GenAI can change the industry by helping retailers maximize sales and profit margins with existing customers. It may even help reverse the decades-long trend of deteriorating customer loyalty by enabling retailers to provide surprisingly great customer service. For example, GenAI can help retailers achieve the following:
- Optimize displays
Retailers can make physical store displays more effective by combining smart display devices, conventional AI analysis of sales data, and GenAI’s conversational capabilities to produce more compelling promotional copy and design elements.
- Improve in-store customer service
Not all employees have the innate ability to connect with customers on the floor, but anyone with a tablet can access assistance from GenAI. This tool can quickly help employees direct customers to the particular item they’re looking for and suggest related items they might be interested in buying. GenAI could even prompt employees to ask customers about themselves or what they’re looking to accomplish, which can present even more cross-selling opportunities. For example, a customer shopping for a particular interior paint at a hardware store could be led to buy paint brushes suited for that type of paint.
- Consolidate and summarize feedback
Retailers can use GenAI to aggregate and interpret customer feedback from a variety of internal and third-party sources, including social media sites, call center and chat transcripts, and online reviews, creating succinct summaries from hundreds or thousands of comments and suggestions. These summaries can keep management better informed about the performance of their physical and online stores—notably, customer satisfaction with the quality of service, the breadth and depth of product selection, and whether products meet expectations.
- Personalize shopping experiences
Retailers can use GenAI to create offers and marketing communications that are tailored to each customer rather than to a demographic group since GenAI can create them rapidly and in any quantity. GenAI can also analyze browsing history, purchasing behavior, and preferences to create highly personalized shopping experiences. By understanding individual customer preferences and behaviors, retailers can tailor their product recommendations, promotions, and marketing campaigns, increasing customer satisfaction and loyalty. They can also use GenAI, in combination with RAG or other means of supplying updated data, to offer more personalized after-sales service. This can mean helping customers get more out of the products they bought, making the returns process smoother, and even collecting more feedback on their experiences and generating interest in future transactions.
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