Artificial Intelligence In the Retail Industry: Top Use Cases of AI In Retail
Artificial Intelligence In the Retail Industry
How AI Is Changing Retail: Top 5 Use Cases Of AI In Retail Industry
The acceptance of Artificial Intelligence (AI) in retail industry is growing worldwide. Retailers and supermarkets are widely using AI retail apps for improving their business efficiencies. The role of AI in retail industry is to analyze in-store customers and predict market conditions. The benefits of using #AI in retail business are enormous.
Embracing the applications developed using AI, ML, IoT, and Computer Vision, retailers can benefit from improved in-store customer experiences, optimized sales, streamlined warehouse management, and many more. Here are a few top use cases of AI in retail sector.
How Artificial Intelligence Is Used In Retail?
Let’s take a look at the top benefits of AI in the retail sector.
It is one of the most popular applications of AI In retail industry. Artificial Intelligence assists retailers in monitoring in-store customers and analyzing their behaviors and movements inside the store. Computer vision-based systems and applications, AI cameras will capture images and send them to admins if any suspicious movements they detect.
Demand Forecasting Apps
It is one of the biggest benefits of AI for your retail business. The scope for AI in retail for predicting the opportunities of the retail industry is high. Intelligent AI tools with predictive capabilities will monitor the market conditions and forecast the demand trends to let your brand stay on top of the competition.
AI-powered demand forecasting apps in retail will process the historical sales data and accurately predict the customer demand for particular products. Hence, using ML algorithms and predictive capabilities, AI retail apps help retailers grab sales opportunities and enjoy profit margins.
AI Pricing Tools
It is one of the key advantages of AI in retail industry. AI-powered price optimization applications analyze the prices of competitors’ products and historical prices of products to help retailers evaluate the best pricing strategies. This innovative approach help retailers catch up with customer trends and boost sales.
Inventory Tracking and Management
Smart inventory management is one of the benefits of AI in the retail industry. AI is being used in retail for tracking inventory levels and maintaining the right quantities as per product demand. AI-based inventory tracking bots 24*7 scan the products’ shelf and automatically notifies the store management to maintain the stock if any shortage is visualized.
Supply Chain Visibility
It is one of the top benefits of artificial intelligence in retail sector. AI applications in retail will increase the efficiency of supply chain operations. From warehouse shifting to logistics and delivering products to the distribution locations, AI apps ensure visibility and send status updates in real-time.
Hence, this modern technology offers security, greater transparency, and bigger visibility into end-to-end supply chain management operations.
In-store AI Robots For Assisting Customers
It is one of the benefits of AI in retail. AI robots are helping customers in navigating through the store and find the products that they searching for. AI robots are helping customers in navigating through the store and find the products that they searching for. They will improve the shopping experience of the customers and boost sales.
These are the top AI use cases in retail industry. Know More about the Importance of AI in the retail industry!
Now, let’s take a look at the future of AI in retail industry.
The Future Of AI In Retail Sector
The future of Artificial Intelligence in retail sector will reshape conventional business models and accelerate digital transformation. AI’s robust, predictive, and analytical capabilities are estimated to derive more business value for the industry.
Multinational retailers and supermarkets have already incorporated AI applications, systems, and in-store monitoring robots to facilitate the best customer experiences and optimize services. Here is the figure that reflects the AI future in retail industry.
The figure reflects the positive impact of AI in retail sector in the coming years. According to the market reports, the market value of AI in retail is expected to reach from $5 billion in 2021 to approximately $23 billion by 2028.
So, the impact of artificial intelligence in the retail industry will be high than we forecasting. To provide the best in-store virtual experiences to the customers, improve personalization, and stay on top of market trends, the demand for AI technology in retail will increase.
Are you interested in AI retail app development?
How Much Does It Cost To Develop An AI mobile app?
Global retail businesses are switching to mobile app development using the power of cutting-edge AI technologies. AI technology has become an integral technology for mobile app development for retail and other diverse industries.
The estimated cost of mobile app development with AI will be around $80,000-$150,000. It is the average AI Mobile application development cost and the exact cost of AI Apps will depend on many factors.
Factors that determine the cost of AI development:
For predicting market trends, monitoring in-store customer movements, and deciding the best price for products, AI business apps for retail use various types of AI techniques. Machine learning, Voice recognition, predictive analytics, natural language processing, and chatbot applications will significantly add value to AI-based mobile apps.
Hence, the final cost of your AI retail app depends on the technologies that you add to your application.
App Development Process
The development process of an AI project will also decide the exact cost of mobile app development. With agile app development processes with a crystal-clear vision in mind, AI developers can deliver bugs-free AI retail apps within assured development times.
From R & D, design, and development to testing, quality assurance, deployment, and maintenance, Hyena implements proven methods and develops flawless AI apps (Android, iOS, and Web) for your business.
AI Developers Cost
It is another significant factor that determines the cost of AI-based android retail apps or AI-powered iOS mobile app development. The hourly cost of an artificial intelligence app developer will change the overall estimated cost of the AI applications.
The cost of AI app developers will be different from a region to region. For instance, mobile app development agencies in USA will charge nearly $100-$125 per hour whereas app developers in India will charge $18 to $50 per hour.
AI Application Complexity
The features and design of the AI retail application will decide the final cost of mobile applications. Development of AI based retail apps with simple apps and basic design will be less than an AI app development with animations and advanced tools and features.
If you are more eager to deliver unique experiences to your in-store customers or app users, enrich your new AI retail app with advanced features and make your application unique from others.
Hyena – mobile app development company, has vast experience in the design and development of AI software solutions for enterprises. We have a proven experience in AI development for global leading retail companies. Our AI app developers in USA and other locations will build results-driven retail solutions that enhance your business efficiencies.