AI and ERP – Post COVID-19 Scenario in Retail Management

In the post-COVID world, AI and ERP will redesign Retail Management trends. It will change the way consumers shop and bring efficiency to businesses in various ways.

The scenario of the retail industry is continuously evolving and changing due to the COVID-19 outbreak. The future of retail is quite exuberant as it gives consumers the option to shop in some of the most exciting ways. Progress is already in the making due to technology and innovation through Artificial Intelligence, Big Data, Data Analysis, etc. The post-COVID scenario will offer more retail management opportunities to re-design business and consumer aspects in innovative ways.

AI & ERP: Building Blocks to Empower Business

Retail stores have shifted towards digital trends and adapted transformation strategies to increase efficiency and order delivery mechanisms across the retail industry. Artificial intelligence and predictive analytics systems are playing a vital role in making companies data-driven decision-makers. The AI and ERP combined are the building blocks to empower businesses to foster growth and development.

How AI & ERP Will Foster Transformation in Retail Management

Here are some of the aspects that will help in shaping the future of Retail Management in the COVID-19 world:

• Transformation in E-Commerce Retail:

  Analyzing purchasing patterns, interests, pricing aspects, etc., can help businesses drive digital growth. These data types can feed Artificial Intelligence with certain aspects to re-design solutions for consumers more efficiently and conveniently. The AI-based model, combined with ERP, can drive more sales by upselling or suggesting recommendations based on purchasing behavior. It can also help in conveniently gathering such information across different product categories for decision-making and management.

• Enhanced Analysis for Marketing:

  The ERP, along with AI and advanced algorithms, might help retail businesses to get a clear picture of customer expectations based on interest, demographic data, buying behavior, promoted sales, and various factors that might influence the customer to purchase products. Using qualitative and quantitative data, retail businesses can cater to consumers better. In the post-COVID scenario, digital consumption and brand retention will drive sales for businesses, and this data can help them plan marketing campaigns better.

• Self-Service Kiosks in Retail Stores:

  Retailers must take the opportunity of AI technology and ERP software to promote the contactless shopping experience in offline retail stores. The high-end technology will allow the customer to select the items and pay for them without waiting in a queue. It can be made possible with minimal human interaction, which will also save time.

• Logistics and Inventory management:

  AI can help in logistics to manage various processes seamlessly. The ERP dashboard powered by AI can track the Retailer’s inventory, delivery, and distribution in real-time to maintain effectiveness and efficiency throughout the process. It will make the process accurate and reliable while meeting the expectations of the customers without any failures.

• Automated customer support:
  

  An automated chatbot in Retail Management is a great opportunity to utilize AI technology in a better way. AI bot and Machine learning can help in solving consumer issues more efficiently. It can fetch data from ERP software to know about order details, customer history, and status to assist consumers better. It will also help businesses to get insights into consumer experiences.

• Readiness for Voice Commerce:
  

  In the post-COVID-19 scenario, The Retail Business will take one step ahead and make online shopping easier through voice-enabled searches. Virtual assistants such as Amazon’s Alexa, Apple’s Siri, and Google Assistance a live examples to understand the concept. The consumers will be able to purchase and add items to their cart through voice commands. These features can be integrated with application platforms to offer additional benefits to consumers.

• Smart Management & Sales Forecasting: 

  ERP software can integrate AI-based scripts to forecast sales across various product categories to define better profit margins and stock readiness. It can also foster smart management of retail stores or businesses by assisting with crucial tasks and activities. This will also help in keeping the check on performance and will ensure quality.

These aspects will offer various opportunities to businesses in terms of seeking growth in a post-COVID world. Since people are already adapting to digital mediums to shop for products, this move will profit retail businesses.