Artificial intelligence (AI) is changing the retail landscape in a big way. From applying machine learning to inventory management to using AI systems to optimize customer experiences, retailers can capitalize on AI technologies to better connect with their customers and operate more efficiently.
In 2021, almost half of the retailers surveyed by Gartner were planning to implement AI technology in the next 12 months, but only 27 percent of retailers had already implemented AI.
Retailers who don’t jump on the AI bandwagon fast will be left in the dust. In today’s fast-paced market, retailers need to be able to respond to their customers like never before while simultaneously eliminating waste and inefficiencies from their operations.
There are many ways to use AI in retail, but it’s not a stand-alone technology; it needs to be integrated and deployed with other systems.
This is where Danavation’s Digital Smart Labels™ can help you get the most out of AI technology.
Take Advantage Of Automated Inventory Management
A significant challenge for retailers is maintaining an accurate inventory – too much stock or too little can be detrimental to businesses.
Simply installing Danavation’s electronic shelf labels in your warehouse means you can automate and optimize processes, save valuable time, and increase profitability.
Digital Smart Labels™ can help resolve stock issues before they happen. They can be connected to your inventory database and can help draw staff attention to inventory levels in-store, while keeping inventory levels accurate on the shelf and on the e-commerce platform.
However, connecting AI inventory management with smart shelves in your warehouse and on your store floor means you don’t even need a human to notice low inventory or order more product. Predictive analytics can help ensure businesses order the exact right amount of stock.
Additionally, AI data can be analyzed to provide novel business insights.
By combining several components of the business operations and applying AI, retailers gain a complete view of their stores, shoppers, and products to help with inventory management.
Improved Pricing
The more retailers can understand their customer’s behaviours and market trends, the better your business can meet demand and ensure superior product choices.
AI helps make sure that customers connect with the right products, at the right time, in the right place – whether it’s in-store or online.
But if we’re honest, the right price is a crucial component of that sale, and AI can help with pricing.
AI can take the guesswork out of pricing, it can match the price to the individual and tailor communications, it can pace price to inventory levels, or if the price isn’t right, AI can change it in real-time.
Danavation’s Digital Smart Labels™ are connected to a store’s network, they allow prices and information to be updated instantaneously from a central hub.
The quick price change means AI can then record consumer reactions to the price changes and analyze the data to continually improve performance, which can help retailers make sure the price is always right.
Create Personal Customer Experiences
Whether it’s a small local boutique or a multinational megastore, customer experience is a determining factor in customer satisfaction and customer loyalty. As such, retailers strive to create a shopping experience that is convenient, personalized, and enjoyable.
One way retailers can create better customer experiences is by integrating AI technologies that can present real-time advertising on its electrophoretic ink display that is bespoke to the customer.
Danavation’s Digital Smart Labels™ can also include images, QR codes, and additional information, such as product ratings or price comparisons, allowing customers to make better-informed purchase decisions right at the point of purchase.
But, regardless of how retailers want to use AI technologies, Danavation’s Digital Smart Labels™ are a valuable component to creating a more efficient and sustainable store as well as better customer experiences.
