Accelerating Retail!
The retail industry is a dynamic and integral sector within the global economy, serving as an intermediary between manufacturers and end consumers. Comprising a diverse range of businesses engaged in the direct sale of goods and services, it plays a crucial role in reflecting and responding to shifting consumer preferences, technological advancements, and economic trends. From traditional physical stores to the growing landscape of e-commerce, the industry remains a significant indicator of societal changes and economic health.
In 2023, the US retail market alone generated over $7 trillion in revenue, with global estimates soaring close to $30 trillion. This colossal market has recently begun to adopt Gen AI within its operations, empowering companies to reshape their operations and customer interactions. However, there is a need for a unified, all-in-one solution which can cater to all business use cases and evolve with business needs. Ingenvio has spun out SnapSell, a groundbreaking platform powered by Eugene, our state-of-the-art Unified Solution platform. Eugene is the backbone of Gen AI applications strategically deployed across Ingenvio’s partner group of companies, catering to a wide-ranging and diverse clientele.
Developing a diverse AI solution is not a simple task, as it demands meticulous consideration of scalability, security, and legal compliance. Integration with existing legacy systems presents its own set of challenges. Furthermore, the outputs of LLM systems must be monitored and presented in easily understandable formats. Herein lies the need for a comprehensive solution like SnapSell, a game-changer that addresses these challenges head-on.
SnapSell addresses a spectrum of challenges in the retail space, including dynamically changing customer perspectives, inefficient delivery operations, developing effective marketing strategies, and finding and capitalizing on new market opportunities. SnapSell enables companies to significantly improve customer satisfaction and retention, operational costs, product placement and ROI. Product design and marketing teams can see a significant boost in productivity, efficiency and a reduction in time to market.
SnapSell: A GenAI-Based Solution
SnapSell encompasses a spectrum of modules that seamlessly integrate into the operations of a retail company, offering solutions from customer acquisition to corporate functions:
- Customer Acquisition & Retention
- Personalized promotions
- Message Generation
- Loyalty program management
- Customer churn prediction
- Omni-channel commerce
- Fashion Stylist and Customer care chatbots
- Fraud detection
- Search driven product recommendation
- Product descriptions and benefit claims
- Store Operations
- Picker Routing guidance
- Frictionless check-out
- Shelf checking
- Automated task dispatch and in-store execution
- Category/Brand & Product lifecycle management
- Design to value
- Trends analysis
- Customer Perceptual Mapping
- Optimizing sourcing, manufacturing, and quality
- Merchandizing & assortment
- Demand planning
- Assortment optimization
- Inventory optimization
- Pricing optimization
- Logistic fulfilment & delivery
- Demand prediction to optimize fresh value chain
- Omni-channel fulfilment optimization
- Warehousing operations optimizations
- Corporate functions
- Cash forecasting
- Automation of finance
- Compliance monitoring
In addition to addressing these challenges, SnapSell goes beyond the ordinary by solving specific problems, further enhancing its utility. Some of these innovative solutions are:
Smart Product Positioning
Gen AI is proficient in creating ontologies by mapping relationships between different attributes. Relationships between attributes of interest can be viewed to assess which areas are doing well and which need improvement. Competing products can be analyzed as well, and market whitespaces can be identified where there is little to no competition. The first-mover advantage can be applied to these segments, quickly filling unexplored, lucrative spaces.
Enhancing Support Efficiency with Gen AI
One critical challenge in customer support is optimizing handling times for enhanced efficiency. SnapSell addresses this by integrating GEN AI into Salesforce Service Cloud UI via the API, empowering customer agents with advanced tools to efficiently address customer queries. This integration fosters efficiency, satisfaction, and adaptability in a dynamic customer service landscape. 6 major offerings are available in this segment:
- Email Template Selection: Utilize Vector Databases and Semantic Search to select tailored templates for customer queries accurately.
- Email Response Generation: Automated generation of email responses for timely and effective communication.
- Domain-Restricted Response Generation: Ensures responses align with domain-specific guidelines and regulations.
- Reduced Hallucination: Minimizes inaccuracies in responses, enhancing the overall quality of customer interactions.
- Rephrase and Correction: Automatically refines and corrects agent responses for clarity and precision.
- Sentiment Analyzer: Analyzes customer sentiment for personalized and empathetic interactions.
Beautician Consultant/Recommender
SnapSell addresses the customer’s hesitation to purchase beauty products online, primarily because of concerns related to unclear product descriptions, the inability to physically examine items, and the sheer overwhelming variety of choices available. Three things happen that makes customers churn:
- Inability to find the products matching the skin type.
- Inability to find the product matching customer’s look preferences
- Inability to apply the product tactfully and achieve all the benefits claimed by the product
By utilizing information from product descriptions, beauty forums, blogs, video tutorial transcriptions, customer purchase history, and feedback, SnapSell creates a personalized consultant/recommender. This feature assists customers with targeted recommendations, product-related queries, and tips for better product usage, thereby reducing churn.
Personalized Product Recommendations
SnapSell’s Gen AI-powered recommender system was built to facilitate customers with choosing the correct product for them. A customer can upload a photograph, which the Gen AI can scan to detect skin features. After an analysis of the features and customer requirements, the Gen AI can suggest products that fit the customer’s needs. It does this by using customer preferences, latest makeup trends, past purchase history and customer-specific insights such as skin tone and skin conditions. It can also suggest tips on how to use the product to ensure optimal results.
Visual Fashion Stylist
With the Visual Fashion Stylist module, SnapSell takes fashion personalization to the next level. Users can upload a photograph of an article they plan to wear, and the AI matches it with items within their wardrobe to create a compatible outfit. Alternatively, the AI can generate random outfits based on the user’s wardrobe, offering an innovative and personalized styling experience.
Competitive Delivery Optimization
Retailers often grapple with the challenges of optimizing delivery processes to stay competitive. SnapSell provides a solution by streamlining delivery operations, optimizing routes, and ensuring timely and cost-effective deliveries. This competitive edge can significantly impact customer satisfaction and loyalty.
Shipment Consolidation
Reducing the number of shipments is not only cost-effective but also environmentally friendly. SnapSell tackles this challenge by implementing shipment consolidation strategies. By intelligently grouping items and optimizing shipping routes, SnapSell minimizes the number of shipments, reducing carbon footprint and operational costs.
In conclusion, the integration of Eugene and SnapSell heralds a new era for the retail industry. It not only meets the existing challenges head-on but also provides a foundation for future innovations. As the retail landscape continues to evolve, those armed with the power of unified architecture and Gen AI language models will undoubtedly lead the charge into a more efficient, personalized, and sustainable retail future.
Connect with Ingenvio to discuss and preview SnapSell and understand how it can fit your business needs.
