Artificial Intelligence in the New Experiential Retail
With emerging e-commerce platforms currently experiencing a boom, it’s easy to think that traditional bricks-and-mortar retail is collapsing. Even though up to 83% of goods purchased globally in 2022 will still be bought in-store, the way we shop has undeniably changed and will continue to change over the coming years.
Consumers have slowly but surely been moving away from simply shopping for products to seeking a more engaging experience, which leads to the emergence of various new retail trends. These trends have been driven largely by millennials and their preference for experiences over things, which will continue to push brands and businesses to add layers and new experiences to their traditional retail model. One of the ways is by making the most out of Artificial Intelligence (AI) technology.
AI has been the main driver for in-store retail digitalization and it is playing a role in bridging the gap between virtual and physical sales channels. The use of AI in retail can be interpreted into a number of technologies, such as predictive analytics and machine learning, aiming to help consumers make an easier purchase decision, as well as providing a seamless purchase experience. It doesn’t matter which form of technology is used, personalization and data optimization are key, as is tailoring the purchase journey to each individual and guiding them through the whole experience step by step.
In the end, even though the technology is driving the change, authentic person-to-person interactions both online and offline are crucial to develop meaningful relationships with consumers and lead to in-store sales.
If you’d like to know more about our experience and how we can help your brand/business shape a deeper business-to-consumer engagement in the retail industry, please contact Nimrod.
26 years market intelligence experience. Specializes in bespoke solutions design, with focus on qualitative approaches, product clinics, and in-depth & creative result-oriented output.