Has Retail Industry Transformed With New Payment Tech?
Last year has seen turbulence for retailers, particularly for brick-and-mortar stores. They fought, battled high rental costs, moved customer behavior to experience-led purchases, and competed with the online stores. Competence and experience are the two significant areas where retailers depend on, to draw consumers, and increase spending.
“Technology plays a crucial role in this procedure, particularly while considering the payment trends for the approaching years”.
Mobile Transactions:
Mobile transactions are fast achieving a tipping point, as the number of customers shopping online with their smartphones is rising. Smartphones have started to substitute many of the physical items like maps and cameras — it is only a matter of time when there will be no real need to carry a separate payment card. Smartphones can also provide a higher likelihood of connecting purchases with loyalty.
Complimentary Shopping:
As per a survey by Worldpay, 40 percent of the customers realized physical shopping experience very annoying. Eliminating checkouts will be functional as it gives the benefit of freeing staff up to engage with the customers. Leveraging a mobile point of sale (MPOS) acts as a transitional step between the customers standing in the line until a complete checkout-free experience, allowing for cross-selling and upselling opportunities. MPOS will give a hand to reduce the number of missed sales as unavailable items that can be ordered online with the customers, and payment is made upfront. Using MPOS for click-and-collect can, later on, enable them to produce additional purchases when customers go to the store and collect their pre-ordered items.
The AI tools will be able to make customized recommendations that are on the basis of the previous purchase history, answer any order queries using data, and offer a seamless customer experience by handling purchases.
Check out: Retail Tech Insights
How can AI Enhance Employee Productivity in Retail?
Artificial Intelligence (AI) is a hot subject in rising advancements, with many organizations exploiting its benefits in their day-to-day activities, while others are still debating its importance in the workplace. AI is capable of generating observations, providing remote and digital assistants, and analyzing unstructured data generated by everyday devices. Let us scrutinize how AI can revolve.
Provide accurate training
Of course, before implementing AI, an organization should consider a thousand times. To ensure the proper utilization of AI benefits, it is critical to understand the technical potential of the staff and the ways to improve their knowledge of AI. Incorrect training can result in employees misinterpreting the technology becoming more complex. The employee in such cases might be reluctant to utilize them and undermine the possible advantages.
Having an out-of-the-box AI
There are a lot of’ lightweight’ AI apps on the market that can easily be integrated into current business practices. Usually, this out-of-the-box of AI solutions are created to meet specific business needs. Also, they generally perform well a single task instead of taking care of all business issues. Because they can be easily incorporated into any device, they enable organizations to implement automation across multiple parts of their business without requiring a redesign of infrastructure.
The AI platform is available to automate any business function — from automating invoicing to procuring AI to planning timesheets. The absence of a learning curve in AI provides the business with the ability to implement AI more effectively while deriving benefits from it. The software is specially designed for center and front usability, intended to be easily fused into the workflow of an employee.
Utilize non-intrusive AI
In some scenarios, the introduction of AI may prevent the productivity of the worker. Employee distrust and loss of autonomy develop when AI is incorporated for employee control and monitoring.
Efficiency will not be improved by treating laborers like robots. Alternatively, it will stop it in its tracks and create resentment. While AI has a tremendous ability to enhance productivity, it can not be acknowledged without ensuring that employees use it properly.
These are some of the ways you can get most of the AI from your company. So what’s the AI thinking? Have you included it in your business already?
