Embracing new technologies and adopting fresh, innovative ways of working are crucial for success in today’s business landscape. River Island’s mission is to become a digital leader in retail, which encourages us to constantly explore and implement tools that bring benefits in the form of streamlined processes and enhanced customer experiences.
We’re always interested in finding out about the latest trends to impact our industry and recently came across a DMN article examining the ways tech companies are using artificial intelligence (AI) to resolve some of retail’s biggest pain points. It shares insight from top tech company CEOs during the recent Shoptalk 2018 event – three highlights include:
Identifying real-time opportunities
Breinify’s AI-driven tool cleverly assesses customer data so that it can predict and establish moments of purchase intent, based on real-time situations.
“[Localised] weather, events, and holidays have a huge impact on sales because it integrates real-life instances,” said CEO and co-founder Diane Keng. She added the tool is “reminding people that an event is coming, and then driving sales.”
Understanding demand when inventory planning
Afresh Technologies is helping grocers in particular to enhance their inventory management process with its AI system, which utilises predictive intelligence.
Matt Schwartz, company CEO, stresses how retailers in the grocery sector face unique problems when currently measuring demand for fresh food with shorter shelf lives. His system analyses billions of data points which creates more accurate demand forecasting and product recommendations.
“What we’ve come to find is [understanding] demand leads to better inventory,” Schwartz noted.
Building a community
TokyWoky is a community-based chat platform that invites people to share feedback and product recommendations in real-time. Brands are then able to use NLP capabilities to assess customers’ pain points, track trends and map demand.
The tool is therefore driven by real responses, from real people – this is a completely different approach to using chatbot automation. “I think it’s the whole trust thing is what makes it so engaging,” acknowledged co-founder and CEO, Quentin Lebeau.
As we embark on our digital transformation, we’re on the lookout for talented and highly skilled individuals to join our Engineering team. You’ll help us to inspect and adapt our tech to ensure we meet customer expectations, so you’ll need to be a firm believer in continuous improvement, be super motivated and take enormous pride in what you do. Interested? Take a look at our current vacancies today.