How Retailers in Pakistan Stand to Benefit from Artificial Intelligence
- Feb 23, 2019
Artificial intelligence systems have the ability to evaluate and translate external data. AI systems learn from the interpreted data and use the knowledge to complete automated tasks. AI algorithms are also very adaptable. They continually use data to improve their operations.
These features make artificial intelligence highly functional and very useful to retailers. Also merchants, particularly sell apparel, footwear, groceries, furniture, cars, home decor directly to consumers through various distribution channels.
The Digital Age a.k.a Automation
Nowadays, it seems like Microsoft Excel (and other spreadsheet tools) have been around forever, but this is so not the case. There was a time before these tools, a time when workers had to perform spreadsheet tasks using a calculator, pen, and paper. Can you imagine how long it would take to manually manipulate and analyze data with over say 100,000 or 500,000 entries? Do you know how many additional hours would be used to cross-check this work? Due to its functionality, Microsoft Excel revolutionized many sectors with Retail being one of its most prominent beneficiaries.
Given how quickly the retail scene improves and constantly grows, it develops in the nature of the data it produces. However, spreadsheet tools began to struggle to keep up with the data analysis. AI is a more feasible solution. AI is the technology in the new age of automation. In addition to being automated, artificial intelligence is also self-learning and self-improving.
This makes it a better fit for the fast-growing retail industry. Because of AI algorithms, retailers were able to match the speed of human decision-making. This leading to marked progress in retail data analysis and manipulation. Artificial intelligence is currently used to create a number of technological solutions. Especially for the retail industry as well as many other major industries in the world.
Xcentric’s AI Solution
To avoid losing sales opportunities, it is important that retailers do not use spreadsheets. It is important retailers must not assume staff members required to run a branch effectively. Also, rather than wait for budget cuts before streamlining operations, retailers can use AI to automate staffing and even prepare an employee schedule.
Here is how it works?
The AI algorithm uses historical traffic data to predict incoming traffic for the future. Also, it combined with the employee data and POS information. Hence the algorithm produces an automated employee schedule. The store optimization dashboard is used to track visitor traffic.
Moreover, lost sales opportunities are checked every hour. Similarly, the data is used to further improve the employee schedule. Since AI algorithms are self-improving, over time, the employee scheduling feature will keep learning and keep optimizing itself. Until it consistently produces an employee schedule. That perfectly matches the number of customers in the store at all times.
This reduces lost sales opportunities while also enabling retailers to only hire the number of employees they need and deploy them effectively. If you wish to improve your retail business and want to get the piece of technology do visit the Xcentric Services website store to get the best people counting camera price.
In the past, using data to predict human behavior and decision-making was almost impossible. There was a gazillion of factors to consider. for instance, people changed their minds very frequently. Also, no technology could handle all that data. However, the advent of AI algorithms has made it increasingly easier to analyze gigabytes of data. Consequently, build solutions based on these analyses.
Xcentric uses its footfall counting solution that uses automated employee schedule and store optimization dashboard particularly makes possible because of artificial intelligence. By adopting it, you are leveraging the latest in technology to devasting effect and at the same time, making your store’s operation more effective and efficient. Xcentric Services offers the best people counting solutions to get people counting camera price visit Xcentric Services website store.