Initializing...

Top Retail Brands

»
«

How Can Artificial Intelligence Transform The Retail Industry

The use of technology today is undeniably immense. In fact many retail brands have taken on to technology to enhance their brand image and consumer experience.

Tags: Artificial Intelligence, Indian Retail Industry, Flipkart, eCommerce, Brick and Mortar, BLINK, Amazon, Capillary Technologies, VisitorMetrix, VF Brands, Vans, Wrangler, Lee, Consumer Experience

BY Shwetha Satyanarayan  |  Oct 15, 2017  |  comments ( 0 )  | 
Artificial intelligence in retail industry

A quick search on your phone is no longer a one-way communication. From leading you to your nearby store to helping the retailers understand the consumer behavior, Artificial Intelligence (AI) is finding its strong foot in retail landscape. Soon, you may no longer have to remember what you like or what you wish to buy.

From visiting a mall to shopping on e-commerce sites, preferences of the millennials are changing and so are the shopping trends. While new tech trends have been the only constant, the latest buzz in the retail landscape is the presence of Artificial Intelligence (AI). From retailers to e-tailers, the consumers for AI are available in plenty.

According to reports, the latest tech giant to join this bandwagon is Flipkart, which is experimenting with AI to help customers get easy access to product reviews.  Highlighting that thousands of user reviews are now available online for any product ranging from electronics to apparel, Vice-President (Product) of Flipkart, Ram Papatla has maintained it was impossible for users to consume all the information that was available on the marketplace. 

Flipkart, which is working towards improving the customer experience by assisting them with what matters to them, will offer a quick reference search for the users to compare various products. While its rival Amazon has gone ahead and introduced BLINK, a video commerce option for customers to watch and buy, it’s yet to venture into other trends.  

However, noticing this upward trend in retail tech space, homegrown commerce platform company Capillary Technologies has launched VisitorMetrix, an AI-based, machine learning-powered visitor counter for retail stores to analyze customer behavior on the shop floor.

According to its makers, VisitorMetrix will provide valuable insights through its real-time dashboard and trend analysis engine, which will offer to help brands and shopping malls understand the ‘power hours’ of their stores.

The AI embedded in VisitorMetrix is fed with over 3 Million images in order to train it to accurately identify between human and non-human objects and between individual and group walk-ins.

With the ability to study trends in footfalls across hourly, weekly, and monthly time periods, in addition to analyzing the frequency of visitor trends, brands will have the information to more efficiently allocate manpower resources according to the specific demands of their retail locations.

Commenting about the product, Capillary Technologies COO Ganesh Lakshminarayanan, said, VisitorMetrix enables brands to analyze store traffic patterns to determine staffing requirements and can also give immediate responsive data to changes, including studying the impact of promotional campaigns. Brands can use this information to strategize their operations and marketing campaigns.”

He added that the benefits of the product was not restricted to brand stores, but extended to shopping malls as well.

“It will assist shopping malls in analyzing their layout effectiveness and understanding their circulation better. This would strengthen their strategy in improving square feet productivity, creating the right ecosystem for both brands and consumers for a great retail experience,” he said.

VF Brands, which has some popular lifestyle brands in its kitty including Vans, Wrangler, and Lee, has deployed VisitorMetrix across 6 cities and has signed up to roll it out across 70% of its stores in India.

Commenting about the benefits of VisitorMetrix, Pankaj Agarwal, Retail Director of VF Brands said the goal was to optimize their resources to enhance the value for the consumer at the store.

“Being the innovation leaders in the denim space, at VF Brands we wanted to enhance the performance of our stores through technology. We will be using VisitorMetrix’s real-time analytics capability at 70% of our brand stores across India. This will help us measure the store KPIs accurately, giving us a strategic edge in enhancing our ability to influence the store performance as well as to feed in analysis required in product and backend to support the stores effectively,” he said. 





Related Articles

  • Ecommerce
    Artificial Intelligence
    In addition to improving backend processes, retailers across the globe, including a few in India,
  • Home
    Indian LED industry to
    Indian LED industry is likely to reach Rs 21,600 crore by 2020 following governmentís decision to
  • Food & Grocery
    Flipkart launches grocery
    As grocery delivery has been the talk of the town lately, eCommerce giant Flipkart has too entered
  • Eretail
    RBI permits banks-eComm
    Now banks can jointly venture with eCommerce players with RBIís permission.
  • Trends
    Brick & Mortar businesses
    In mere 9 months time, license to more than 20 payment banks have been approved and many of them are
  • Investments
    Retailers gaining from
    Centre for Asia-Pacific Aviation (CAPA) estimates that duty-free spend at Indian airports will touch
  • Trends
    Amazon Tatkal: an
    It was today that E-commerce giant Amazon announced the launch of 'Amazon Tatkal', an initiative
  • Investments
    Bengaluru-based Capillary
    Software maker Capillary Technologies has raised about Rs 300 crore ($45 million) led by New
  • News Feature
    Flipkart made it to
    The report honors emerging brands that are the next generation of world- changing brands.
  • Brand Licensing
    Disney launches Young at
    Cypress-based Vans has partnered with Disney to create a footwear and apparel collection called
  • Fashion & Accessories
    Wrangler's launches
    Denim brand Wrangler unveiled its latest 'Silver Shield' range of apparel for the first time with
  • Trends
    Pepe Jeans to enhance
    Iconic denim-wear brand Pepe Jeans London launched the first of its kind 'Custom Studio' in the

Comments

Rating  

Please add your comment:

Not readable? Change text.

Enter the characters as seen on the image (case insensitive)

Notify me of followup comments via e-mail

Subscribe for daily newsletter