retailer


10 Examples Where Retailers Are Winning It With AI - Inteliment Technologies

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Retail Industry is looking at Artificial intelligence (AI) and machine learning (ML) as a solution to take their organization to the next level of productivity and customer experience. To explain this better, let us look at it this way – Retail companies have access to a massive amount of data about their customers and their shopping preferences. It is difficult for the companies to drill down into these huge mines of useful data and analyze it properly and derive actionable insights in real time. Therefore, massive amounts of this useful information could go waste which would otherwise have helped in increasing sales conversion rates or enhancing the customer satisfaction. With the help of AI and ML, the huge amount of big data could be used in creating web shops that take customer information and turn it into targeted shopping experiences or online chatbots that can easily answer questions and assist customers, or in-store intelligence to make the customer experience even more interactive.


Global Artificial Intelligence in Retail Market

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Global Artificial Intelligence in Retail Market was valued US$993.6 Mn in 2017 and is expected to reach US$8314 Mn by 2026, at a CAGR of 30.41% during a forecast period. The report is majorly segmented into types, technologies, solutions, services, deployment modes, applications, and region. Further, Artificial Intelligence in a retail market based on type includes online and offline retail. Technology segment is sub-segmented into machine learning and deep learning, Natural Language Processing, and others. Solution segment in the report comprises product recommendation & planning, customer relationship management, visual search, virtual assistant, price optimization, payment services management, supply chain management & demand planning, and others which include website and content optimization, space planning, and fraud detection.


Infographic: Machine Learning Dominates AI Use For Retailers

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This chart shows AI use by retail organizations worldwide in 2018, by operating model. When it comes to artificial intelligence, machine learning is retailers go-to AI use across all business types, according to Capgemini. Artificial intelligence is an umbrella term, encompassing a wide variety of automated technologies. Machine learning refers to the process of building a system where a user can feed it new information and it can process that information based on previous data the machine has received, making decisions and taking actions without being explicitly programmed to do so. The study also found that retailers are primarily using AI for consumer-facing projects.


AI Weekly: Hurray for boring AI

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I keep having the same conversation with companies that want to brief me about their latest AI-related news. It goes something like this: They have some new feature or improved stats or fresh achievement that's specific to their business. Then we get to the AI part, and I start to salivate, asking them to tell me more and go deep. The reply is increasingly some version of "We use [a mostly unexciting AI tool] to do it." Coming from a background where I'm accustomed to covering technology for technology's sake, that feels like a letdown.


• Chart: Machine Learning Dominates AI Use for Retailers

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When it comes to artificial intelligence, machine learning is retailers go-to AI use across all business types, according to Capgemini. Artificial intelligence is an umbrella term, encompassing a wide variety of automated technologies. Machine learning refers to the process of building a system where a user can feed it new information and it can process that information based on previous data the machine has received, making decisions and taking actions without being explicitly programmed to do so. The study also found that retailers are primarily using AI for consumer-facing projects. Seventy-four percent of AI use cases are for customer-facing projects, while only 16 percent are dedicated to operations.


Retailers Are Getting Smarter About AI PYMNTS.com

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Artificial intelligence (AI) and machine learning (ML) are starting to play a bigger role in retail, foreshadowing what's to come in the new decade of the 2020s. Walmart, for instance, hopes to reduce checkout theft by turning to cameras powered by AI, with deployments underway in some 1,000 stores. "The retailer began investing in the surveillance program, dubbed Missed Scan Detection, several years ago in an effort to combat shrinkage – loss due to several causes including theft, scanning errors, waste and fraud," the report stated. "The AI-powered cameras were rolled out to more than 1,000 stores about two years ago, and the retail giant has seen positive results since then, according to [Walmart spokeswoman LeMia] Jenkins, who said shrinkage has reduced in stores where the cameras have been added." By incorporating visual recognition technology and artificial intelligence into their business models, retailers such as Neiman Marcus, IKEA, H&M and west elm are leveraging mobile devices and AI to provide advanced customer services.


Strategies for Retailers To Drive AI While Keeping Customers Top of Mind

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According to recent data, the majority of retailers think artificial intelligence (AI) will be a competitive necessity in the next few years. This comes as no surprise, with the expansive list of benefits that AI brings to the retail industry, including improved customer experience, reduced operational costs and increased efficiency. As retailers are rushing to realize the benefits of AI and machine learning technologies in tandem with customers expecting a top-notch in-store experience across all touchpoints, the challenges with adoption are becoming apparent. At some point, whether online or in-store, consumers will want to speak with a live person. When it comes to integrating technology into the retail experience, there will inevitably be a time when it makes more sense for a customer to speak with someone face-to-face or on the phone.


Strategies for Retailers To Drive AI While Keeping Customers Top of Mind

#artificialintelligence

According to recent data, the majority of retailers think artificial intelligence (AI) will be a competitive necessity in the next few years. This comes as no surprise, with the expansive list of benefits that AI brings to the retail industry, including improved customer experience, reduced operational costs and increased efficiency. As retailers are rushing to realize the benefits of AI and machine learning technologies in tandem with customers expecting a top-notch in-store experience across all touchpoints, the challenges with adoption are becoming apparent. At some point, whether online or in-store, consumers will want to speak with a live person. When it comes to integrating technology into the retail experience, there will inevitably be a time when it makes more sense for a customer to speak with someone face-to-face or on the phone.


Top 5 Digital Transformation Trends In Retail For 2020

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Each year, I take a look at the major digital transformation trends hitting every industry. Next up are the big digital transformation trends in retail for 2020. Before getting into this year's trends, I want to go over some of the hits and misses we chose for 2019. While we did see major and necessary improvements in omni-channel retail and AI/cognitive computing, I'd say we still have some work to do with cardless checkout and smart beacons. Yes, those technologies are still percolating and will likely continue to mature in the coming year.


London Fashion Week: Make the most of visual merchandising

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It won't be long before the globe's biggest fashionistas are back in town to hit the catwalks of London Fashion Week. With over 5,000 industry press and buyers likely to attend, and hundreds of luxury labels showing their wares, it's a major event not only for industry insiders, but for shoppers and fashion lovers alike. Orders placed during the week alone often exceed £100 million as consumers get inspired to experiment with fresh new looks which emerge during the shows. This offers a massive opportunity for both luxury and fast-fashion retailers when it comes to increasing sales. But making the most of it demands a carefully executed strategy which combines the best of both technological innovation and creative control.