Machine learning in retail: essentials and 10 key applications

In recent years, between lockdowns, curfews, supply chain disruptions, and energy crunches, retailers must have felt like dinosaurs trying to dodge a rain of asteroids and avoid extinction. But unlike those giant prehistoric reptiles, the retail industry could count on a full array of technological innovations to better meet the challenges of these difficult times. One of the most impactful tools in this arsenal has certainly turned out to be artificial intelligence, including its powerful sub-branch known as machine learning (ML). Let's briefly frame the nature of this technology and explore the key use cases of machine learning in retail. Machine learning in retail relies on self-improving computer algorithms created to process data, spot recurring patterns and anomalies among variables, and autonomously learn how such relations affect or determine the industry's trends, phenomena, and business scenarios.