As we journey further into 2024, retailers and wholesalers face significant challenges in an evolving marketplace. The key to survival and growth lies in enhancing both consumer and employee experiences. Automation and robotics, which have already proven their mettle in other industries like banking, hold the key. This article delves into how these technologies can bring about a transformative shift in retail and wholesale sectors.
To appreciate the potential impact on retail and wholesale, consider how automation has transformed the banking sector. Banks have implemented Automation and AI. They automated a wide range of processes from complaints management to loan information extraction, saving countless labour hours and significantly increasing operational efficiency.
The challenges faced by retailers and wholesalers in 2023—such as labour shortages, warranty management, and customer experience—are remarkably similar to those in the banking sector. Automation technologies offer an untapped reservoir of opportunities to solve these issues effectively.
Warranty claims processing is a massive, tedious operation requiring intense man-hours and susceptible to human drivers. A system that employs automation and AI could drastically cut down on processing times and errors. By learning from the other sector, retailers and wholesalers can automate this entire process.
In 2023, market demand fluctuates like never before. Implementing AI algorithms can assist in predictive inventory management, thereby informing stock and stock requirements, improvements and reducing overhead costs.
Manage routine customer queries, leaving human employees to tackle complex problems. This increases customer satisfaction while freeing employees for more meaningful work.
The best asset of any business is its human resources. When employees are stuck doing repetitive tasks like data entry or routing emails, their creativity and problem-solving skills are not utilized. AI can route customer queries to the right department or process warranty claims, liberating your workforce to engage in higher-level thinking and problem-solving.
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By employing Natural Language Processing (NLP) and machine learning algorithms, the other sector was able to automate 80% of their complaints handling. Imagine applying this to warranty management in retail—how much faster and efficiently could they be resolved?
Retailers and wholesalers can learn from the automation advances in other sectors. For instance, handling warranty papers or invoices is simplified using consumer portals. These portals reduce the need for manual data entry by letting customers input their own details. Intelligent automation tools can then categorize and file this important information. The result? Greater efficiency, fewer errors, and an improved customer experience—all thanks to iWarranty
About 92% of emails were auto-classified with the help of NLP and machine learning. In a retail setting, this would mean quicker response times to customer queries, order changes, or warranty claims, ultimately contributing to a superior customer experience.
As of now, the team iWarranty has grown to around 25, building more complex automation processes across the Retailers and wholesalers, we have a chance to write a similar success story for SMEs by embracing automation and AI, thereby saving on labour costs and freeing up their employees for more valuable work.
Automation and robotics in retail and wholesale sectors have the power to transform how the business operates, saving labour costs and elevating consumer and employee experiences. Given the significant advances in technology, there has never been a better time to invest in automation.
The future is here, and it is automated. By utilizing Automation, Bots and AI, human employees can focus on what they do best—creative thinking and problem-solving—making them the real drivers of value in their organizations. Therefore, automation doesn't replace humans; it empowers them.
Are you ready to bring your retail or wholesale business into the future? The time is now.
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