Having worked with big retailers, we discovered that majority data about their consumers sits outside their databases . Answer to e-commerce retail is hyper-local retail. We also help retailers capture newer data points about their customers which are beyond their transactional world view and frame of reference.
Algo8 platform and frameworks for retailers enable them in
Create, Conceive and Implement Big Data enterprise solution to store and curate all type of internal and external data on a single platform, which maintains flexibility, security and scalability for any type of data initiative.
Creating a 360 degree view of the customer, their profiling, creating a customer story and enabling analytics driven intervation.
Customised AI and Pattern based learning Solution for contextual application in enterprises. Creation, Conception and Development of use cases in highly secure environments for
An AI driven smart and easy location intelligence tool with advanced machine learning powered geospatial analysis to contextualise external data for decision making.
An NLP based brand perception tool, which collates all social chatter about a retailer and its competitors from channels like mail, social media, news etc. Opini8 also enables customer support through NLP.
Ensuring that a customer gets exactly what he/she has selected and wished for is at the core of the retail industry. However, understanding consumer choices is a time consuming and laborious affair. With the coming of AI, retail companies across the world are using machine learning and data science to understand the pulse of their clients and ensure that their satisfaction is nothing short of excellent. Take the case of US based cosmetic brand Olay. Its intelligent Skin Advisor Platform, boosted sales globally with China witnessing an increase in basket size of almost 40%. The AI-powered platform offers users skin-age estimates and makes recommendations for skincare based on selfies. Olay partnered with content matching and data machine organisation, Nara Logics to develop this platform. Jana Eggers, CEO, Nara Logics adds that the system takes into consideration a host of factors to give customers a customised product. She remarks, “For Olay, the algorithm accommodates two requirements: First, rules track individual product features and ingredients, to ensure they’re matched to customers’ focus areas and complement each other when offered in suites. Second, it gauges what products are popular, from reviews, transactions and other sources.” Such a platform has helped Olay become a leader of sorts in the personal beauty category. 94 percent of users have received recommendations unique to them — meaning no one else has received the same recommendation. Apart from easing pressure on Olay’s employees to entertain almost limitless queries regarding beauty and makeup from enthusiastic customers, such a platform has boosted sales and production of Olay’s products worldwide. Other companies too are adopting similar mechanisms to boost their profits.
AI presents endless opportunities to make business more meaningful and engaging across the chain of command. Perhaps, one of the major drawbacks of the AI system is its inability to fully and emotively grasp human responses and act accordingly. This is where Chinese e-commerce giant Alibaba has tried to make a difference. Thanks to the Chinese Govt. and the general public, who’ve not shied away from embracing technology and participating in data driven ventures, Alibaba has been making steady process in redefining how retailing is done. Take its Single’s Day Celebrations Inventory Distribution system. From deploying AI algorithms that understand customer requirements and communicate the same to retailers in real time to incorporating a robot workforce that can process 1 million shipments each day, Alibaba has made crucial changes to its distribution system. Interestingly, its chatbot ‘Dian Xiaomi’ or ‘Store Assistant’ has been upgraded to such an extent that it can simultaneously respond to the queries of 3.5 million people each day and even transfer a customer’s queries to a human advisory agent in case it itself isn’t able to address the situation in an appropriate manner. Alibaba's founder Jack Ma remarks that, "30 years later, the Time Magazine cover for the best CEO of the year very likely will be a robot. It remembers better than you, it counts faster than you, and it won’t be angry with competitors." Alibaba’s achievements are symbolic of the depth that AI has ingrained itself into the workforce. Despite such a deep integration, Alibaba is careful about not upsetting its human employees or firing them needlessly but then again is trying to maintain profitability with technical efficiency and productivity. Such a careful balance is needed to ensure that the human element is not completely absent from the work scenario.