AI in the Retail Industry: Key to Success

 

In the ever-changing and complex retail industry, businesses need to keep up with the latest technological advancements to remain competitive. That’s why retailers are now using artificial intelligence (AI) and machine learning (ML) to improve the customer experience and gain more profitability.

According to Statista, in 2019, the global market value of the usage of AI in the retail industry was about USD 3 billion. By 2027, this global market value is expected to reach USD 23.32 billion.

From these numbers, we can conclude that the number of organizations leveraging AI in the retail industry is only going to increase. In this blog post, we'll explore how AI is being used in retail and how it benefits businesses.

How is AI Transforming the Retail Industry?

Here are some of the ways artificial intelligence is transforming the retail industry:

●     Improved Inventory Management

Efficiently managing inventory can be a difficult task for retailers. AI can help businesses automate the process and track inventory levels in real-time so that businesses can quickly restock items that are running low.

AI can also predict the time of year when customer demand for certain products will peak. This allows businesses to adjust their inventory levels accordingly and avoid stock-outs.

In addition to inventory management, AI can also be used to optimize supply chain management. AI-powered solutions assist businesses in efficiently planning production, tracking shipments, and predicting delivery times. These insights can result in improved customer experience by ensuring that orders are delivered on time.

●     Reduced Costs

As AI reduces the human intervention required for supply chain management, inventory management, customer service, etc., companies can reduce the costs spent on these processes. Automation can allow employees to focus on other essential operations, which can lead to increased productivity. 

●     Pricing Optimization

Pricing optimization is a complex task that requires careful consideration. Here again, AI can be used to optimize pricing for businesses. It analyzes data such as competitor prices, customer behavior, and market trends to identify pricing opportunities. That’s why it can enable companies to make informed pricing decisions that maximize profits and minimize losses.

Another way AI is transforming the retail industry is by assisting businesses in creating dynamic pricing models that automatically adjust prices based on changes in demand.

●     Enhanced Customer Service

One of the ways AI is transforming the retail industry is by enhancing customer service. AI-powered chatbots can provide customers with 24/7 support and answer questions about products, promotions, and pricing. Chatbots can also handle customer complaints and forward them to a human agent if necessary.

Proactive AI chatbots can be used to analyze customer behaviors and recommend products. Such features also makes-up for a great customer experience and can ultimately boost sales.

●     Offer Targeted Marketing

AI enables businesses to create targeted marketing campaigns based on customer behaviors and preferences. It analyzes data to identify potential customers and then targets them with personalized ads and offers.

Businesses can also track the performance of marketing campaigns in real time and gain insights so that they can make necessary adjustments to their campaigns.

●     Fraud & Theft Detection

Implementing AI solutions in retail enable the business to detect fraudulent activities such as credit card fraud. It identifies patterns that may indicate fraudulent behavior. This way, companies can protect themselves from financial losses and legal repercussions.

In addition to online businesses, AI can also be utilized by offline retail stores to deter theft. AI-powered security cameras monitor store activity and identify potential thieves. As AI tracks inventory levels, it can quickly report to the store manager when items have been stolen.

●     Virtual Fitting Rooms

With AI, businesses can create Virtual Fitting Rooms, which is an excellent addition to online stores that sell fashionable clothes and accessories. It allows users to “try on” items before making a purchase.

AI is used to create 3D images of products and then superimpose them onto the user’s image. This way, customers can see how an item looks from the comfort of their homes.

Virtual Fitting Rooms can reduce the need for returns due to incorrect sizing, saving businesses time and money.

●     In-Store AI Assistants

In-store AI assistant is another innovative way to provide a great customer experience. AI assistants help customers with tasks such as finding products, checking prices, and providing product information. Some AI assistants are even equipped with facial recognition technology to provide a more personalized experience.

AI assistants can also be used to monitor store activity to identify potential problems. For example, AI assistants can monitor customer traffic and let the store manager know about the overcrowded areas of the store. With this knowledge, store owners can improve store layout and customer flow.

Conclusion

AI is revolutionizing the retail industry by improving the efficiency of operations, enhancing customer service, and increasing profits. We can expect more innovative AI applications in retail in the future as businesses continue to adopt this technology.

Implement AI solutions mentioned above into your retail business and take your business to the next level. You can also consult an industry expert who can assist you in executing AI solutions.

Mindfire Solutions is a software service provider that leverages cutting-edge technologies like AI and ML— enabling businesses to offer customer-centric shopping experiences across all channels. Over the years, we have collaborated with companies like DHL, Asian Paints, SAP, and several others. Visit Mindfire Solutions and learn more about us.

Disruption Set in Motion by Healthcare Consumerism

 

Healthcare Consumerism and its Implications:

Healthcare consumerism is the health industry’s shift towards a more value based care; it is a movement for a more cost effective and efficient delivery of healthcare services. It connotes the patient taking control of their health and wellness by managing all aspects of one’s healthcare landscape – including health benefits, medical insurance and retail health. In short, the goal of healthcare consumerism is to enable patients to become wholly involved in their healthcare decisions.

The Covid 19 pandemic has accelerated changes in consumer behaviour, which in turn has deeply influenced the health ecosystem. There have been major implications such as the adoption of a more in-home and online engagement vis-a-vis a more physical one. With a sharp decline in various parameters of mental health and physical health during the pandemic, there is an increasing chance that tele-calling and digital engagement will propel healthcare consumerism even further. This will enable making it a more permanent part of the way people approach their health.

How the Healthcare Ecosystem is under Pressure:

The disruption of health consumerism is however, not without any pressure. The average customer is accustomed to the growing advancement in digital technology across all sectors in life. From banking (digital wallets, mobile pay), entertainment (Netflix), retail (Amazon) to travel (Uber), everything is a click away. Hence, there is a growing pressure on the healthcare ecosystem in a few critical ways:

1.Cost-effectiveness: With more innovations, consumers are expecting affordability in services. However, medical breakthroughs never come cheap and the longer a person lives, the higher is usually the cost of care.

2. Transparency: Consumers are often withheld from the final cost of the treatment, until it has already been incurred. With health insurance, cost breakups continue to create further confusion.

3. Access: Healthcare service providers haven’t been quick on the uptake when it comes to making care accessible and convenient. Issues surrounding reimbursements still create confusion for consumers.

4. Choice: Due to excess competition between service providers, it has been observed that service quality often drops and treatment/product cost increases. While there are an array of healthcare services to choose from, lack of information when it comes to comparison usually limits consumer choice and decision making.

The Disruption in Motion:

Healthcare has long vied for patient-centricity. Post the Covid 19 pandemic, new players have their eyes set on the healthcare market and are exploring abundant opportunities to enter the industry. Large scale and successful companies with proven customer focus like Amazon are demonstrating the credentials required to conquer the market. With abundant reach for customer intimacy and the right technology up their sleeves, some of the market leaders are in the process of making a breakthrough, soon.

67% respondents of a survey in 2020 believe that UnitedHealth and Optum healthcare might pose a severe risk to traditional healthcare providers in the USA. 66% of people vouched for CVS Health, 56% for Amazon, 39% for Google and Alphabet respectively and 38% for Apple.

Some of the other companies to disrupt the healthcare ecosystem include:

1. CareMore: A delivery system in partnership with Lyft has created a ride sharing app. This app allows providers, patients and caregivers to request rides, reducing non-emergency medical transportation by 39%. This intuitive and consumer-friendly transportation also aligns with the primary healthcare trend to drive inclusive digital healthcare programs. This helps in using the Medicare and Medicaid funds more economically.

2. CVS: recently merged with Aetna, CVS owns 10,000 retail stores in the USA and plans to convert some of its stores to provide non-emergency health services, serving as one stop shops for all healthcare needs. This merger has lead to a database of 65 million patients and a mobile digital prescription program.

3. Oscar Health: Is a relatively new entry to the health insurance space. It is extremely popular for its rich data science. Hence, this enables them to design optimal provider networks, real time testing and a personalized experience for every member on their database.

Further Disruptive Innovation:

The first digital healthcare revolution started with the launch of the internet browser in the 1990’s. For instance, this involved establishing a digitally connected ecosystem to form a steady foundation of an improved healthcare ecosystem. Healthcare providers could correctly understand and assess specific health intervention needs. For instance, they can create a well rounded care delivery system and categorize patients to deliver a seamless and hassle free experience for the end customer.

According to Accenture, 66% of heathcare organizations are transitioning towards a digital ecosystem, with the human in mind. While this sector has been slow to embrace the digital disruption, it has not been immune to it. However, with the everyday evolution of solution and delivery models, it is important that interaction between service providers and customers continue to change. There are a lot of the hurdles that the sector has to overcome. For instance, this includes various regulations, data security needs, physician-centric systems, in order to usher innovative disruption in the industry.

The key pieces that need to come together to create a more disruptive innovation in the field of healthcare consumerism:

1. Strengthen the digital record-keeping of a person’s health data to include physical, emotional and other behavioural aspects of health. This includes going beyond only clinical and financial data of the patient.
2. Introduce personalization to tailor make individual plans, in line with their skills, abilities and needs.
3. Above all, a digital ecosystem that redefines the healthcare space by making it more intuitive and keeping the care getter at the center of the relationship.

Final Thoughts:

Healthcare consumerism needs to undergo a massive shift in the way the healthcare market plans, delivers, markets and charges for their services. Like banking, retail and entertainment, healthcare providers will need to build their brands to be able to survive in a highly cut-throat and competitive market. With the pandemic still very much present in people’s lives, we can expect the following in 2021:

• Higher premiums and out of pocket expenses for consumers.

• Employers to come up with improved tax-advantage plans.

• A more personalised, intuitive and open channel of communication to be set up by healthcare organizations.

• Active dissemination of information when it comes to reviews, information and advice through digital channels by service providers

• Healthcare to become market driven.

With anxious and worried consumers leaning more toward a value and conversation driven approach, healthcare will have to surpass its focus on volume and provide attention to patient care. With healthcare consumerism on the constant rise, the question is how are we going to generate an efficient, cost-effective and profitable system that suits people sitting at both sides of the table?

Like other businesses, if you too are looking for IT Solutions for Healthcare Services, Mindfire Solutions can be your partner of choice. We have significant experience over the years working with Healthcare IT Companies. We have a team of highly skilled and certified software professionals, who have developed many custom virtual healthcare solutions for our global clients over the years.

 

Why should Indie authors dovetail with Software Vendors?

 

The growth of the freelance economy:

There was a time when freelance writing was frowned upon and freelance writers were considered to be professionals with no ambition or clarity. Today, due to the digital revolution, there has been a paradigm shift in the way this industry is perceived. From a handful of writers in print media, today we have seasoned content developers in India, cross cutting and multi-generational in nature. They have partnered with a plethora of platforms to address the demand of best-in-class online content.

With the digital wave impacting all sectors including retail, banking, entertainment and transportation, content writing has become an important extension to digital marketing. It includes content in varied forms such as blogs, articles and web-content/ social media content.

Most young freelancers, with the growth of the gig economy in India, are keen on working on smaller projects today, rather than being tied to one company alone. The growth spurt of the digital economy presents a huge opportunity for writers and software vendors alike who can leverage the huge success that digital content will be riding on.

Dovetailing with software vendors:

According to Truelance, India has 15 million freelancers, second only to the US (53 million). IT (41%), Marketing (23%) and Design (21%) are the most popular skill sets, with data, content writing and digital marketing being the most sought after areas.

However, this rapid expansion of online content has also resulted in the mushrooming of content writers. The competition is steep and beginners and experienced writers alike find it overwhelming to find trusted clients. Without the skills and expertise to navigate across the web to generate attractive content using the latest softwares, it can often become challenging.

An average Indian freelance writer earns upto INR 10,000 (~USD 130) per month without anySME or domain knowledge. However, for experienced freelance writers with industry specific understanding, the sky’s the limit. To leverage the need of freelance writers to generate online traction to their content, partnering with software vendors presents with the following advantages:

1. Improve search engine rankings and optimisation.
2. Re-direct more traffic to one’s content.
3. Add images to the content, increasing reader friendliness and simplifying explanations.
4. Manage writing productivity, while mapping them to project deadlines.
5. Easy and intuitive formatting of manuscripts, along with great online styling.
6. Organizing content based on industry based need, popularity and success.

Making one’s writing stand out in the digital age:

Becoming a freelance writer today does not require one to have a bachelors or masters degree in mass communication. However, while in the past, a reasonable grasp of English along with the willingness to pick up an assignment was enough to get a content writer some gigs. Today it is expected that professionals seriously pursuing content writing should be familiar with industry jargons. These include digital marketing, short chain and long chain keywords, SEO, SMO, content design, content adaptation etc.

If one is a freelance writer looking for opportunities to produce well-stylised content that can gain immediate popularity, the fastest and most reliable process is to partner with the numerous software vendors. They can make the process easy and accessible, while improving both cost and time effectiveness. Software vendors like Canva are growing in popularity for helping freelance writers learn basic image editing.

With the growing audience on the internet, unattractive and un-stylised content is usually lost in the black hole. Hence, small skills such as these can make a large difference in getting content creators more work. Platforms such as PicMonkey and Mailchimp can also support writers with basic functionalities such as adding text to blog images and reels on newsletters. Softwares like Hubspot helps integrate content management with the customer experience. These platforms work hand in hand with the writer to give the content a deeper perspective and a more well-rounded look.

There are a plethora of other specific software tools that the modern day freelance content developer can choose from. Here are three most popular ones from the internet:

1. SEO content optimization tools:

These play a huge role in improving overall content writing. MarketMuse is one such dynamic SEO optimization tool that helps Google search results of freelance content significantly. It has an affordable pricing plan and uses advanced AI technology to conduct thorough research on a targeted key-word for instance. It also provides services like content optimization using UI/UX technology etc.  This increases one’s real time content score while providing insights that help users build internal and external links.

2. Other software tools:

For instance like Surfer CEO helps the writer to optimise the content in any language. It has helpful SEO writing assistant tools such as keyword density, headings etc which often comes in handy. Surfer CEO also has another very impressive feature – content brief. This comes to the rescue for writers experiencing a creative block. It saves a lot of research time and helps one organize content in a more structured and efficient manner.

3. Organizing research, strategy and content:

This is also an important part of the job, sometimes more important than the real writing. Page Optimiser Pro is another tool that provides the writer detailed insights on strong strategy and competitor analysis. It helps create content that caters to a specific audience and is an extremely fast tool.

Softwares and software vendors to the aid of freelance authors:

While freelancers can make the use of freely available tools online, availing the help of dedicated softwares and software vendors can help them concentrate on their core competency (content development and writing). They can leverage technology and expertise to make their competency more visible to the wider (and targeted) audience.

Some advantages that an engagement with a software vendor can provide are:

1. Softwares and vendors can help an author edit and organise the content and proof-read it against errors. Using AI, softwares can understand the context of the author’s sentences and provide grammar, readability and style suggestions to enhance the content.

2. Designing of lay-outs forms an integral part of making content more appealing and reader-friendly. Softwares, with in-built lay-out and typesetting tools, can help an author create multicolumn pages, rich in stylish typography, graphics, images, videos and tables.

3. A number of softwares also provide additional features like ‘voice to text’ and ‘haptic technology’, which are useful to appeal to a larger audience.

4. In today’s digital world, integration of content with social media channels is extremely crucial for the author to achieve scale. Software vendors, using APIs, can help publish content be available instantaneously across different platforms like smartphones, tablets and laptops.

5. Analytics of traffic generated by the content, and customisation thereof, is made possible via reliable softwares and software vendors. Such analyses can help the content creator to further strengthen / curate her body of work. This helps generate more eyeballs and consequently, greater scale and revenue.

6. Softwares can also help aggregate data from multiple sources, that could be utilised by the content creator for gaining knowledge and using the information thus provided for generating richer content.

7. A software vendor can help the content creator develop apps and websites to showcase the work and make it available to a global audience.

8. Finally, software vendors can help customise the content for different formats of print media – flyers, reports, magazines, or brochures. A vendor can also be the interface between the content creator and a publisher – helping in the generation and distribution of physical copies of the e-content.

Final Thoughts:

By 2025, 900 million people in India are expected to have internet access in India. Such an active tech environment provides impetus to more opportunities for freelance writers. With diverse software tools and reliable software vendors, they can create digital content for a wide range of events, campaigns and initiatives through multiple forms. Consequently there is and will continue to be a growing dependence on the internet for web content, manuscripts, stories, scripts, reports, reviews and so on. Indian software vendors are beginning to realise the importance of online marketing in luring Indian audiences to good online content. This goal simultaneously requires good content creators who can use software vendors to their advantage, to further the growth of the freelance content writing industry.

Like other businesses, if you too are looking for IT Publishing solutions, Mindfire Solutions can be your partner of choice. We have significant experience over the years working with freelancers and publishing houses. We have a team of highly skilled and certified software professionals, who have developed many custom publishing solutions for our global clients over the years.