As the retail industry continues to face macroeconomic issues like inflation, supply chain disruptions, and high employee turnover, many retailers are seeking better ways to enhance both consumer and employee experiences to maintain a competitive edge.
By embracing industry-leading technology like conversational AI, retailers can strengthen their business models through automation while crafting next-level user journeys in order to boost loyalty and reduce churn rates. This digital transformation allows retailers to offer a more personalized and efficient consumer experience, both online and in-store while lowering operational costs and increasing employee satisfaction.
“Retailers are increasingly leveraging artificial intelligence to power digital investments as the go-to method for driving commerce, modernizing stores, and recruiting top talent.”
Gartner 2023 CIO & Technology Agenda Report
TL;DR, AI-powered chatbots, aka intelligent virtual assistants, are the solution that is empowering retailers to create a frictionless experience for shoppers and associates with better digital transformation - all while lowering costs.
Increase Revenue by Making Shopping Easier, Faster, and More Personalized
By harnessing the power of conversational AI, retailers can engage with customers in real-time on their preferred channel, creating an experience similar to conversing with a well-informed salesperson. Customers can receive instant 24/7 assistance for questions and recommendations, eliminating the need for endless searching on websites or waiting in long queues for customer support. With natural language processing capabilities, Conversational AI can understand and interpret customer needs and provide relevant, efficient, and accurate responses.
This technology also enables personalized product recommendations based on individual preferences, previous purchase history, and browsing behavior, creating a tailored shopping experience. By leveraging Conversational AI, retailers can enhance customer satisfaction, streamline the purchasing process, and ultimately foster long-term customer loyalty.
The Future of Intelligent Virtual Assistants in Retail
As the retail industry continues to evolve, intelligent virtual assistants (IVAs) are likely to play an increasingly important role. With advances in conversational AI, IVAs will become even more sophisticated, offering a more personalized and seamless shopping experience. They will also handle more complex tasks, such as negotiating prices and resolving customer complaints.
One area where intelligent virtual assistants will likely have a significant impact is voice commerce. With the rise of smart speakers and voice assistants, customers are increasingly using voice commands to shop online. IVAs can be integrated with these platforms, allowing customers to make purchases and get product recommendations using their voice.
How Intelligent Virtual Assistants from Kore.ai are Improving Experiences for Retailers
Intelligent virtual assistants are transforming the retail industry by providing a more personalized and efficient shopping experience. By using conversational AI, retailers can automate routine tasks, gain insights into customer behavior, and improve their operational efficiency. Retailers who embrace this technology are well-positioned to thrive in the digital age.
RetailAssist offers retail and e-commerce companies a unique opportunity to modernize their operations, grow exponentially, and completely revamp their customer service. The Kore.ai RetailAssist solution leverages next-generation language models like GPT-3, the technology behind ChatGPT, and brings everything that retailers need to elevate the total experience.
With self-service automation, personalization tools, omnichannel fulfillment options, and 24/7 pre-sales & post-sales support services - your business can become an industry leader in no time! Plus, it comes with an employee assistant feature designed to streamline onboarding processes and make day-to-day operations effortless.
