How AI can save the retail industry

The future of retail continues looking grim, as more brick and mortar stores close their doors. US retailers have announced 8,558 store closures so far this year, with total US store closures predicted to hit 12,000 by the end of 2019, reported Coresight Research on Friday. While the internet and automation are typically to blame for these closures, the same technology could actually be the solution for physical store locations, said Paul Winsor, general manager of retail at DataRobot. "If retailers want to stay open in the existing stores that they are operating in, my recommendation to them is to ask: Are they understanding the changing habits of those customers, and how they're shopping with them, in those locations?" "To survive in the tough, tough retail market, you have to start to turn your business, and make predictions, based on learning from your historical data," he added.