How Artificial Intelligence is Helping Retailers Improve the Shopping Experience
In an effort to attract shoppers back to brick-and-mortar stores, many retailers are turning to artificial intelligence (AI) solutions. One such company offering AI services is Lily AI, which was recently profiled in The New York Times. Lily AI utilizes machine learning, AI, and human curation to assist retailers in understanding their customers’ needs and preferences, ultimately enhancing their shopping experience.
What sets Lily AI apart in the competitive AI landscape is its early entry into the market, with clients like Gap, Macy’s Bloomingdale’s, and thredUp. The company’s services include incorporating customer-centric search terms into product descriptions and optimizing site search, product recommendations, and filters. This unique approach helps retailers address the challenge of website discoverability and improve their overall online presence.
Founder and CEO Purva Gupta conceptualized Lily AI in 2013 after recognizing a disconnect between how shoppers described clothing and how retailers labeled their products. By bridging this gap between consumer language and industry jargon, Lily AI addresses a significant pain point in the retail industry.
Industry experts, such as Sucharita Kodali from Forrester, believe that Lily AI’s early traction with prominent retailers positions the company for sustained growth. Additionally, the company’s technology is adaptable across various sectors, allowing it to expand beyond apparel, beauty, and home goods and venture into industries like travel and automobiles.
The utilization of AI in retail is not a new concept. PYMNTS has been closely following this trend and highlighting its potential benefits. AI can help retailers stand out from the competition and reduce costly returns. It also enables brands to bridge the gap between the digital and physical worlds, providing consumers with immersive experiences and personalized offers.
As post-pandemic consumer preferences shift, companies like Tonal and Peloton have leveraged AI to adapt to these changes. Additionally, advancements in AI technology have made it possible for consumers to shop with influencers in real-time and receive personalized recommendations while browsing online.
In conclusion, artificial intelligence is revolutionizing the retail industry by offering innovative solutions that improve the shopping experience. Lily AI, with its unique approach to understanding customer language and optimizing online platforms, is at the forefront of this transformative trend. By harnessing the power of AI, retailers can make more informed decisions, enhance customer satisfaction, and ultimately drive sales.
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