How about opening a website and then it guides you to your need?? What do you want??
Which color do you like? Without much interaction, how does a website lead you to your destination? You just had a Personalized Shopping Experience with a retail application.
Of course, you would be glad that the product in your mind is on your screen. The glide of product from your mind to the website is where the AI technology emerges. Artificial Intelligence and Machine Learning have spread their tentacles to various fields but their impact on retail applications have the best. The personalization to customization of the searches was able to be delivered to the users by this emerging technology, but before AI the scenario wasn’t the same. The applications weren’t smart enough to guide the users but it was just like a display window! displaying the product and services. But post AI the retail sector has experienced a big wave of changes to stock maintenance, efficient use of displaying units, and personalized search to purchase experience too. This has changed the entire work culture and operation model of many retail stores. And, to add to the wonder not only online applications, but the in-house retail experience can also be better with AI technology!!
Why AI for your Retail application?
The reach of AI is spread far and wide across the entire developed retail markets. The retailer who ensures the effectiveness of AI in the business has grown by leaps and bounds.
In the grapple of big retailers, start-ups growing and acquiring clients wasn’t easy earlier, but kudos to AI technology. Many start-ups have been successful with the efficient use of this technology.
AI with advanced algorithms can prove bliss to the users by guiding them throughout their shopping experience. Here is where our First Floor team stands out, Our approach to AI is very clever, on the other hand, our contemporary developers emphasize data i.e. customer data more, and they put a lot of stress on big data to have efficient Artificial Intelligence. Yes! We agree data is required but the First Floor strategy lies in how the data is utilized, how it is categorized etc.
First Floor Strategy for changing landscape of retail industry
First Floor has a cutting edge technology of AI which glides your clients to their desired products and services. But how! the First Floor developed Retail apps are better than others?
To enlist there are many points, where First Floor-developed apps can be differentiated from the rest. But I am listing a few features that establish our retail development and strategy as the best of the rest.
Recommender system in retail application
The glide of a product from mind to the hand of your client works on a recommender system basis. If a user opens an app, the display products which would appear on his main screen are personalized to every user if the app is using an efficient recommender system. At First Floor, we ensure the information filtering system is apt to the individual user and is more pertinent to the particular user.
We use Collaborative filtering and matrix decomposition for recommendations of small systems. But for big and complex systems we use deep neural networks for recommendations. Recommender systems are complex to explain but they are completely based on algorithms and they take action under different circumstances. Today many enterprises use Big data to make amazing and more apt and relevant recommendations and have flourished in their business.
With nearly a flow of recommendation algorithms, First Floor ensures the best one according to your business requirement and limitations, to make sure they are apt to your clients and are generating revenue. Recommender systems are playing a vital role in many industries apart from retail. Around a year ago Netflix organized a Netflix prize worth 1 million dollars for producing a recommender system that works better than their algorithm. This is a simple example to show how a recommender system can impact the enterprise and its end-user satisfaction and even revenue generation also.
A recommender system can be a life-changing experience for the retail application, where the users see only the required products that they are interested to buy. Using an efficient recommender system can be a boon to the commercial success of your application. We ensure this technology is used to its best capacity.
Product Taxonomy for personalized shopping experience
In a few retail apps, product data and taxonomy are intertwined. Taxonomy doesn’t just work like a classification of products, it is beyond it, it’s an entire framework where high product data quality and product management process are assured. Here comes the collaboration of First Floor and the client, we will understand your product efficiently and ensure the categories are well distinguished.
Products that are specified and classified according to their hierarchy is a smart strategy where the users can get their product in a fraction of the time, this will eventually improve user satisfaction and sales revenue. Product taxonomy and data are linked with a retail application. Taxonomy is not simply a classification system for products; it also refers to the entire taxonomy framework, which ensures high product data quality and vastly enhances product information management procedures. Product taxonomy is crucial for searches and website browsers. If your taxonomy structure doesn’t match the specific keyword the user types in the search bar when looking for a product (e.g., Spring costume, Hot water bottle, etc.), it can display the relevant product, which will encourage the potential customer to purchase an alternative product that is similar to the one they were looking for. High-quality and relevant product taxonomy will make sure that the user who comes with the intention of buying doesn’t leave your website without making a purchase.
On the other hand, browsers are the users, who browse your application rather than searching in the search bar. This class of buyers is excited and explores categories and subcategories, the more structured the application the chances of them finding their product is more. The potential of converting browsers into customers is increased by the use of headers, hamburger menus, and obvious navigation bars. First Floor makes sure that the mobile application we designed is sophisticated enough with a recommender system and with a well-established product taxonomy to strive for a high rate of success in light of all the new trends and technologies.
Other technology includes cashier-free stores, chatbot-based technologies, and price regulation techniques where product pricing is supported by AI by comparing the pricing with competitors. We ensure the best retail application development according to the needs of your business !
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