How does Kognitos elevate a business user’s retail experience?
Amidst the disruption of COVID-19 to the retail industry, the industry is experiencing increased inventory shortages, supply chains in disarray, the continual growth of consumers’ desires for immediate gratification, and a shift to direct-to-consumer. With this set of challenges comes a “new normal” that demands retailers to respond by implementing technologies and business processes as a solution. Some examples of automation we often see in the retail industry include enterprise resource planning for billing, chatbots for answering service queries, automated checkouts, automated email campaigns, POS (point of sale) software, and inventory software.
Automation services offer a lot more than merely helping you accomplish tasks faster in the retail space. Implementing automation benefits nearly every aspect of your retail business. Utilizing automation in retail will inevitably equip you with tools to make your brand more relevant to consumer needs, help manage expenses, resources, and provide matchless and incredible customer experiences. Automation is transforming the retail industry in many ways and has the potential to completely change the way businesses operate, grow in efficiency, and increase revenue.
Some of the biggest challenges in the retail industry include:
- Digital Disruption
- Finding Technology Solutions
- Managing Customer Base
- Evolving Customer Expectations
Satisfying Consumers Demand and Immediate Gratification
There is a psychological discomfort linked to self-denial. The natural human instinct is to seize the reward at hand. This tendency is evidently shown in our consuming habits. Instant gratification is a quick way to win the satisfaction of your customer, but it becomes extremely challenging for the supply chain side of the business. The goal line continually shifts as we find new technological advancements to deliver near-instant results. Automation becomes key to satisfy your customers’ demand by simplifying and streamlining processes that directly impact the way in which the customer interacts with your brand.
Using Kognitos Generative AI Automation, retailers have the ability to collect and analyze customer data. This gives the business user the tools they need to create a quick and personalized experience that caters to customers desiring their needs to be met in a quick fashion– with a simple command. Kognitos can improve your customers’ overall experience through increased data processing and personalized marketing campaigns; this helps retailers produce quick and personalized customer support, resulting in improved customer satisfaction and loyalty.
Accomplishing Tasks at a Faster Pace
Automation provides four main values:
- Productivity: reduction in non-value-added labor
- Quality: reduction in error rates and redos
- Speed: improvements in cycle time
- Data: insights based on higher quality and more available data
Artificial intelligence can be a highly effective tool for retailers to provide the best possible customer experience. Potential improvements range from reducing shopping time with automated checkouts to having more personalized discounts to offering round-the-clock customer service with the use of chatbots. Retail automation software helps by significantly reducing the sales cycle duration and improving the salesperson’s productivity. In the context of retailers, optimists claim that generative AI will aid the creative process of artists and designers, as existing tasks will be augmented by generative AI systems, speeding up the ideation and, essentially, the creation phase. GPT-3 can be implemented to help businesses accomplish tedious, repetitive tasks. For instance, developers can build a tool that generates various layouts for the design required in different situations.
Kognitos is Generative AI for automation and can similarly help retailers as Kognitos AI solutions have the ability to automate repetitive tasks and streamline operations, giving retailers more time to focus their efforts on strategic initiatives. With our conversational exception handling, correcting errors has never been faster and easier. For example, Kognitos is able to help retailers automate all documentation from purchase orders to inventory management. Business users within a retail supply chain or finance department simply need to type what they wish to have automated in Kognitos’s Koncierge. Koncierge brings the power of GPT3 and ChatGPT into the enterprise. It takes your wish, creates a plan of action and then runs the English as automation as seen here.
Equipping You to Keep Your Brand Relevant and Ahead of the Game
Demographics are quickly changing and consumers increasingly want personalization. Executives and market data agree that being ahead of the curve and responding promptly to changing customer needs is a real challenge. Brands everywhere are encountering this in one way or another. Retail chains now use AI to personalize a customer’s experience, and target that customer more closely. But to do so successfully, stores need easy access and management of data to feed models. Generative AI Automation helps in the collection and cultivation of such data, and enables a lower CAC, and higher LTV of a customer base.
Generative AI is a tool that retailers can utilize to drastically change the way they approach content creation– visually or audibly. With the implementation of Kognitos in the retail realm, it is easier than ever to be equipped and prepared to cater to the ever-changing demands as well as positioning yourself for success in the future. With Kognitos, business users can teach automation products how to pull valuable information about demographics to help forecast future trends with a simple statement like, “get customer feedback.” With Kognitos, business users merely have to say in English what they want to have happen and then there you have it!
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