“New analytic technologies are expected to radically change analytics – and retail – as we know them.”
Retail leaders are focusing on artificial intelligence (AI) tools because they provide better insights to optimize retail execution. AI can be used to automate customer data, upsell options, and pricing engines, to name a few. Retailers are already able to collect large volumes of transaction-based and behavioral data from their customers. As the volumes of data continue to grow, machine learning becomes increasingly essential to further optimize business processes and drive more impactful personalized and contextual consumer experiences and products.