Artificial Intelligence in Retail
Create a Smart, Personalised Shopping Experience with AI in Retail
MyWave is about empowering Enterprise Data to intelligently work for people as well as the Enterprise. It is a new, simple, intuitive way to interact creating the best outcome and experience.
The customer simply needs to type or speak their request in Natural Language in their chosen channel and the MyWave platform facilitates the rest across business silos or ecosystems.
Case Study example of MyWave and Retail:
By flipping the traditional old-world CRM model and putting the Customer at the Centre, we look at the customer as an individual, not an account. We use MyWave’s Intelligent Personalisation which delivers customer centric products and services and end to end outcomes.
The ‘Brain’ of MyWave builds up a set of nodes and networks about that customer or business. It can also interactively access and update data from CRM systems, operational back end systems, external data systems and only asks questions on what it does not already know.
These nodes and networks in the MyWave ‘Brain’ contain the attributes of that customer and who they are buying for. This builds up more intelligent nodes and networks of who they are purchasing for and their data attributes. In this way, a retailer can create highly personalised Retail experiences both in store, in the home, anywhere.
A good example, is Amazon, you have an account and when you purchase a gift for someone else, your profile becomes mixed with the profile and preferences for whoever you have purchased things for. If you bought a ‘My Little Pony’ for your niece and a Scottish Highland’ book for your husband, your profile continues to get recommendations and offers of things which are not relevant to you.
With MyWave's Intelligent Personalisation, you type or speak in Natural Language ‘I want to buy a black North Face Jacket for Will for $200’. MyWave will look into its ‘Brain’ and see what it already knows about Will. It knows Will is a friend of mine, Will, is designated as Male, he is size Small, he lives near me. MyWave responds with confirming data that may be variable to getting the outcome – is Will still a size Small? By confirming or changing the size attribute, MyWave immediately scans for Black North Face Jackets in size Small which ships to Will’s location or to your location in the price range you have asked for.
Context is everything in Intelligent Personalisation. If I now want to find a new smart TV. I can speak or type – 'I want a new HD TV for $2,000.' MyWave knows this is not for a person but for a room in your home. It will look to see in its ‘Brain’ what rooms it already knows about in your home – there are already nodes for Kitchen and Living Room. If you want to purchase the TV for another Room in your house, for example a Bedroom, you would tell MyWave, it's for a Bedroom – it contextually knows it needs the size of the room to determine the optimal size of TV for that room. You tell MyWave the size of the Bedroom and it will select TVs relevant to the size of the room, in the price range requested, that can ship to your location.
The ‘Brain’ contextually remembers and recalls all interactions. In a grocery example, your weekly grocery list is contained in your ‘Personal Cloud based Brain’. You can type or speak and add items, remove items, have items on a ‘watch list’ so when the price meets a desired level, it will be added to the list.
Retailers using Intelligent Personalisation of MyWave can make proactive recommendations under control of the customer – if you order Coconut Yoghurt, here is a new one you can try, suggest recipes if you are following a Plant Based Diet or planning the weekly dinner menu, vastly improving the returns on marketing budgets.
Retailers increasingly are adding in Ecosystem based products and services to generate more stickiness and loyalty. For grocery retailers these range from insuring cars, vehicle finance, energy deals, personal loans and finance. Today these offerings are spread across many different systems and data models, providing different and often friction full customer experiences. Intelligent Personalisation with MyWave's 'Brain' data centred on the customer provides seamless end to end orchestrated customer experiences and outcomes between the Retailer and its Ecosystem business partners.
Going back to the retail clothing example, we know you like Black North Face Jackets and Arcteryx Jackets in Natural Colours in Size Small. As new ranges come out or are on sale, Intelligent Personalisation keeps your customer engaged in the brands they love and follow.
- In Store and digital experiences
- Intelligently Re-order my groceries each week
- Intelligent list suggestion based on frequency of use, price of products and seasonality
- Tell me promotions I may be interested in based on my preferences incl. dietary preferences
- Useful recipes relevant to budget and diet
- Help me shop and plan meals on a weekly budget
- Watch lists for the price on items and tell me when they reach the price range I want
- Single tap personalised buying experience in home, in store, wherever I am.
- End to End Ecosystem based outcomes centred on the customer
Similar to the Energy Case Study, the MyWave platform can be used in Customer Service for Retail. The key customer benefit is the MyWave Platform’s contextual understanding. If you want to return a product, give feedback on a product or a product was short shipped, you aren’t sent to the same blank form on a website or made to wait on a Call Centre to get resolution.
Simple Summary Case Study of MyWave and Retail, ROI in less than 12 Months
Customer Centred Outcome Examples
- Know me, remember me, serve me better
- No more forms, use data pillars for getting outcomes I need, make it easy
- Provide End to End Retail outcomes centred on me and my family - Help me lose weight, plan a special dinner, best nutrition for my kids,
- Save me Time - Intelligent Lists and Ordering
- Get me the Products relevant to me
- Help me Save Money
- Help me do more with my Money
- Help me get better deals on the items I pay for or what I am saving for
- Intelligent personalised services around the Home and Finance, insurance, credit cards, personalised payments.
Enterprise Benefits from Customer Centred Outcomes deploying Intelligent Personalisation by:
- Automating and simplifying processes to take out cost
- Taking out/freeing up people
- Deepening customer relationship with relevant personalised products and services
- Improving revenue growth through more valuable end to end client products and services
- Redefining the personalised Retail experience
- Enhancing customer service and customer outcomes centred on the customer
- Increasing NPS (Net Promoter Score)
- Leveraging Data and Relationships, enabling Ecosystem business relationships around home and business