How AI Can Be The Key To Loyalty And Retention For Retail In 2021

As the dust settles on the disruption that was 2020, retailers are dedicating their efforts to regaining a sense of normalcy in the new year. With a shift to an increase--and perhaps outsize--role that e-commerce has taken in the new pandemic economy, brands are adjusting to the new normal, and catering their strategies to the avenues they see as a risk-averse way forward. While less aggressive in terms of growth, expect to see a commitment to loyalty and retention on the part of retailers in 2021. In fact, a recent survey of CMOs found that 73% are going to be depending on current customers as opposed to growing new markets in the coming year. Luckily for retailers, we sit at a confluence of technological solutions--namely artificial intelligence and machine learning--that are perfectly suited for the moment, offering brands the opportunity to make the most of their data to foster these ongoing customer relationships.