Microsoft presented two new retail tools at the National Retail Federation show, which took place in New York. Following the show, Microsoft released a blog post outlining the capabilities of the new tools. Overall, the tools could help retailers compete with the growing e-commerce industry.
The first of the retail tools is titled 'Microsoft PromoteIQ,' and it assists retailers in creating strategic partnerships that will push different products. The tool is powered by data taken from the internet, as well as other insights. Microsoft PromoteIQ has been tested with Home Depot, and the company found that customer engagement improved by 35%. During the test, Home Depot also experienced double-digit growth for products that were promoting using the new tool.
The second tool is titled 'Bing for Commerce,' and it uses AI technology to improve product searches, and offer more customized product recommendations. The tool was created to help retailers improve their search functions, which would enable consumers to find products faster.
Image Credit: Microsoft
What's Driving This Trend
- AI-powered Partnership Tools
- Opportunity for retailers to create strategic partnerships and increase customer engagement with AI-powered data insights.
- AI-enhanced Product Searches
- Opportunity for retailers to improve search functions, enabling consumers to find products faster with the use of AI technology.
- Customized Product Recommendations
- Opportunity for retailers to offer personalized product recommendations using AI technology to increase customer satisfaction.
Who This Affects Most
- Retail Industry
- AI-powered retail tools provide an opportunity for retailers to compete with the growing e-commerce industry and improve customer engagement.
- Technology Industry
- AI-powered retail tools provide an opportunity for technology companies to develop and provide innovative retail solutions to enhance customer experience.
- Data Analytics Industry
- AI-powered retail tools provide an opportunity for data analytics companies to develop and provide insightful data solutions for retailers to enhance decision-making and drive growth.
