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Four Ways AI Is Leveling The Retail Playing Field Versus Amazon

#artificialintelligence

I've been to dozens of retail-related conferences in the past year, most of which were attended by retailers, brands and early-growth companies seeking to gain traction in the retail ecosystem. Over the year, I've seen a continuous increase in the number of AI-driven technologies and companies showcasing solutions for retailers. I've also observed growing interest in these innovations among retailers. Because as multichannel retailers continue to fight age-old problems such as inaccurate inventory, stockouts and overstocks, overstretched and undertrained store associates, and suboptimal pricing, advances in AI targeting these problems are proving their ROI. AI, or machine intelligence, is human-like or intelligent behavior exhibited by computers and machines that are "trained" by data to make autonomous decisions.


Four Ways AI Is Leveling The Retail Playing Field Versus Amazon

Forbes - Tech

I've been to dozens of retail-related conferences in the past year, most of which were attended by retailers, brands and early-growth companies seeking to gain traction in the retail ecosystem. Over the year, I've seen a continuous increase in the number of AI-driven technologies and companies showcasing solutions for retailers. I've also observed growing interest in these innovations among retailers. Because as multichannel retailers continue to fight age-old problems such as inaccurate inventory, stockouts and overstocks, overstretched and undertrained store associates, and suboptimal pricing, advances in AI targeting these problems are proving their ROI. AI, or machine intelligence, is human-like or intelligent behavior exhibited by computers and machines that are "trained" by data to make autonomous decisions.


Store closings pile up: With 1,200 closures already announced, retailers face another grim year

USATODAY - Tech Top Stories

Traditional chains are looking increasingly frail less than a month into 2020, with vacancies piling up and few near-term prospects for a turnaround. National chains Macy's, J.C. Penney, Papyrus, Express and Pier 1 Imports, as well as other retailers, have collectively announced 1,218 store closures this year, according to global marketing research firm Coresight Research. The fallout comes after a year in which retailers closed more than 9,200 stores, according to Coresight. Those included the liquidation of Payless ShoeSource, Fred's, Gymboree and Charlotte Russe and mass closures by Family Dollar, Forever 21, Charming Charlie, Sears, Kmart, A.C. Moore and GameStop. Retailers will likely announce plans to close more than 100 million square feet of space in 2020 for the fourth straight year, projected real estate data tracker CoStar.


Top 2021 Post-Pandemic Pivots for Retail Stores

#artificialintelligence

Agreed, the headline is slightly presumptuous, in light of the third wave looming large and governments' globally gearing up for the same. That said, with vaccination drives going on in full swing, mask-mandates being lifted, travels resuming, and offices reopening, people are actually heaving a sigh of relief – a virus of good feeling is rippling across the cities. But, please don't take my word for it! America's leading retail brands have gone on to report that their foot traffic has rebounded earlier than expected, so much so that the numbers might exceed their 2019 sales performance. The point is consumer behavior is expected to upend big-time post-pandemic, partly because some customers might want to pursue their pre-pandemic routines, and mostly because some customers might wish to continue with new customer engagement models launched during the pandemic.


The Role of Emerging Technologies in Revolutionizing the Brick and...

#artificialintelligence

The new-age customer is digitally enabled, savvier, and looks for personalized experiences. FREMONT, CA: Businesses across all industries are rapidly adopting digitalization, and this is mainly because of the emergence of Industry 4.0. Advanced technologies have revolutionized the retail sector and brought forth its latest form - Retail 4.0. The retail industry is undergoing a large scale renaissance of sorts, from automation of the operational process to churning of digital data encompassing the buyer's journey. Studies show that 79 percent of consumers believe personalized services from sales representatives, is an essential factor in determining which store they chose to shop in.