Retail Game-Changer: Personalization with AI, Virtual Reality, and AI-Driven Click & Collect
Optimising Personalisation for Revenue Growth and Customer Satisfaction
It has been a considerable amount of time since the term "omnichannel" first gained popularity among retailers. Today, our focus has shifted to optimising the personalisation of each individual customer, as it is a crucial element of the omnichannel experience in driving revenue per customer and overall customer satisfaction.
Successful retailers understand the power of advanced technology and digitalisation in increasing their market share. This is not a new concept as throughout history, retailers have continually adapted to new technologies to outperform their competitors.
However, what sets today's retailers apart is the rapid pace of technological change and the wide range of available technologies. Waiting for a technology to mature is no longer an option. Instead, retailers must demonstrate speed to market and constantly update their software platforms. Technology now develops faster than the market, learning from every transaction and interaction. Retailers who wait for something better or more mature will be left behind in the dust by their more adaptable and faster competitors.
Personalisation Unleashed: The Power of Artificial Intelligence and Generative Intelligence
By combining generative intelligence with data analytics, retailers can achieve a level of personalisation that was once unimaginable. Generative intelligence is a type of AI that creates new content based on what it has learned from existing content. Just imagine, leveraging the insights gained from your shopping habits to pinpoint new fashion items that align perfectly with your preferences: the right colours, your ideal size, and a new design that catches your eye immediately. Taking personalisation to the extreme, this generative AI can create a tailored offer that speaks directly to your heart, evoking positive emotions and a powerful desire to purchase the product. This fusion of generative intelligence and data analytics is an incredibly potent tool that drives sales, boosts customer satisfaction, and fosters brand affinity.
Blurring Realities: The Rise of Click & Collect, Virtual Shopping, and Augmented Reality
In the coming year, we predict a surge in the adoption of virtual and augmented reality shopping among forward-thinking retailers. Click & Collect, a method that bridges the gap between online and physical store shopping, is already gaining popularity. However, this fast-growing technology will extend beyond remote shopping scenarios. Retailers will integrate Click & Collect with virtual and augmented reality shopping experiences, both in-store and online.
Today, brands leverage virtual and augmented reality shopping to allow customers to try on shoes, clothes, makeup, glasses, and even furniture... all from the comfort of their own living rooms. Testing products virtually has become the norm.
Stepping into the Future: The Competitive Advantage of Innovative Retailers
Retailers that quickly adapt to new technologies maintain a competitive edge and foster brand loyalty among their customers. By embracing augmented reality, retailers enable seamless try-ons, allowing customers to virtually see themselves in new clothes, change colours and sizes effortlessly, and make confident purchasing decisions. With Click & Collect, customers can conveniently pick up their orders when leaving the store or choose to collect them later, whether they are at the office or shopping from home. Even buying furniture becomes an immersive experience, as customers can virtually place items in their own homes or apartments. The augmented reality technology accurately scales products based on room dimensions, providing a 98% accuracy rate. Customers can even examine the fabric's texture and witness how light, and shadows interact with their furnishings – all within the familiar setting of their own living rooms, kitchens, or bedrooms. This level of convenience and immersion raises the question: do you really need to visit a physical store anymore? Or can you simply order for Click & Collect and have your items ready within an hour or two?
We believe that the combination of personalisation through generative AI, increased utilisation of virtual and augmented reality, and a high-performing Click & Collect solution has the potential to revolutionise the retail industry in the years to come.
The Winning Path: Prioritising Technology for Customer Satisfaction and Brand Success
Retailers who strategically prioritise technology to enhance customer satisfaction, brand affinity, and sales will emerge as the winners in this evolving landscape. However, it is essential to remember that swift action is crucial. Retail technology is currently at the forefront, and retailers must move faster than their competitors to capitalise on the opportunities presented.
At Inovretail, we are dedicated to creating the leading global Click&Collect solution that will transform the retail experience through innovative solutions. By combining personalisation, artificial intelligence, and data analytics we can help retailers to elevate their customer engagement, upsell and cross sell, picking efficiency in store and redefine success in the industry.