Is Artificial Intelligence (AI) and Machine Learning (ML) the Future of Merchandizing?
The 2001 French romantic comedy Amelie told the story of a shy waitress who decides to change the lives of those around her for the better, while struggling with her own isolation.
The painting below captures one of the 222 moods that the main character depicted in the movie. It was drawn by an aspiring artist that claims the goal of the project was, “To be taken seriously — one day — as a creative artist in my own right.”
Before we continue, see if you can answer the following two questions:
While there are more or less “scientific” merchandising principles, formulas and theories, the knowledge, experience and intuition of the retailer brings something indispensable to the table – the “art” of merchandising. This brings us squarely back to the answer to question #2 above.
At Syntel, we always keep an eye on the horizon, and have been steadily investing in developing an ecosystem where designers, merchandisers and buyers will leverage AI to predict what customers want before they even know themselves.
We believe that the future of Merchandising will capitalize on the inherent creativity of the human mind, backed by AI-driven creative algorithms. Clearly, merchandising design and planning requires a lot of creativity and prediction to succeed, and AI and ML will help lead the path forward.
As a trusted technology partner, Syntel can help our clients harness AI and ML to progress in their Merchandising journey by focusing on:
- Customer Experience AI: Assemble and recombine a series of components and thousands of potential configurations to identify factors that drive maximum impact and saleshe painter?
- Managing Variations through Automation: Define and manage automation algorithms and large data sets that use continual iterative A/B testing to pick “winners” for customer latent needs
- Mental and Data Models to Recommendation Engines: Use a data-driven approach to build inputs that run the recommendation engines
- Capturing Nuanced Customer Triggers and Signals: Capture and identify the customer responses of and discover insights that define discovery of next generation traits
If the pundits are right and AI truly does take off as predicted, this technology will have a role to play in virtually every aspect of our lives. If the work of The Painting Fool is any indication, even creative fields like Merchandising may experience a “bot” explosion. To capitalize on this wave of innovation, you need a partner that is well-versed in the latest technology but has a deeply-rooted understanding of your business.
To find out how Syntel can help, please reach out to your Syntel Client Partner or learn more about our AI and Machine Learning solutions online at www.atos-syntel.net
A graduate from IIM Calcutta with 11 years’ experience in the industry, Subhajit Dutta is a member of the RLT Practice team. He leads the domain consulting, new solution development, emerging technologies and strategic management activities for the vertical. Subhajit bring with him a rich experience in Product Management, Ecommerce and Omni Channel Customer Experience Strategy. He has worked as a Product Manager for the Indian Missile Defense program in DRDO and as a Senior Product Manager for Tata Steel Ecommerce, before joining Syntel in 2016.