An oft-quoted definition of ‘Deep Learning’ reads as follows – “Deep Learning is a set of algorithms in machine learning that attempt to model high-level abstractions in data by using architectures composed of multiple non-linear transformations.”
In this blog post, we look at how principles of ‘Deep Learning’ can be used effectively by brands to boost sales and how micro learning is an effective training mechanism in retail.
When Flipkart started operations a decade back starting out with books being sold online, no one would have predicted the rise of the website or the subsequent rise of similar players like Snapdeal that would change the entire shopping experience. Today, there are well over 5,000 unique websites offering different products for sale. From books and music to organic vegetables and farm-fresh milk and medicines and footwear; everyone seems to be selling a product online and there is a growing customer-base that looks to buy products at the best available price.
It’s all about Data
Have you ever wondered why a specific advert keeps popping up each time you browse for something online or when you are on Facebook? You might have searched for a specific mobile phone, just to check out the specifications and prizes. Before you realize it, an advert for the same phone offered by different shopping websites pops up in your feed! Well this is the algorithms working in sync with your browser’s search history, showing you adverts based on your preferences. A simple example of how data is being crunched to suggest products that you may end up buying!
Tapping into Deep Learning
Innovative retailers can tap into the power of machine learning algorithms to do things like determining the availability of products from external vendors or recommending the quantity, price, shelf placement, and marketing channel that would reach the right customer in a specific area. Just-in-time inventory management is one key area that holds a lot of significance.
When space is at a premium and the product offered is a ‘perishable’; it makes sense to implement ‘just-in-time inventory management’. Other aspects like, crunching data from social media feeds and time spent on reviews and ratings can be used to pitch products to users online! One on-going trend in the fine-dining business is the direct-pitch of a great deal to frequent restaurant visitors on Twitter. This trend will keep expanding to other businesses as well.
Increasing Customer Awareness
Customers are today more knowledgeable than ever before thanks to the ability to research a product online. From buying a mobile phone to an air conditioner or a book of stories, the Internet offers a wealth of information to the customer. Statistics show that over 80% of customers research a product thoroughly before visiting a store.
The problem arises when the staff in the retail store is not equipped well enough to answer the customers’ queries. This scenario plays out with unfailing regularity in all major retail chains, leaves the customer feeling disappointed and the store/brand loses out on a potential sale.
Bridging the Knowledge Gap
While advertising budgets are never ending, there is no proper hand holding process in-store when a customer visits. In-store selling has not seen any technological innovation for years, unlike online which has recommendation engines tailored to customer’s taste. With online shopping gaining popularity, in-store outfits have struggled. Now, more than ever before, brick and mortar retailers like online businesses must adapt to technological shifts in order to get back into the game.
Micro Learning Offers Solutions
We at Ingegno can help you design effective micro learning modules that you can deliver to your staff on mobiles or tablet-devices with ease. From creating customized eLearning modules to converting existing printed training material to courses, we can help you fulfil your L&D goals with ease and ensure that your staff generate great sales for you! Invest in training your staff, from business etiquette to product knowledge and client-interactions and problem resolution to personal grooming and maintaining a positive attitude; we can build customized micro learning modules for you, which you can easily integrate within your existing training solutions or offer as a bespoke training solution to your new and existing staff with ease. Don’t fall back in the race to making profits in your retail business. Invest in training your staff today, reap handsome profits tomorrow!!
Key Shifts in Retail Powered by Deep Learning
To reiterate, some of the key changes that have been brought about with the increasing use of technology in retail are:
- Personalised shopping recommendations
- Geo-location based targeted sales promotions
- Predictive and targeted advertising on social media
- Virtual trial mirror for clothes and jewellery
- Production of customer-designed clothes and accessories
The future is definitely bright and technology will play a major role in shaping the retail industry.
We hope you found this blog post interesting; do share your thoughts in the ‘Comments section’ below.
Deep Learning and Mobile Shopping images sourced from Pinterest.