Being in the retail automation space, can you list out the top 3 retail use cases where AI is helping in efficient integration of back-end and front-end? 

Artificial Intelligence (AI) in retail has truly changed the way merchandise is presented to customers. As retail goes online, customer preferences are analyzed for the retailers to automatically send personalized recommendations. Such automation in business improves conversion rates, order values, and customer satisfaction.

AI automates and adds value to traditional retail operations. From in-store assistance, price predictions, and product categorization to inventory tracking and supply chain management and logistics, the role of AI in the retail industry is incredible.

The technology helps in the efficient integration of the back and front end of retail for: 

Responsive R&D – Tech bots collect and interpret customer feedback, sentiment, and purchasing data, to support next-generation product and service designs that better satisfy customer preferences and fulfil unmet needs in the marketplace.

Inventory Management – AI business intelligence tools forecast industry shifts and help make proactive changes to the company’s marketing, merchandising, and business strategies. This impacts supply chain planning, as well as pricing and promotional planning.

Integrable payment – Retail industry has to manage the payment received from various channels for tax and receivables purposes. As payments are received through multiple channels like banks, cheques, Paytm, Bhim Pay, Phone Pay, Cred and many others --- it needs dedicated software to reconcile and account for the money.

Okay, but how exactly does a seamless integration of the back and front-end help retailers meet their business goals? Or in other words, what's the ROI for brick-and-mortar retailers from investing in AI tools?        

When it comes to brick-and-mortar retailers, technology helps in stock-taking, maintaining a streamlined supply chain and allows seamless vendor management. While the system uses software to track all of these activities, the payment part is largely ignored because of fragmentation. Consolidation of payments received from customers and vendors through multiple channels is a challenge both for online shopping and physical stores. This is where seamless integration helps. 

What are the biggest challenges that retailers face when it comes to adopting AI for better back-end and front-end integration?       

Integrating the new software with the old system, training people to run the software and understanding the data generated from it are a few of the biggest challenges that businesses face. Thankfully, the solution by Ecobillz does not need any major change in the current systems and can be used as a plug-and-play solution.

Moving on how do you see AI really transforming the front-end brick-and-mortar retail experience? 

AI works on data and offers a solution based on predictive analysis. In a brick-and-mortar setup, the scope to integrate AI in the front end is very niche, as most of the task is done by human interface only. Still, AI analysis of data gathered from webcams can also showcase what each customer is looking for and what is lacking. If there is a repeat customer, the sales person can serve him or her by offering informed choices. 

What's your market projection for AI in offline retail? What are the driving factors ? 

Fortune Business Insights has predicted that the global Artificial Intelligence in retail size was valued at USD 4.84 billion in 2021 and is projected to grow to USD 51.94 billion by 2029, exhibiting a CAGR of 5.2%. I believe that AI in offline retail may be a late entrant, but is here to stay. It will revolutionise the way interaction with customer and back office account audits happen.

Superior AI, Big Data, and Tech-bots are the most important factors that have helped to address the challenges posed by the increased adaption of technology. According to World Economic Forum (WEF), AI services in the retail sector are predicted to increase from $5 billion to above $31 billion by 2028 and will not only support retail operations but also lead to increasing profits and optimizing business processes.

Supply Chain optimization together with automated maintenance of receivables will increase profitability and competitiveness of the retail system.