Walmart has seen an increase of over 95% in customer acceptance of shopping substitutions after the retailer implemented deep learning artificial intelligence for online grocery orders, according to a company blog post written by Srini Venkatesan the Executive Vice President of Walmart Global Tech.
The blog post outlines that Walmart implemented the artificial intelligence solution last year, as the pandemic caused changes in American shopping habits. The artificial intelligence solution was especially helpful as increases in demand caused some items to sell out and the new system could help direct consumers to shopping substitutions.
The new system also helps Walmart associates, who can be told exactly what items a customer may prefer if the original item they wanted is out of stock.
AI-Integrated Retail Systems
Walmart's New AI System Helps Consumers Make Shopping Substitutions
Trend Themes
1. AI-integrated Retail Systems - Walmart's successful implementation of an AI solution to increase customer acceptance of product substitutions can be adopted by retailers globally.
2. Deep Learning Artificial Intelligence - Businesses can leverage deep learning AI solutions like Walmart's to better manage changing customer demands and improve business efficiency.
3. Personalized Shopping Experience - By integrating AI-powered personalization, retailers can provide customized shopping experiences to their customers, leading to increased customer loyalty and sales.
Industry Implications
1. Retail - The retail industry can leverage AI solutions to improve customer experience and satisfaction, improve operational efficiency, and drive sales growth.
2. E-commerce - E-commerce businesses can utilize AI-powered systems to improve their product recommendations, streamline customer service, and enhance the overall shopping experience.
3. Supply Chain Management - AI-powered supply chain management systems can help businesses adapt to changing customer demands, optimize operations, and reduce costs.