Why AI will be a key focus for retailers in 2019
Updated: Mar 1, 2019
Personalisation and AI are among the top priorities of 2019 for 25 of the largest retailers in the UK. Achieving a consistent single view of their customers is something that retailers are always in pursuit of, as well as improving customer service and experience across all channels of their business (Retail Week, Retail 2019 Report).
The majority of retailers have an abundance of customer data but are not using it efficiently and to its full potential. Even though many retailers want to provide their customers with personalised experiences and product recommendations, it’s hard when they don’t know who their customer is, how frequently they’ve shopped with them and where they’ve engaged within the company. A customer’s journey is no longer linear and retailers now need to combine unstructured insight (like social conversations) within the same view as real-time orders, preferences and transactional history.
“The importance of having a digital strategy in 21st-century retail – whether it comprises a comprehensive, connected and personalised omni-channel strategy or simply an active social media presence – cannot be denied” (Retail Week).
However it’s important to remember the fundamentals of retail and ensure that the technology retailers use actually adds value to their customer’s shopping experience (which creates future loyalty) and not just to ‘keep up’ by using the latest piece of tech on the market.
The shift in customers shopping online compared to in store has seen retailers try to improve their e-commerce experience for a few years. Big players such as Amazon, Asos and Net-a-Porter have completely transformed customers’ expectations of retailers, resulting in traditional firms reshaping how they serve them.
A sure fire way retailers can improve their customer’s overall omni-channel experience and use the data they already have is to add AI and personalisation into their business' roadmap. Personalisation within fashion retail has been mainstream for a few years now, but personalisation within beauty is still a fairly untapped resource that a lot of retailers could be using to their advantage. Beauty retailers and brands could be using Beauty Specific AI technology from Beauty Matching Engine to make their customer’s omni-channel experience consistent by taking advantage of all that customer data they have by using it correctly.
Beauty Matching Engine can ensure that retailers are correctly targeting their customers (using personalised emails, marketing campaigns and social media) based on personal preferences and past purchases. The algorithm works almost immediately so they don’t have to rely on customers returning over a certain time period.
Do you want to increase your customer's omni-channel experience while at the same time building customer loyalty and increasing conversion rates? Book your free demo with us today to find out more.