13 Sep THE RETAIL ARTIFICIAL INTELLIGENCE REVOLUTION
The adoption of new and emerging technologies such as artificial intelligence-AI is set to wholly transform the retail industry for good. Major retail giants such as Amazon and Alibaba are in the frontline in these massive revolution and their systems are already impacting the retail market space globally. Artificial Intelligence in retail market is mostly used in communication, optimization of pricing, and experiential retail activities.
Locally, Kiosk Outlet Stores, a new entrant into the region’s retail space has developed a functional artificial intelligence system. The system, nicknamed OLIVE is the first of its kind in the region and will be responsible for retail operations in sales, research, warehousing and human resource as the company stands to assert its presence in the industry mainly dominated by superstore chains.
Artificial Intelligence in sales
One of the most important applications of AI in sales lies in its ability to study huge data sets and analyze various sales patterns documented over period of time. Artificial Intelligence makes the information assessable in real time hence enabling faster decision making in relation to what products should be stocked and when . The system also plays a key role in sales predictions, where it studies customers’ buying trends and predicts when they are most likely to stop by for their next shopping.
Via the use of an artificial intelligence system, retailers can now know the various insights of their business with ease. They can tell when their units are bound to be busy and who constitutes their overall traffic. They can also make products recommendations to their shoppers based on their shopping patterns thus leading to higher conversion rates. Using image recognition and computer vision capabilities, the AI system has the ability to product tag all products in the store thus enhancing automated stock control and monitoring.
AI in Human Resource Management
In human resource management, Olive always comes in handy in ensuring that the stores’ staff observes all the companies’ staff policies by analyzing their behavioral patterns. The system gives comprehensive staff analysis on their day to day activities in the shopping units using both facial recognition and cognitive computing aptitudes.
The new revolution
The revolution is now here and its impact is slowly gaining traction across the world and we in Africa are not been left behind. There’s no doubt that Olive, the Artificial Intelligence system will soon impact all our operations as a company and usher in the new dawn of effective and efficient operations in the regional retail industry.
BENEFICIARIES: Supermarkets, Mini supermarkets, Wholesalers, Manufacturer and players in hospitality industry