How can the latest retail technology help a furniture business grow? Here is a look at four examples, and how they might be employed …
Artificial Intelligence (AI) and Machine Learning (ML)
When ChatGPT and other large language models exploded into the public sphere, it generated a new wave of interest in AI and the kinds of things it can do.
Like any other retailer, there are a variety of ways you can incorporate artificial intelligence and machine learning into your furniture business. Some of the most promising applications for this kind of tech include:
Demand forecasting: The AI market has various tools that can be used to scour your sales data, interior design trends, and external factors to help you forecast future demands. Though this won’t allow you to automate your inventory planning completely, it can reveal valuable insights which will help with making buying decisions and minimise stockouts or problems with excess inventory.
AI chatbots: Quality customer service requires prompt, helpful responses to your customers’ queries, but that’s not always possible when demand is high and resources are stretched. Conversational AI models allow businesses to support their human customer service team with an automated tool for answering common questions, addressing order issues, and more.
The rise of social commerce: Furniture businesses should be especially invested in social commerce, as lifestyle products are a huge magnet for organic engagement on popular social media apps.
Branded influencer posts, shoppable organic posts, and shoppable paid ads are some ways that brands can use social commerce to meet their customers on social media sites and stay top of mind when they come to buy products like yours.
There are functioning ecommerce stores facilitated by the social networks themselves, allowing brands to present a product catalogue, maintain shopping carts and take payments online through methods that your customers are comfortable with.
Equipping for future growth
Whether it’s by making routine processes more efficient or giving your customers a better shopping experience, the latest retail tech has a variety of applications that can help you grow your furniture business.
Hopefully this guide has given you a helpful starting point to start exploring the possibilities for your business, find new inspiration, and equip yourself for future growth.
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