Big Data and Artificial Intelligence: A Primer for Retailers Jing Daily

Buzzwords like "big data" and "artificial intelligence" have become commonplace in many of today's business conversations, but what exactly do they mean--and what do they mean for the luxury consumer? The Chinese government's "Next Generation Artificial Intelligence Development Plan" was established in 2017, making artificial intelligence (AI) a national priority for China. Simply put, today's high-net-worth buyers still want a traditional tailor-made buying experience, but they want it fast and hassle-free. Artificial intelligence and big data are what will help give them that. Big data is a term for the huge volume of varied and unstructured data (sounds, images, texts, messages, transactions, videos, social networks, etc.) that companies collect both online and off, from employee counts to weather histories.