It should be very clear by now that there is a massive shift starting to develop with respect to how companies are addressing the customer experience. There’s been increased focus on improving the customer experience because as we know, an unhappy customer will quickly vote with their wallet and spend somewhere else. Thus. as companies become more digital it's important for businesses to prepare for this post-mobile, IoT world.
The omnichannel experience is about connecting the physical world and the digital experience that we are all immersed in (using our computers, tablets, other smart devices or channels not yet created). Building off of the most recent trend of providing an omnichannel experience comes the addition of artificial intelligence. With a focus on context and using current technologies such as text based support, or even in-app support options, we have gained better digital experiences and customer service.
For example, Starbucks has their AI-powered My Starbucks Barista app to allow mobile users to place their order to a virtual barista within the app (which I did this morning!). The virtual barista then pings the order to a nearby store to ensure the consumer can bypass long lines. This is just one of many examples out there where industries like retail, are using the power of omnichannel for their artificial intelligence technology.
Listed below is a look at how AI technologies are helping improve omnichannel capabilities in a world of rising customer expectations.
1. Meeting Expectations and Minimizing the Cost to Serve
According to JDA PWC annual retail CEO survey, retailers are spending 18 cents out of every revenue dollar generated online to meet customer expectations and predicts that this number will grow. Using cognitive tools allows retailers to gather data on their cost to serve to then understand different ways to increase their profits and meet customer expectations. It’s possible to predict these costs along all dimensions for omnichannel customers, such as choosing the right delivery path that prioritizes speed and minimizes delivery cost and other factors.
2. Maximizing Omnichannel Fulfillment Capacity
An omnichannel customer can follow into any pattern. They might research a product first online but then buy it in store, follow an end to end buying process online, or look at it in person and then order it online. AI tools help create a strategy that’s flexible to meet the customer's buying journey. Real-time sourcing makes it possible to move returns and at risk inventory, quickly scan products to meet increased demand, and meet any changes with scenario planning strategies to map out the best and cost efficient ways.
3. Using Inventory at Its Most Profitable Price Point
According to the annual JDA and PWC survey of retailers, only 10 percent of retail executives felt they have refined their omnichannel delivery to the point where they were able to meet demand and make a profit. Issues such as non-moving inventory, returns, and markdowns play a role in cutting into profits. Using AI tools, retailers can focus on using inventory at a more profitable price point to minimize carrying cost and limit markdowns and other promotions. AI tools can optimize returns, utilize slow moving inventory, and much more to then bring in next season’s inventory in a streamlined profitable way that meets customer demands.
4. Make Dynamic Adjustments
In order for retailers to stay competitive, they need the ability to access real-time data and make actions sooner than later without the need to open IT tickets or handling cross-platform communications. Using real-time insights, retail managers can access up to the minute trends and demand to make actions and profits.
This stuff really isn’t just science fiction anymore
Artificial intelligence is here to power the omnichannel revolution and change the way marketers market. We may not have holographic assistants or robot butlers (yet), but AI in omnichannel provide an all around better experience for employees and customers.
As the road to digital transformation evolves one thing will remain; a continued focus on the customer experience. The overwhelming emphasis today is connecting people to the right content at the right time across any device. The process needs to be effortless, consistent, and contextual. This paradigm shift underlines the evolution of digital transformation. How evolved is your organization?
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Sources
https://adexchanger.com/data-driven-thinking/ai-will-power-omnichannel-revolution/
http://coherentpath.com/is-artificial-intelligence-the-new-omnichannel
https://www.forbes.com/sites/shephyken/2017/03/04/moving-from-omni-channel-to-a-channel-less-customer-experience/#522136196629