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Among retail marketers, a reliance on traditional business intelligence tools has left the intuitive decision-making in the hands of the marketing team. The data is collected, processed, analyzed, and visualized, and ultimately predictions are made against past trends by humans who can’t factor in all of the subtleties and nuances of real life consumer behavior.

But with AI, “complex algorithms are being employed to better understand, formalize, and augment the intuition that merchants develop over years of experience,” Deloitte reports. This allows merchants “to better predict trends, quickly identify exceptions and areas for opportunity, and make more informed decisions.”

Evidenced by the effects of the COVID-19 pandemic on market share and the move to increased online shopping, retailers that adopt AI stand to gain a critical competitive advantage through personalized marketing opportunities, enhanced customer engagement, and customized shopping experiences, to name a few.

Vendor:

DataRobot

Posted:

Nov 30, 2021

Published:

Aug 18, 2021

Format:

PDF

Type:

eBook