Driving Retail Innovation Through Digital Technology
It is quite obvious in this time and age our lives pretty much revolve around technology and the daily advancements it brings never fail to make life easier.
Artificial Intelligence or AI is the boon we have learned to adapt to in all every field and industry out there. With simple tasks being automated to cashless payments the world of retail too has basked in the rays of convenience AI brings in.
The latest advancement to join the club in digital retail is Natural Language Processing or NLP.
Simply put NLP is a built-in and effective technology that allows customers to find specific products on shopping websites without having to sift through a plethora of possibilities provided by static searches.
NLP involves communication through speech and text. Chatbots are an example for modern speech communication innovation which are intended to serve as a personal assistant who speaks human language to follow instructions like calling a friend, find restaurants and events, check weather etc.
Talking about how NLP makes a difference in digital retail innovation, NLP has improved the interactions with search engines, allowing queries to be evaluated more quickly and efficiently. The most critical aspect is that it comprehends the question and returns accurate results. The increasing speed of computer processing has made voice search a possibility and gave its now increasing popularity.
How NLP is helping retailers
Text recognition helps in identifying text and characters and then translates them to data, which is then saves to the database. One of the language processing technologies utilised by search engines for many years is the capacity to read text and turn it into a machine-encoded text. Things are much easier now, thanks to NLP, in terms of speed and accuracy, than they were previously.
It is extremely cost effective as NLP is equipped with technology that brings with it the automation platforms programmed to own industry knowledge, thereby by saving time and money that would have to be other wise be spent on training the entire staff and team to the new technology.
Designing personal assistants will be the next way for retailers to gain maximum benefits. It can turn the activity of shopping much more fun than it was before, with these efficient assistants who knows how to keep the customers interested and bringing to them on screen exactly what they are looking for. This is made possible with the analyses it makes on recent searches, past purchases etc.
Businesses would profit immensely from these in-depth insights driven by AI, and customer satisfaction ratios would undoubtedly rise, resulting to a rising revenue curve. More NLP technologies are on their way to revolutionising company processes. We can only wait and see how AI develops in the next years.
Digital innovation in retail is coming a long way, NLP happens to be one among the list that makes it stand out. Get the needed guidance in turning your retail innovation into a practical solution with dezign space, and lay the first foundation in building up your innovations to become market ready.