Big Data and the Future of Retail

The retail experience was undergoing a transformation even before the current pandemic forced massive changes in shopping behavior. A 2019 survey revealed that 92 percent of 1,400 retail leaders identified "reinventing the customer experience" as their top business priority. However, with the new reality we've all been forced into, the stakes for retailers are higher now than ever. To understand the changing needs of consumers and respond to those needs, retailers must leverage big data strategies based on artificial intelligence (AI) and machine learning (ML) technologies. In a crowded marketplace, retailers must find ways to differentiate their brands through increased personalization, better customer service, and improved demand forecasting.