The retail sector is making swift turns every other second. With tons of new entrants and the advent of eCommerce, retailers are finding it difficult to stay afloat. So automation came as a breath of fresh air for the retail business.
With Analytics, Artificial Intelligence, and Robotic Process Automation, we’ll be witnessing a paradigm shift affecting retail chains today. These technologies can help retailers meet the unique demands of customers.
Let’s understand the interesting role of automation and its uses in the retail sector!
Where Can Automation Help In Retail Business
Here are some interesting examples that can elucidate the power of automation on retail business. These examples are a perfect explanation of why you should consider automation for your retail business.
AI-Assisted Loyalty Recognition
If customers are regular buyers, it is natural for them to expect a little extra special treatment. So, how can retail stores fulfill this expectation of the customers? Well, Artificial Intelligence has the key.
AI enables security systems can notify or alert the frontline staff about the arrival of such customers. In addition, the AI systems can equip the staff with purchase history to allow them to assist the customers better.
This innovation will lead to better customer satisfaction and a positive experience.
Bot-Enabled Cash And Credit Reconciliation
These days, retail stores have chains operating in various locations. As a result, cash and credit reconciliation at closing hours are becoming more of a daunting task. Though the store management systems might help to a certain extent, it might not be enough.
There are plenty of cash receipts in the register, and reconciling them required human intervention. This activity requires dedicated accounting personnel.
However, if you configure the bot with the logic of reconciliation, it might perform this work. However, that’s not it; the handling time will reduce significantly, and there’ll also be less room for errors.
Bot-Powered Customer Support
Even retail businesses need to be ahead in the race when it comes to customer support. Offering 24x7 customer assistance is now possible with bot-powered chatbots. Companies can make their customer support quick and seamless with these bots.
There are agent monitoring bots, Intelligent routing, and event agent assisting bots. Assisting bots can process customer requests in real-time. These bots can also collect and maintain customer history for future use.
These bots can go a long way in serving customers and ensuring a positive experience.
Bot-Assisted Stock Replenishments
Inventory replenishment is one of the most crucial tasks for retail businesses. However, if you want to access lightning-fast order fulfillment, it also calls for well-planned inventory management.
Based on stock availability, warehouse management systems can carry out replenishment of inventory. However, the system required manual intervention. Human staffs have to enter the details to trigger the rest of the process.
The good news is that a bot can do the same for a retail store and initiate approvals. Furthermore, these bots can even check the status with suppliers and ensure timely order fulfillment.
Bot And AI-Assisted Claims And Refunds
In the stores and warehouses, during the transit process, inevitable damages can take place. Your business can claim this damage with manufacturers and suppliers with proper proof. Besides, the process of damage claims is different with different suppliers.
The good news is that AI mechanisms can verify this proof of claims. Moreover, the trained and configured bots on the pipelines of these claims are more accurate and efficient. As a result, your retail store can curb frauds with the help of bot and AI-assisted claims and refunds.
Benefits Of Automation In Retail Business
The retail industry is one of the fastest-growing sectors of business. As a result, there are additional costs in every leg of the lifecycle. Owing to this, automation can assist retail business owners in streamlining their operations.
Automation can help save human power, time, and cost. Moreover, smart automation technologies are suitable for several tasks in the sector.
Product categorization and automation are also applicable to staff onboarding, logistics, analytics, chain management, and more. Retail businesses can also base their marketing plans on AI-driven analytics.
There are multiple benefits of introducing automation to your retail business. We discuss the most prominent ones below:
- Better and efficient communication
- Day-to-day tasks are well-organized
- Common data model
- Data-driven decision-making
- Time consumption reduces
- Improved collaboration process between partners and vendors
- Cost-saving on labor
Wrap Up
Automation works well when retail businesses leverage it in conjecture with legacy systems and ERPs. Automation has the power to make processes more agile, compliant, and accurate.
What’s more? Automation offers something that all retail customers long for, i.e., innovation! Moreover, Artificial Intelligence can significantly increase cost savings and operational efficiency.
Store management systems, inventory, and warehouse management are all set to get easier with automation.
