Tools based on artificial intelligence mechanisms, including Copilot, are designed to support organizations in every industry. Recently, Microsoft introduced solutions specifically tailored for retail companies. Let's take a closer look at them.
New Copilot Capabilities in Dynamics 365 Customer Insights
The market is becoming increasingly demanding. Implementing a new project or advertising campaign should be done quickly while using minimal resources. However, without appropriate IT solutions, this is not possible. Effective preparation for launching a new product along with its promotion requires involvement from specialists in various fields. Often, advertising agencies or external companies are also involved in the project. Data dispersion and the use of different IT tools within teams make it difficult to gather information about campaigns. Data analysis and action optimization become problematic. This negatively affects not only the campaigns themselves but also customer experiences. Therefore, according to Microsoft data, 63% of surveyed retailers expect improvements in their marketing efforts through artificial intelligence within 18-24 months. The response to their needs is expected to be new Copilot features in Dynamics 365 Customer Insights, which will change the way projects and marketing campaigns are managed, increasing productivity, efficiency, and speed of introducing innovations to the market. They are based on Copilot features introduced last year, including the ability to generate content ideas and create customer segments and purchase paths using next-generation artificial intelligence:
- Based on a brief written in natural language, Copilot can prepare a readable project board. It includes the target audience for the campaign and segments, as well as Copilot's recommendations for additional segments that the marketing team may not have considered.
- Copilot creates customer purchase paths, containing personalized touchpoints such as promotional messages or event invitations.
- Artificial intelligence also helps create personalized content tailored to both the brand and selected audience groups. The new Customer Insights capabilities will be available in preview in the first quarter of 2024, with general availability planned for the third quarter.
Using Copilot for Demand Planning
Key to efficient sales is having the right inventory. It directly results from effective demand planning. New demand planning capabilities in Dynamics 365, utilizing artificial intelligence and machine learning among other things, were introduced in November 2023. They are still being enhanced with Copilot. Demand planning based on advanced patterns and forecasts will help avoid unnecessary deliveries and shortages. Thus, it secures the sales process. The latest demand planning capabilities help reduce excess inventory and increase retailers' working capital. Copilot will also help understand complex relationships between datasets through natural language interactions. It will also streamline routine tasks such as report generation, saving employees time.
What Else Can Copilot Do for the Retail Industry?
Microsoft's actions aim to streamline sales processes in every area. Copilot can also be used, for example, for efficient real-time supply chain planning. Let's not forget about the well-known ability to generate product descriptions for online stores. All of this is intended to increase the efficiency of sales and marketing teams, but above all, to increase customer satisfaction. As commonly known, retaining a customer is significantly more challenging than acquiring a new one, so ensuring the satisfaction of those who buy from your company should be a priority.
