How A.I. is helping retailers

The retail industry is inundated with buzzwords that describe the best way to engage with consumers -- such as omnichannel marketing, customer journey, and a 360-degree view -- to provide a more personalized and optimized experience. All of these buzzwords point to a common problem most retail marketers are aching to solve: How can they use customer data to create timely insight into what customers are doing in-store and/or online and convert that into strategies and actions that increase sales? It's an age old question with new age solutions, and the retail industry is now leveraging artificial intelligence (A.I.) to usher in a unique way of thinking about this problem. In fact, a new chart shows there are 45 A.I. companies focused on retail across a range of verticals, including recommendations, merchandising, search, conversational commerce, and especially multichannel marketing. Using omnichannel retailing, the ability to connect with a customer both online and offline, is ideal because omnichannel customers have a 30 percent higher lifetime value than single channel customers.