What can AI do for you?

What can AI do for you-web

October 2018—

The final part of a three-part series on how to leverage AI to improve your store’s CRM, logistics, delivery and (we saved the best for last) payments

Technology is becoming more inspiring by the week. Our world today is blazing with innovation. Computers are creeping into every aspect of our personal lives, and artificial intelligence is becoming more expansively deployed in businesses. Today, computer systems are equipped to autonomously carry out tasks previously needing human intelligence. Artificial intelligence has changed the game. Today computer systems, with the help of AI, can carry out decision making, visual perception and customer engagement all on its own.

Furniture retailers are slowly starting to realize how artificial intelligence can make their jobs easier and, ultimately, more profitable.

If you’re not leveraging AI in your store, you’re missing out. Artificial intelligence can help smooth out the bumps on the journey from production, inventory and customer management, enabling the home furnishings retailer to enjoy a return on investment in a much shorter time than had he executed the journey on his own.

Retailers should be taking notice as machines get more into the retail groove. What can AI do for you?

AI is redefining sales and CRM applications

AI enhances the shopping experience of a customer (as well as your relationship with this customer) by giving her an improved shopping experience. With AI working in the background, shoppers can easily find their way through your website looking for that perfect sofa or recliner. This technology is fortified with the “Search with Photo” function. Today, if a shopper sees a sofa she likes—at a neighbor’s house, in a magazine, at another store—she need only take a picture of it and your store’s website can track down similar products you carry.

Think about it: That single image allows AI to quickly locate matches for that picture, sifting through thousands of products in your inventory to find suitable matches. This vastly improves the shopping experience of the customer while helping the home furnishings retailer make a faster sale.

AI improves logistics and delivery

Yes, it is true our skies are buzzing with drones today. And no, nobody is expecting drones to deliver a sofa on your customer’s front lawn. But with AI’s help, autonomous delivery of interior décor items and synthesizing of delivery logistics is becoming more advanced and explored. This is not the future. This is now. In 2016, Amazon made its first drone delivery in England.

Today the reality is more inspiring. Home furnishings retailers can now collaborate well with aviation agencies so as to work fully automated delivery systems via the bountiful integration of artificial intelligence. Today home furnishings retailers, for instance, are enjoying the royalty of transporting packages of up to 5 pounds (like venetian blinds, canvas wall paintings etc.) in less than half an hour all across the country. The horizon of creativity is infinite, even the smallest home furnishings retailer would be able to deliver an accessory overnight (possibly the same day) via AI-modified delivery networks through the air.

AI has simplified payments

Imagine, as a home furnishings retailer, you happen to furnish a customer’s mansion through an online purchase only for you to receive nothing in return. Financial fraud is growing at a worrisome pace. Fortunately some home furnishings retailers are adopting an artificial intelligence system in payment protection and security systems. AI-enhanced deep learning systems have built impregnable fortresses around payment systems to detect and eliminate fraud. Hundreds of purchase patterns have been painstakingly studied by security detection systems to ensure that home furnishings businesses don’t get swept up into cyber theft. Bringing in the statistics, Paypal, for example, has been able to cut down on fraud rate by over 0.30 percent using artificial intelligence. Machine learning has been vastly deployed in weathering the potholes in digital payment infrastructures consolidating the safe execution of payments and transactions without illicit infiltration.

In all, the possibilities artificial intelligence brings to the home furnishing retailer are as gleaming as they are endless. You as a home furnishing retailer can enjoy increased sales, spending less on resources and managing thousands of customer interactions conveniently from your sofa!

RetailerNOW is changing.

Insights Magazine will be replacing RetailerNOW as the official publication of the Home Furnishings Association. With this change, you will be able to find the same great content on the HFA website. All current members/subscribers will automatically receive the new print editions. You can continue to view content on this website until January 2020.

About the Author

Amitesh Sinha
Amitesh Sinha has gained a reputation for inventory software solutions. He can be reached at amitesh@iconnectgroup.com