4 Applications of Machine Learning (ML) in Retail – Karl Utermohlen – Medium

The retail industry has benefited greatly from the advancements of machine learning (ML), which have the ability to improve a company's bottom line. The technology can do so by improving the retail experience for consumers with a better user interface, a personalized recommendation engine, the optimization of stocking and inventory and to more accurately price an object. Many companies have already shifted towards a more digitized platform in order to have a better understanding of when to push products more aggressively and when to use more tact with customers. There's no telling how far ML will go in revolutionizing the retail world, but a recent study by McKinsey suggests that U.S. retailers that have adopted data and analytics into their supply chain have experienced up to a 10% increase in operating margin over the last five year. Attaining data and developing the right smart solutions platform with predictive capabilities have been key to boosting businesses' ROIs.