Global provider of Intelligent Automation (IA) solutions Laiye has announced its plans to transform the retail sector through its agile AI-enabled technology.
Laiye, which has just announced a $50m expansion across Europe is seeking to increase its market share in the retail industry through its integrated Interactive Data Processing (IDP), Robotic Process Automation (RPA) and chatbots, optimising the human-technology collaborative alliance to upgrade and automate the short-term solutions relied upon during the pandemic.
The retail industry was hit particularly hard by the Omicron variant, with the volume of retail sales falling by 3.7% in December 2021, according to ONS. However, prior to Omicron, the retail industry had performed admirably with the volume of sales 2.6% higher than pre-coronavirus levels. The pandemic forced a complete overhaul, with hastily put together e-commerce solutions to keep the industry afloat as the high street closed, and continues to close, physical stores.
Key use-cases for Laiye’s automation technology include improved margins through efficiency and cost reduction, as well as transforming the way retailers manage customer enquiries, operations and supply chains, having experience with customers such as Midea Group, Nike, and Walmart.
Laiye’s automation solutions can assist retailers to reimagine their operating models, from in-store facets like self-checkouts to the warehouse and stock checks.
Additionally, the reduction of repetitive admin tasks, especially in the retail industry, can allow employees to be freed up and upskilled to focus on mission-critical initiatives and provide a more customer-centric experience.
In Deloitte’s recently published 2022 Global Marketing Trends, the need to enhance customer service with artificial intelligence was highlighted, to help retailers thrive through customer-centricity.
Laiye has an existing footing in the market, providing customers such as Nike with bespoke solutions revolving around their chatbots, IDP and RPA, as they pledge to create over 200 highly skilled AI jobs across the EMEA region.
Commenting on the expansion, Neil Parker, Laiye General Manager of EMEA, said: “Our goal is to make the lives of businesses easier, and retail is one industry desperately in need of AI-led transformation. Even before the pandemic, the trajectory of retail was changing, but the pandemic hit the industry particularly hard, forcing many brands to close physical stores.
“However, with social distancing restrictions lifted and with businesses looking to recover and grow, now is the time to embrace Intelligent Automation. The impact of AI solutions across the industry can free employees up from manual tasks and save thousands of hours, allowing retailers to focus on what really matters – the customer.
Parker continued, “Integrating a bespoke automation solution can allow retailers to focus on specific back-room issues and help to speed up their processes, whilst also removing any human error. Through automation, the entire industry has a path to recover and thrive.”
