Many of us do online shopping / offline – Showroom purchase, How about having a Smart Shopping Assistant from Bank using AI and Analytics, which can advise us instantly anywhere and anytime 24×7. Customer generally need advice on following
- What to Buy? -Choice
- When to Buy? – Offer / Holiday Season Sale
- Is it worth Buying? – Utility of the Product
- How to buy? – Based on Price / Financial Strength of the Buyer
Let’s see some basic Use Case of a Buyer doing Offline Showroom Purchase.
Mr. John wants to Visit an Electronic Showroom nearby his Residence to purchase an SLR Camera.
Smart Shopping Assistant APP:
- Asks John to select the Product he intends to buy. (Example: SLR Camera)
- Provides the list of Showroom available nearby his Residence along with Google route map.
- John selects Shop No.1 and proceeds his travel.
What to Buy from the available Choice:
App provides the SLR camera with different Specification, John selects one from it. (Choice of Specification)
App provides the SLR camera across Brands with price (Choice of Brand & Price)
When to Buy to avail best offer:
App provides an ALERT to John stating the Current Offer prices is not competitive against the forthcoming Christmas Holiday Season Offer, which is 10% more.
App provides an ALERT, if John proceeds to buy, he can avail the Credit Card Offer which is 6% on top of the showroom offer.
The app can provide an ALERT, that SHOP no.2 which is 1 km away is having the same product and the offer is 1% more than the Shop no.1.
Is it worth Buying?:
The app captures the last purchases made by John through online / offline and does an Analysis, that John already bought a similar type of SLR Camera with a lower specification. Suggest him that you already have a camera. Do you really want to buy? Also suggest him, that it was recently bought 4 months back.
App advice John to sell the previous camera in a resale portal or postpone the buying of new SLR camera.
This feature will provide assistant to User, as to whether the product is really useful buy / hint him that already similar product is bought, which may or may not be used. In general, a consumer buys just because to avail the offer but do not use it.
How Do I buy?:
The app can check the Account balance of John and advice if he has sufficient balance to purchase based on a future commitment like EMI, Standing Instructions, Bill Payment.
The app can suggest John to Avail Credit Card offer of Zero % EMI or advice him that he still has a unutilized limit on the credit card, which is cheaper than utilizing his Account balance.
This feature helps John to assess his financial commitment and options, finally whether to buy or not.
Conclusion:
Using AI and Analytics, System can advise a customer on Purchase through analyzing Location, Product, Product Specific Offers, Seasonal Offers, Financial commitment/strength of the consumer. This feature can help consumer take an advised decision on purchase, instead of some random purchase, ending up in defaulting EMIs or overshooting his spending limit.
