Until recently, the most powerful AI tools for boosting retail revenue were available only to tech giants with retail operations (you know who we mean). These companies had the resources to deploy revenue-boosting solutions that others couldn’t match.
But with the rise of GenAI, these powerful tools are now within reach for retailers of all sizes, enabling even smaller players to compete like never before.
Here are four breakthrough GenAI capabilities that retailers can now leverage. And while chatbots are valuable, we figured you already know about those — so let’s focus on some other game-changers.
4 GenAI Capabilities to Drive Retail Success
1. Semantic Search: Understand Customer Intent
Search engines like Google have set the standard for understanding customer intent, but thanks to APIs and large language models (LLMs), this capability is now accessible to e-commerce platforms of all sizes. Semantic search interprets what customers mean, not just what they type, making it a powerful tool for online retailers.
Why it matters:
Helps customers find products faster Boosts conversions by matching search results to intent
Example: A customer searches “gift ideas for new parents,” and with the power of GenAI, the search curates a selection of popular baby products and parenting essentials, matching the customer’s intent.
2. Smart Reviews: Instant Insights & Responses
GenAI transforms how retailers handle customer reviews, offering real-time analysis to identify insights and trends. It can flag recurring feedback, suggest responses to enhance engagement, and streamline reputation management processes.
Why it matters:
Flags product feedback trends automatically Recommends responses to improve customer engagement Streamlines reputation management
Example: Using GenAI, feedback about a ‘fit issue’ is flagged, prompting suggestions for a sizing guide or product update.
3. Dynamic Pricing: Stay Competitive, Automatically
Dynamic pricing can help businesses stay competitive by adjusting prices based on real-time demand, market trends, and consumer behavior. When implemented thoughtfully, it ensures prices remain attractive to customers while maximizing revenue.
Why it matters:
Keeps pricing competitive Increases revenue with real-time adjustments Saves time with automation
Example: Pricing for winter coats can adjust automatically based on demand as the season changes. Similarly, with surge pricing, a product’s price can fluctuate depending on how many customers have it in their carts — keeping you competitive without constant manual updates.
4. Computer Vision: Smarter Inventory and Customer Insights
With cameras and image recognition, computer vision can track inventory and monitor customer behavior. It provides real-time inventory updates, optimizes store layouts, and informs staffing decisions, making operations more efficient.
Why it matters:
Tracks inventory in real time Optimizes store layout and staffing Provides instant updates for inventory changes
Example: Computer vision can monitor tire stock in a warehouse or track inventory on production lines, improving accuracy and reducing manual work.
What Relevantz Can do for You
When used correctly, GenAI unlocks numerous possibilities for your enterprise, from automating routine tasks to crafting innovative solutions for complex problems.
At Relevantz, we excel in crafting custom business solutions powered by GenAI platforms. Our expertise ensures effective adoption and integration of GenAI, propelling your business toward innovation and growth.
Ready to enhance your retail operations with GenAI? Contact us to discover how Relevantz can make it happen.
