Machine learning (ML) and Artificial intelligence (AI) are among the top technology trends in the retail world. They are having a full impact on the retail industry, particularly on those who are e-commerce companies that rely on online sales, where the use of ML technology is typical nowadays.
Retailers have to keep in mind the various aspects of individual store management in geographically distributed areas that can allow the continuous flow of inventory at a reduced cost and minimum wastage.
The large volume of online sales has provided them a purpose to design automated Machine Learning (ML) retail platforms. The responsibilities that can be encountered by top machine learning development companies in India are listed below.
• ML provides assortment planning with inventory and supply chain management
• It maintains analytics of customer buying patterns with invalid/fraud requests.
• ML also provides analytical reports of customer interactions with virtual assistants and chatbots.
• ML also Performs retail analytics at scale to understand year on year growth.
• It provides Personalized recommendations using collaborative filtering, content-based filtering, hybrid filtering to customers.
• ML can identify items that are displaced/removed from the stores.
The main features provided by machine learning development companies that can be beneficial for the retail industry are listed below.
1. Recommendations Engines
Top Machine Learning Company in India is providing recommender systems for the client’s websites. Implementation of recommender systems can provide a boost to the sales and can leverage the power of data to E-commerce and retail companies. Those companies of the retail industry, who are using recommender systems, focus on increasing sales as a result of very personalized offers & enhanced customer experience.
A feature of a recommender system, speed up the searches & make it simpler for users to access the content if they are interested in and overwhelm them with offers they would have never searched. With the help of recommender systems provided by Machine Learning Development, companies can send out emails with links to new offers that meet the recipient’s interest, or suggestions of films and TV shows that suit their profiles. It helps companies in the retail industry to gain and retain customers more. The customers who start to feel known and understood are likely to buy additional products.
By knowing and acknowledging what a user wants and showing it right away can decrease the chances of the user leaving the platform. It can translate into a higher chance of purchase and a decrease in the threat of losing a customer to a competitor. Moreover, Best ML App Development also allows companies to rank ahead of their competitors in Google, which will indirectly increase the revenue of the company.
1. Visual Search
In some cases, customers can not find the proper keyword about what it is they want. Machine Learning Development allows users to search for visual content before making a purchase. Instead of typing a query such as “cordless combo kit with the soft case” which will probably return a lot of results, customers can upload an image to help narrow the search down to more specific items. Leading top companies are using Visual searches. Google has google lens, Microsoft has bing visual search, eBay has an image search & Pinterest has Lens Your Look.
1. Pricing Strategy
Top machine learning development companies in India provide an algorithm that can consider key pricing variables into account, to define an automatic pricing strategy with real-time, dynamic prices. Machine learning can optimize the willingness to pay from customer search behavior. It considers the items they look at and purchase, or the time they spend on each web page. By including supply, seasonality, external events related to your business and market demand, and offer, an automatic pricing system with Machine Learning Consulting can efficiently adjust and optimize prices.
Hire our Machine Learning developers and Adopt a system that can learn most of what is happening in the market allows you to have better information than your competitors to make better decisions. With the help of Machine-Learning Development, you can build custom data-driven solutions to improve the KPIs. That means you can partner up with retailers to conceptualize & build custom machine learning systems that either increase revenue or reduce costs.