Improve Customer Satisfaction and Business Profitability
From brick-and-mortar stores to online marketplaces, retail businesses are investing more in AI in an effort to stay updated with emerging retail industry trends, stand out among competitors, understand their customers better, and solve ongoing problems. MLOps can help you unlock the full potential of your data and drive success in the fast-paced retail industry.
Why use Seldon for the retail industry?
- Run ML models at scale for increased supply chain efficiencies
- Monitor your models for unusual behavior such as potential e-commerce fraud
- Use explainable AI to understand continually evolving customer preferences
Changing Consumer-Brand Relationships
According to a survey conducted by the National Retail Federation, 81% of retailers believe that artificial intelligence and machine learning will revolutionize the industry within the next five years.
AI and ML will change the way retailers interact with customers, manage their operations, and make data-driven decisions. It will be a key driver of innovation.
Strong, Long-Lasting Customer Loyalty
Deploy and host multiple models that ensure customer satisfaction more cost-effectively. Increase customer lifetime value (CLV) and customer engagement through techniques such as sentiment analysis to analyze customer feedback, 24/7 customer service with chatbots, and personalized recommendation systems. Conversely, logistic regression can predict which customers are at risk of leaving and why.
Streamline Supply Chain Management
Custom monitoring dashboards and alerts play a critical role in ensuring supply chain optimization. From monitoring the accuracy of demand forecasting models, to monitoring inventory levels in real-time, retailers can identify trends and make informed decisions about supply and demand. By monitoring delivery routes, retailers can ensure deliveries are efficient and cost-effective.
Deeper Understanding
your Customers
Seldon’s explainers allow retailers to hyper-personalize content for each customer type through personalization and customer segmentation. By analyzing customer behavior, retail companies can send more personalized offers and maximize sales. Gartner states that by using AI for price optimization businesses can grow revenue from 1% to 5%, and extend the customer lifecycle by up to 20%.
