Retailers on Machine Learning, IoT and Big data

Technology is the future of retail. Digital data, machine learning, cloud-powered analytics and the Internet of Things will separate the wheat from the chaff in tomorrow's retail industry. A recent Sector Insights government report said that retailers will need to embrace the latest technology trends, such as big data, and have the skills to work with digital systems if they are to be successful in the future. The retail industry is on the whole a voracious adopter of modern data-centric technology, aping the manufacturing world by using big data analytics to streamline supply chains, and using smartphone apps and wireless beacons to harvest customer data to deliver better service. However, despite having the technology to collect and access large amounts of digital data, retailers fail to put it to effective use.