AI Revolutionizes Retail: From Negotiating Prices to Enhancing Customer Experiences

Date – Artificial intelligence (AI) has emerged as a game-changer in the retail industry, with Czech Republic and global retail chains harnessing its potential to enhance various aspects of their businesses. From improving security measures to negotiating prices with suppliers and providing customer support through chatbots, AI has become a phenomenon of our time.

One prominent example of AI implementation is seen in the American retail giant, Walmart. Utilizing AI-powered chatbot software from Pactum AI, Walmart replaced its human purchasing team, leading to reportedly lower prices for the retail chain. Employees simply need to provide their budget and requirements to the AI software, which then communicates with suppliers, resulting in an average savings of three percent for Walmart. The success rate of closing deals with suppliers is estimated to be around 68 percent, and the negotiation period has been significantly reduced, from months to mere days.

Despite the undeniable advantages AI brings to retail, there are certain considerations to bear in mind. For instance, chatbots, while efficient in handling routine tasks, may fall short in addressing more complex issues that demand human creativity and empathy. Additionally, some customers may still prefer personal contact and relationships when negotiating business terms.

The French retail chain, Carrefour, also entered the AI realm by partnering with OpenAI, the creators of ChatGPT, to launch their chatbot called Hopla. This sophisticated system assists customers with shopping, generating shopping lists, and even selecting food based on chosen recipes. While it is a modified version of ChatGPT tailored to Carrefour’s exclusive needs, Hopla significantly enhances the customer experience on the company’s French website.

AI has also proven to be invaluable in the realm of security. In the Czech Republic, the automatic COOP retail chain in Beroun leverages AI to protect against thieves. Continuous analysis of CCTV footage allows the system to identify unusual customer behavior, immediately notifying central security or store staff. In self-service stores operating automatically during certain hours, a QR code linked to the customer’s bank identity is required to enter the store, facilitating easy identification of potential thieves.

AI’s growing influence in the retail industry has resulted in improved security measures, reduced costs, and better customer experiences. As AI technology advances, the potential for even more innovative applications in retail will undoubtedly continue to expand, revolutionizing the industry and providing retailers with new opportunities for growth and success.

Article by Prague Forum

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