Skip to content

    16.04.2024 — 8 min read

    Utilizing Artificial Intelligence in Retail and Other Emerging Trends in the Retail Industry

    Play the audio version - if available

    AI in retail - trends in the retail sector
    7:03

    Recently, there has been a lot of discussion and writing about artificial intelligence (AI), and its utilization is expected to be a key trend driving the development of the retail industry. In addition to highlighting potential use cases for AI, this text also explores other interesting and current trends in retail.

    Challenges in the retail sector are increasing, and in competitive markets, efficiency, speed, and innovation play an ever-growing role. To optimize business processes, retailers need to collect and evaluate large amounts of high-quality data. Advanced technologies, such as AI, not only help assess information but also enable intelligent decision-making and the automation of processes. Through forward-looking predictive analytics, retailers can use smart data analysis to gain real-time insights into their business and identify future patterns, adjusting their strategies accordingly.


    Jump Straight into the Trends:

    Utilizing Artificial Intelligence
    Seamless Customer Experience Across Channels
    Smart Store Concepts
    Innovative Payment Methods


    ⭐ Solteq’s Solutions for Retail

     

    Utilizing Artificial Intelligence in Retail

    AI can optimize and automate various daily processes in retail, including:

    • Optimizing Product Assortments and Store Space
    • Demand Forecasting
    • Dynamic Pricing
    • Analyzing Customer Buying Behavior
    • Analyzing and Targeting Sales Campaigns
    • Reducing Waste.

    Regarding assortment management, innovative technology gives retailers the ability to do things that just a few years ago seemed unthinkable. The progress of predictive and creative artificial intelligence (AI) is changing how retailers handle buyer data, identify trends, enhance campaigns and sales strategies, optimize assortments, and automate everyday tasks. The expansion of forward-looking and creative AI into assortment management also means that those working with product assortments can now make decisions more swiftly and have greater certainty of achieving their intended results .

    Assortment optimization has become even more relevant as consumer behavior becomes increasingly dynamic. Retailers are interested in applying predictive and creative AI to assortment optimization because this technology simplifies a complex process that requires considering a multitude of variables. In many ways, assortment optimization is an optimal use case for AI.


    Seamless Customer Experience Across Channels

    Consumers use various mobile devices everywhere, and stores need to have digital solutions that support different devices. Customers expect smooth and straightforward interactions with their chosen digital solutions. Ideally, a retailer tracks a potential customer throughout their entire shopping journey to provide an excellent shopping experience and tailor it according to individual preferences.

    Positive multichannel experiences for customers include:

    • Professional, Targeted, and Consistent Service: Customers can be served professionally, precisely, and consistently both in store and online.
    • Unique Online Shopping Experience: The online store is designed to offer customers a unique shopping experience on their mobile devices.
    • Brand Consistency: Customers feel connected to the company’s brand both online and in-store.
    • ICT Solutions Enable Multichannel Services: Technologies such as personalized online consultations, Click & Collect, and seamless integration enhance the overall customer experience.

    Smart Store Concepts

    Since the release of Amazon Go, a wide range of automated and intelligent store concepts have emerged. Traditional brick-and-mortar retail processes are largely automated and digitized. Food and CPG retailers continue to invest in these “cashless” formats for the coming years. Examples of smart store concepts include:

    • Automated Stores: Customers order and shop using touchscreens or smartphones, while robots assemble items in the background.
    • Scan & Go: Customers scan items in the store, and the payment process is automated.
    • Grab & Go: No scanning required. Customers identify themselves at the entrance using a QR code, take the items, and exit the store. Everything is automated using sensors and image recognition.
    • Self-Service Checkout: In stores with integrated self-service checkout solutions, customers handle item scanning and payment processes.

     

    Innovative Payment Methods

    Constantly changing payment trends, technology and suppliers affect the everyday life of the retailer. . A trend that has gained prominence, especially in physical stores, is contactless payment. Examples of payment trends include:

    • Mobile Payment Options: Thanks to mobile payment options like Apple Pay and Google Pay, consumers can easily and securely pay their bills using their smartphones.
    • Biometric Payments and Verifications: Slowly but steadily, biometric payments and verifications are advancing.
    • Alternatives to Traditional Checkout Lines: Solutions like mobile point-of sales , self-service kiosks, and Scan & Go are becoming increasingly popular.
    • Integration of Traditional In-Store Payment Systems with Online Payments.

    Solteq’s Innovative Solutions for Retail

    Solteq combines decades of experience in retail and the delivery of ICT solutions to retail businesses. We possess knowledge and expertise in the latest retail trends and their solution and benefit possibilities.

    As a Nordic company specializing in information system solutions for the retail industry, Solteq has extensive experience delivering solutions to both large and small retail companies. We offer solutions across various areas of retail business, including supply chain management, store network control, point-of-sale systems, online stores, and customer experience enhancement, as well as integrations with other solutions.

    As part of Solteq’s offerings tailored for retail companies, we have long represented SymphonyAI’s innovative solutions specialized for the retail industry. Together with our partner, we have successfully delivered these solutions for supply chain management, store operations control, assortment and space optimization, and the development and maintenance of point-of-sale systems.

    In recent years, SymphonyAI has gained recognition for its ability to leverage artificial intelligence (AI) in developing retail solutions. Their AI applications are specifically trained to operate within the context of retail, utilizing industry-specific data. They understand retailers’ goals and challenges, and they can propose solutions aligned with those goals, providing justifications when needed. These AI solutions specialize in tasks such as guiding visual merchandising in stores using computer vision, predicting demand, optimizing assortments and supply chains, and enhancing marketing based on large datasets from various sources.

    If you’re interested or would like to learn more, feel free to get in touch!

     

    Read more:

    Supply Chain Management for Retail >

    Assortment and Space Optimization for Stores >


     You might also be interested in:

    Order Management >

    Product Information Management>

    eCommerce platforms >

     

    Retail, Artificial Intelligence, trends