The retail industry is emerging and evolving at fast rate Thanks to discoveries and technical breakthroughs, the retail industry has seen a spectacular transition during the last five decades or more. Advancements have been made in a variety of sectors and verticals, including cash registers, coupons, shopping carts, barcodes, and e-commerce. These have not only simplified the purchasing process but have also made customers’ life easier. Because of the supply chain disruption induced by the pandemic’s onset and long-term consequences, significant changes in how the retail industry operated previously occurred.
According to Shamayun Miah, the primary driving trend in the retail sector that is bridging the gap between customers and brands is the increased attention and impetus on the digital transformation of retailers, especially in recent years. Customers used to make purchasing decisions at the store shelf, offering brick-and-mortar retailers the opportunity to collect first-hand information on buyer preferences and behavior. Though the digital revolution at first appeared to be a hindrance, it has significantly increased the efficiency of both online and offline client management. The development of e-commerce and practices such as mobile shopping has provided merchants with a greater understanding of what purchasers are looking for and how their behavior is evolving.
A real-time query/grievance resolution system enabled by tools like live chat for fast support is another innovation that is helping to bridge the customer-brand gap. If a customer has a question about a brand, a specific product, or a service, they can easily use the 24×7 chat help available on applications and web platforms. The live chats are now powered by intelligent chatbots that act as virtual assistants, thanks to improved technologies. Bots can now grasp a query or recommendation even if the words are a little jumbled or don’t follow the set pattern, thanks to artificial intelligence.
Conversational AI, which is essentially a set of technologies that underpin automated messaging and speech-enabled applications, allows humans and computers to have more human-like interactions. Conversational AI identifies text and speech while also taking into account the context to answer in a way that is similar to human conversation. Automatic speech recognition, natural language processing, enhanced dialogue management, and machine learning are among the technologies employed by conversational AI. According to Shamayun Miah, Voice bots, on the other hand, appear to have a bright future.