As Artificial Intelligence continues to shape the industry, retailers rely more on software’s and other advancements to grow and develop at a steady pace. Digitally advanced firms introduce new and upcoming technologies to enhance sales as well as boost innovation and productivity in the day-to-day operations of the company. Recently, an emerging technology that is going mainstream in the market is Digital or Virtual Assistants.
Virtual Assistants are technology-based algorithms that record voice commands and convert them to text commands to conduct tasks. They guide online store visitors towards the highly engaging content on the web. In addition, they assist firms in conveniently collecting and storing large amounts of customer data. As a result, these digital assistants help retailers in better understanding customer tastes and preferences. AI-powered virtual assistants can scan through various sources to generate customized content and improve the retail presence of the businesses.
Benefits of Virtual Assistants
Virtual assistants assist retailers to accurately schedule and manage the firm’s resources. Retailers can track store traffic and schedule employees accordingly to avoid overstaffing or understaffing within the physical stores. Virtual assistants enhance other in-store technologies to complete a wider range of business tasks more effectively. Moreover, they help in identifying and prioritizing day-to-day operations to manage the business optimally.
The development and growth of Machine Learning have provided a boost to the reasonably-priced and automated Virtual Assistants. These digital algorithms assist firms in conducting tasks more effectively and efficiently. Machine learning and other advancements assist in the optimal management of online as well as brick and mortar stores. According to a recent market study, virtual assistants boost in-store productivity by over 30 percent as it becomes a lot easier to perform tasks and allocate resources. They also assist in asset tracking to make sure that they can provide products as and when they are ordered.
Introduction of Chatbots
Over the years, many corporations have introduced Chatbots to their online store to improve customer interactions with the firm. Introduction of Chatbots will assist Virtual Assistants to develop a better relationship with their clients. According to market research, these Chatbots will improve customer interactions by over 80 percent; and thus, growing sales and profit.
However, with the rise in more significant online threats, it has become crucial for firms to invest in AI and Machine learning solutions. Seventy-five percent of businesses believe that these solutions will assist in strengthening their competitive and brand positioning within the industry. Furthermore, these solutions help in identifying and reducing these online risks to improve business intelligence and security.
Impact of Artificial Intelligence
Virtual assistants analyze voice and text commands or queries and then reply in the same format. As a result, they improve customer and in-store interactivity and increase satisfaction and retention rates. According to industry experts, Artificial Intelligence will help in advancing the impact of virtual assistants in the retail industry.
Over the past few years, the United Arab Emirates has been a leader in driving growth and development using Ai-based technologies. More than 45 percent of the businesses believe it will have a positive impact in the workplace. Therefore, with the technological advancements in the industry, firms can use virtual assistants to perform complex tasks with ease. Moreover, they can also reduce human error, eliminate repetitive tasks and gain a competitive advantage in the highly dynamic industry.
Written By: Ranjeewa Dias
Business Technology Manager