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Top 10: AI-based Retail software
Updated: July 31, 2023
AI for retail refers to the application of artificial intelligence technologies and techniques in various aspects of the retail industry. Retailers are harnessing the power of AI to enhance customer experiences, optimize operations, and make data-driven decisions. AI-driven personalization is transforming the way retailers engage with customers, providing tailored recommendations and offers based on individual preferences and shopping behavior. This not only increases customer satisfaction but also boosts sales and customer loyalty. AI-powered chatbots and virtual assistants are being employed to handle customer inquiries and support, providing instant responses and improving customer service efficiency. Furthermore, AI is used to analyze vast amounts of data to optimize inventory management, demand forecasting, and pricing strategies, enabling retailers to reduce costs and optimize their supply chain. AI for retail holds significant potential to revolutionize the industry, empowering retailers to stay competitive, better understand customer needs, and deliver seamless and personalized shopping experiences.
Some of the most popular AI-based Retail software options are listed below.
See also: Top 10 Retail software
See also: Top 10 Retail software
2022. Syrup Tech bags $6.3M to develop some sweet inventory-planning software
Syrup Tech, a startup that utilizes artificial intelligence and machine learning, has secured $6.3 million in funding. The company's innovative approach involves aggregating various data sources, including transactional data, marketing insights, inventory details, social media trends, and even weather patterns. By leveraging this data, Syrup Tech generates predictive inventory recommendations. Inventory management has become increasingly challenging, with brands grappling with stockouts and subsequently overcompensating by overordering. This results in excess inventory and the need for markdowns, which can lead to wastage as unsold products end up in landfills. Moreover, supply chain disruptions have further complicated inventory management. Syrup Tech aims to address these issues by providing timely recommendations. For example, if there is a 40-day wait for a specific item, merchandisers can place their orders promptly, whereas if the wait is only 10 days, they can postpone their decisions accordingly.
2021. Retail analytics company Trax raises $640M
Retail analytics company Trax, known as a unicorn in the industry, foresees a continued openness to technological innovation in the retail sector even beyond the pandemic. Recently, the Singapore-based company announced a significant milestone by raising $640 million in Series E funding. The funding will be utilized to further develop Trax's product portfolio, which combines computer vision and cloud-based software to assist brick-and-mortar stores in effectively managing their inventory, merchandising, and overall operations. Trax's flagship product, Retail Watch, leverages a powerful combination of computer vision, machine learning, and hardware such as cameras and autonomous robots. It collects real-time data about product availability on store shelves, offering insights to retailers. Retail Watch proactively sends alerts when stock levels are running low, detects and rectifies pricing errors, and verifies compliance with planograms—a visual merchandising tool that outlines product display plans. Currently, Retail Watch primarily focuses on center shelves, commonly used for packaged goods, but Trax has plans to expand its coverage to include fresh food and produce categories, ensuring comprehensive shelf management solutions for retailers.
2019. AI-based e-commerce helpdesk Gorgias raises $14M
Gorgias, a startup specializing in artificial intelligence tools for customer service and support, has recently secured $14 million in Series A funding. Gorgias is capitalizing on a broader trend where brands are seeking to establish direct connections with consumers, bypassing intermediaries like Amazon. Their product seamlessly integrates with Shopify, leveraging AI capabilities and customer data to automate responses to common queries such as "What's my tracking number?" By adopting this approach, businesses can free up customer service representatives from spending a significant amount of time on repetitive inquiries, resulting in faster response times for customers.
