someone as a known shoplifter, it sends out an alert.
“Finding unique & repeat customers in-store”
Let’s say you noticed that your stores weren’t getting as many new customers as you have expected, and you want it to change or need to measure the unique & repeat customers. Well, whether you believe it or not, one of the most sustainable ways to improve your customer procurement cost is through customer retention. The reality is that your regular customers are the most profitable, and it’s worth your time and effort to keep them around.
These new models (more to come) go beyond brand integrity efforts aimed at increasing personalized experience and boosting engagement. Instead, they’re taking it on themselves to make it simple to buy again, to offer something that it can’t be purchased anywhere else, or to get their products directly. No doubt these approaches will continue to evolve. Use your customer data thoroughly and understand their shopping behaviors, be willing to test new approaches and technologies, and don’t get too comfortable – Retail is always evolving.