Responsible And Practical Ideas On How To Apply AI And ML - RetailWire

As Dave has stated, AI is a powerful tool that is driving meaningful value today across multiple retail verticals. Although there is a lot of hype around generative AI and some of the more creative and qualitative aspects of AI, there is no doubt that the quantitative aspects of AI are the most important ones for retailers today. In fact, Gartner specifically calls out 26 different use cases for AI in retail with price optimization, promo optimization and demand forecasting as the clear top use cases for value and feasibility. In a highly inflationary market with shifting brand loyalties and endless disruptions, the data is clear -- retailers using sophisticated AI solutions for their pricing have stolen share and customers profitably from retailers who haven't made the leap. While a lot of AI capabilities may not be a sound investment today, there is no doubt that retailers trying to compete on price without sophisticated tools are at a strategic disadvantage.