AI/ML is reinventing the reality of many industries, including retail. From brick-and-mortar stores to online marketplaces, retail companies are all increasing their investments in artificial intelligence, in order to gain a competitive advantage, better understand their customers and solve some of their long-lasting problems.
Unlike some other spaces, retailers quickly moved towards a data-driven approach, using streams of data for improved speed, efficiency and better business decisions. They collect big volumes of raw data, that come in different formats, and quickly extract, load and transform it, in order to turn it into actionable insights. What are the benefits driving adoption? Let’s look at some key shifts in the industry and how AI/ML can help.
Benefits of AI/ML in retail
AI/ML has enough power to change the landscape of the retail industry. Amongst the main benefits, there are:
- A shift towards experiences: whereas in the past retailers were focused on simply…