Build and Scale your Retail Business with AI - ToOLOwl
Tuesday , December 7 2021

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Build and Scale your Retail Business with AI

Entrepreneurship is not as easy as it seems. Business owners have to face many challenges right from the beginning, and this makes them wiser as the business grows. Apart from managing the current challenges, small business owners also face issues in scaling their business with time.

Apart from the operational issues, you also have to manage the additional labour for the additional customers and projects for the company. In fact, it is said that every business decision that you take must be based on the scalability plans for the business. The task seems challenging. However, AI technology can make it simple and increase the ability of the business to scale.

Businesses might be already suffering issues in the present situations, For instance,  if your business has identified a problem in the way in which the orders comes to your business and the method through which the orders are processed. Details of the orders are not entered correctly. Some of the orders are entered after they are processed. There are even cases where the orders are never entered into the information system of the business.

All these issues are later identified, listed and discussed with the team members to fix the problem. One of the team members suggests that having a better quality control mechanism is the solution. The other team member suggests that using barcodes will help to track the orders. These solutions are great but are short term and will not be effective as the company grows.

These are some of the operational tasks, and apart from these, there are several other operational tasks in a small business that can be counted as the growth barriers. Most of these issues are identified by the industry leaders to develop technology solutions to improve Point of Sale (PoS) and Customer Relationship Management (CRM).

The solution to overcome such challenges is the use of Artificial Intelligence and Machine Learning. Here are some of the ways small and medium businesses can leverage the power of AI to build and scale their business.

Identify Business Barriers

Before you think about using the power of AI and machine learning, it is important that you identify and understand the pain points or the barriers of your business. These issues cannot be solely related to your business but also to the issues faced in the overall industry.

For instance, appointment scheduling is one of the greatest challenges faced by the salon industry. Different customers’ demands different services, and these services might take a different amount of time. Incorrect schedules can make the business lose its customers as it is unable to manage appointments on time.

Develop your Solutions

Start building models for your business once you understand the business pain points. These models must help to scale your business profitably for the near future. Modelling has become more simplified with the help of AI and machine learning technology. Businesses are now easily able to overcome pain points.

Also, with the help of machine learning, the business models will be able to continue to evolve as they make the use of valuable data and insights. To get a little idea, here are two AI-based solutions that small businesses can consider. The first one is Paradox. This solution is used to recruit talent with the help of its automated screening technologies.

The second technology is Exceed which is used to carry out sales automation tasks for businesses. The tool funnels all the leads following a qualification process that is friendly, personal, conversational, and completely automated.

Apart from these, small businesses can use AI and machine learning for tasks such as face recognition, chatbots for customer service, dynamic pricing based on supply/ demand, and restocking and inventory management activities.

Machine Learning and AI for After-Sale Services

Most entrepreneurs very well understand that the journey of a customer does not ends when the customer makes the sales. Rather, it is important for the business to develop after-sales relationships with the customers. This is important so that the customers continue to return to the business for their net sales as well.

 

This area of the business can be empowered with the help of AI and Machine Learning. One of the examples is the use of marketing automation. This can be better implemented with the help of email correspondence, web messaging, and with the help of social media posts.

AI can provide personalized services to the customers and help businesses to retain them. AI can help small businesses to retain their campaigns and take control of their repetitive tasks saving a lot of time and without compromising client relationships.

The Final Word

Customer engagement is not new for any business. Every business in the market wants to add new customers and generate new revenue streams. It also might be possible that these competitors might pull your existing customers to make them their customers. It is thus important for you to record and keep track of the customer data as it will strongly contribute to your business success.

The AI-powered automated solutions will not only collect customer details it will also process and synthesize the data quickly to deliver a personalized experience to the customers. This will make the customers feel highly valued and drive high engagement. The AI technology will help small business owners to derive promising solutions.

SourceStartupnation

About ToOLOwl

I am ToOLOwl. I have few friends in my nest; whenever someone requests a tool’s review or I pick a one out of my interest, someone in the nest does research on the tool, someone takes a tool’s walkthrough and some of them share their experiences and expert advice. Based on all; I give it a  stereoscopic vision and present important insights for you to go through and ease your selection process for tools. Wish you Happy reading, Easy choosing.

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