Posted on : 2022-12-18 20:22:53
Article : Good morning, Monday Management solution for TASK 221 -In an immensely competitive market, which spoils the consumer for choice, brands must embrace AI and data-driven solutions to deliver the best customer experience while keeping the costs low.
From hawkers to roadside stalls to branded showrooms to ecommerce portals, the process of selling consumer goods and services through retail channels has followed an interesting evolution over the years. It is worth noting that with every refinement, the task has continually become more complex and specialised, requiring newer techniques by the sellers. In the age of customer-centric businesses, the role of the retailer becomes extremely critical as the last link in the supply chain; for consumer-facing businesses, this leaves no scope for errors and inaccuracies. In an immensely competitive market, which spoils the consumer for choice, brands must embrace AI and data-driven solutions to deliver the best customer experience while keeping the costs low. Here are five case studies that demonstrate effective and innovative AI use by Indian retail brands.
Bata, the footwear retail company, sought to deploy an AI-based video analytics solution that could help improve the company’s in-store sales, operations, and customer satisfaction. Additionally, the footwear company was looking to reduce costs, ensure SOP compliance, and improve in-store security. Agrex.ai proposed an AI-based video analytics solution. The solution utilized the store’s existing video infrastructure to implement data harvesting and insight generation on smart conversion and audience segmentation. The inventory, sales, marketing, and customer parameters were calculated by using the platform’s AI capabilities, and in turn, used to develop a unified dashboard that analyzed and predicted the sales and operation parameters of Bata’s retail stores. The platform was further used to evaluate overall store operations and revenues, and identify customer feedback and experience, as well as the number of customers visiting the store on a particular day/week/month. The algorithms identified the gender, age group, and mood / engagement of the customer. Agrex.ai also deployed a real-time alerts tool (within the platform) for perimeter protection and theft detection.
The correlation metrics allowed Agrex.ai and Bata to maximize revenue per square foot and mitigate bounce rates across the stores / sales regions that implemented the solution. The AI platform enabled the identification of redundancies, trends, and variances in current and the historical data of the retail stores. The platform implemented by Agrex.ai operated with a 95% human detection accuracy. Agrex.ai scaled the solution across hundreds of cameras, and enabled the extraction and analysis of moods / behaviors in real-time. The AI-based video analytics solution increased the conversion ratio by a double-digit percentage. The solution drove efficiencies across marketing campaigns, which measured real-time consumer feedback. The solution enhanced customer satisfaction and improved store staff efficiency.
Blackberrys is a menswear fashion and lifestyle retailer chain present in over 300 cities in India through Exclusive Brand Outlets, Large Format Retail, Multi Brand Outlets, and online operations. The brand was facing a few challenges in its effort to expand scale and customer outreach, such as limited customer reach, difficulty in winning back customers, and tracking online to offline engagement.
After Capillary Technologies was onboarded to find a solution, it implemented the Engage+ platform for Blackberrys. The Engage+ platform was powered by Capillary’s proprietary AI platform - Zero AI. The platform enabled Blackberrys to run 1:1 customer engagement at scale and to create zero-touch customer journeys and Blackberry was able to run Real-time dynamic offers. The campaigns engaged with the right audience via the right channel at the right time. The adoption of Machine Learning (ML) and Artificial Intelligence (AI) algorithms created the best campaigns for Blackberry. The platform’s advanced algorithm automatically picked the best channel mix for a customer by analyzing multiple factors like Reachability, Responsiveness Score, and Conversion Probability. Journey Builder enabled Blackberry to automate engagement across the consumer’s purchase lifecycle and communicate the next best message.
The implementation enabled Blackberrys to raise its revenue with omnichannel engagement. Blackberrys was able to reach out to 75% of the Do-not-Disturb DND customers through social campaigns. Besides, Blackberrys also achieved 3 times better campaign hit rate (Social v/s SMS). The solution enabled a 66 times Return on Investment (RoI) for lapse and lost customer campaigns.
End point-By and large AI for FMCG can be performed efficiently by using modern tools and algorithms. An increasing number of FMCG companies are turning to AI-driven automation to improve their consumer experience and brand engagement. The advantages of combining your vast data and using strong algorithms to uncover insights about your operations, customers, and marketing plans are not too weak to ignore.
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