| | AUGUST 202219How can retail and commercial improve products/services with integration of technology such as artificial intelligence and machine learning?Integration of technology and modern analytical tools, such as Artificial Intelligence (AI) and machine learning, are key in deriving insights from large amounts of data sourced from different channels to informing better strategies for improving customer experience. Implementation of predictive analytics using a customer's previous purchase history in a store can allow for the store assistant to increase customer experience by recommending and guiding the customer to products they have demonstrated an interest towards. Additionally, utilizing this analytical tool in understanding footfall in a mall can guide organization of promotional events, especially for eateries. Likewise, performing customer segmentation and generating specific email marketing using machine learning can prove to be quite beneficial. As for technology and artificial intelligence, including self-checkouts and contact-less payments with easy access to their customer account can not only ease the process of transaction but also inform the customer of interesting yet specific offers or products/services that might be of interest to them, translating into increased customer retention. What are the major developments taking place in the recent years of retail and commercial?Recent years, specifically during the pandemic, the industry has witnessed several disruptions and corresponding developments. For instance, the transformation of physical brick-and-mortar stores to locations that enhance customer engagement via immersive experience in addition to transactional places. To elaborate on this, significant changes to shopping behaviour such as exploring all options available online to compare prices and opt for the best, has made the modern customer more aware of their choices and opt for e-Commerce. However, this does not render a physical store unnecessary but even more important. Since online shopping can be quite mechanical, physical stores can act a place where a customer gets to experience the latest products/services offered to allow the customer to make a more informed choice, which is made more personal by interacting with store assistants. In addition to this, having an anchor store with various brands under the single roof, and the utilization of technology such as easy self-checkouts and access to previous purchase history, eases the shopping experience for the customer in a very busy world. Therefore, the integration of technology and greater accessibility to a diverse brand-mix and anchor stores, improves customer experience. Please mention the future of retail and commercial business.While the organized retail sector in India remains in its nascent stage with around 10 percent of the total GDP, it is all set to experience tremendous growth over the next couple of years, expansion by international brands in India, increased confidence for new launches by real estate developers possibly brining in more FDI, and a rise of companies with large capabilities such as brands that have an international presence. Furthermore, the technology revolution has transformed an Indian shopper to that with higher demand for trendy products observed across the globe, driving retail success. More specifically, the retail and commercial business is all set to see increased digitization of their services, with companies without an online presence having all the cards stacked against them. The reliance on and convenience of online retail and e-Commerce has permanently altered shopping habits and customer behavior. However, by transforming the physical store into an immersive experience the digital Indian can explore trends and try-out products before making a purchase online, making the shopping experience more satisfying. Creating an engaging and immersive experience in a retail store will attract customers since e-Commerce and online shopping has brought in-person shopping at an all-time low. For malls, combining a good location along with immersive stores that cater to every customer's needs, anything from convenience stores to luxury shopping to trendy and popular stores will thrive. Future retail outlets will operate simultaneously as transactional, immersive and customer engagement stores. PERFORMING CUSTOMER SEGMENTATION AND GENERATING SPECIFIC EMAIL MARKETING USING MACHINE LEARNING CAN PROVE TO BE QUITE BENEFICIAL
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