Retail Future, a look at the future of Retail, where Artificial Intelligence could not be missing.

Gamco

Gamco Team

A few days ago we were able to attend a pioneering event in the world of Retail, the fair Retail Future 2022. In its fifth edition, and under the slogan "Retail to come'', this conference was presented as a tool to inspire change and break down barriers in small businesses in Spanish commerce.

At this meeting we were able to analyze the market and the main challenges it faces, observe the characteristics and study the reality of this sector. The main objective of this retail fair: to help retailers to drive the transformation processes.

Gamco, could not miss an event in which technology had a fundamental role as an ally of Retail. A look to the future, a step further, a commitment to technology in a globalized world, the answer to the changes in the world of small commerce, this is how we could summarize the SAIL solution (Sales Artificial Intelligence Launch), the proposal that we presented to the attendees of this event in Valencia.

retail future and artificial intelligence
Photos: Lluc Avellán

SAIL, the solution to make retail sales grow

SAIL, the Intelligent Business Software is shown as a solution to know in a predictive way, through Artificial Intelligence, which products and services to offer to each customer. The consumer becomes the main protagonist of this digital era and knowing their needs is the main task of the seller. In this sense, the solution we present identifies what customer profiles a business has, predicts what products or services to offer, and how to achieve the recruitment or sale, using the commercial levers and promotions available, all in one. 

The customer in the spotlight

If there is something that does not change, it is the importance of the customer in the retail sector. Analyzing the evolution of this market, we observe that new trends are appearing in the customer's purchasing process, especially in the search for an easy and fast purchase, therefore, it is necessary to avoid discomfort, waste of time and lack of information. Gamco's aim with the SAIL solution is, in short, to know at all times what to offer, to whom and how to do it by extracting data available in the customer's purchase tickets.

In the tickets there is a lot of information about each customer: products purchased together, at what time, on what day of the week, of the year, discounts applied, ... this information together with other available data, for example, variables extracted from internet services of the store and the stores in your area; give a very rich information of the profiles and behaviors of customers. SAIL algorithms allow to define these profiles, follow their trend and adjust products and services to the demand and needs of different customers.  

Both incoming and outgoing customers are as important as the ones that remain, so it is essential to ensure their loyalty. In this sense, SAIL incorporates a module for predicting the abandonment of customers 60 days in advance and of products or services by these users. By means of technology, behavioral patterns that are repeated are detected to improve the understanding of the end customer, thanks to the collection of quantitative and qualitative information to avoid customer abandonment and its cause. 

► You may be interested in: How Artificial Intelligence is revolutionizing the retail sector

Adapting to changing times

We must not forget that the main purpose of companies is their own growth, therefore, an Artificial Intelligence tool as a solution to retail problems must include among its services the attraction of new customers and the identification of business opportunities per customer. 

In these times of changes and adaptations, the small retailer needs a tool that defines its position in the market through the evolution of its results. The Intelligent Commercial Software, SAILmeasures the return on investment, mainly the growth in sales, identifying the cause of that growth, mainly: price or volume increase; and the percentage that is due to the actions carried out on the recommendation of the solution. In our implementations the measured returns are very important, more than twice the investment in the first year

The Retail Future initiative is a further sign of the importance of small businesses and craftsmanship in the national panorama, highlighting the importance of technology in this sector. An invitation for retailers to enter the world of technology and adapt their business. 

A meeting, with the help of great experts, to bring traders and artisans closer to the opportunities offered by technology, and help them to take their businesses a step further, grow and differentiate themselves from the huge competition.

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