Retail is such an obvious fit for entry-level machine learning. Finding the perfect gift for your friends and family is now easier with AI that recommends you the perfect gift in an instant.
A company called ELEKS is working on a gift recommendation engine that helps parents select gifts for their children. The traditional approach is going to a physical store or spending hours on online stores - all whilst hoping the kids will like the gifts. When using some machine learning, it can quickly identify the type of gifts kids would like based on their hobbies, interests and the purpose of the gift. This helps e-commerce users save time and make decision faster . There's a lot of research, optimization, and tactics in customer behaviours, branding, and e-commerce merchandising. This does flip a fair amount of that on its head.
The other obvious industry is insurance. They're already using AI to create new sales and risk assessment models. Machine learning engines enrich consumers by giving them all necessary information they need to know to make a fast purchasing decision, while suppliers enjoy more quality transactions in a shorter amount of time. It's a win-win.
Tricky to say if the "Gift Recommender Tool" by ELEKS will become the next unicorn. We can say online businesses will surely be testing and embedding recommendation engines left-right-center.
What we offer is to consider Artificial Intelligence software to serve as a guide for your consumers, helping them choose a gift. Smart assistant will let you simplify the shopping process, enhance the customer’s experience, and, therefore, move your whole business to a completely new stage. Since customer satisfaction and loyalty are among top priorities for retail businesses, the more your customers enjoy their shopping experience, the more chances to have your sales up.