Retailers today are faced with mounting pressure to maximize their bottom lines while maintaining cost expectations for consumers. But amid volatile market changes, ever-evolving customer expectations and increased competition online, this is increasingly challenging to realize. Many retailers are turning to AI to help boost productivity while keeping costs in check. Research finds the global market size for AI in retail is expected to grow drastically, from $4.84 billion in 2021 to $31.18 billion in 2028. This sharp increase is attributed to surging demand for AI-powered retail solutions as the industry continues to undergo digital transformation.

Kohl's announced the expansion of Kohl's Media Network (KMN), the company's in-house retail media agency, to further the company's advertising opportunities and provide brands, vendors and partners an extensive portfolio of omnichannel media services. The retail media network harnesses Kohl's omnichannel presence, knowledge of its customer base, and 60-year history in retail to connect brands with their intended audiences and provide valuable business insights that demonstrate measurable results. "We look forward to continuing to grow our offerings with KMN to provide industry-leading services that drive business growth for Kohl's, our partners and ultimately inspire discovery among our customers." "Our goal through Kohl's Media Network is to leverage our vast omnichannel consumer data and insights to create innovative retail media solutions for our partners that connect them directly with personalized audiences," said Christie Raymond, Kohl's interim chief marketing officer. "We look forward to continuing to grow our offerings with KMN to provide industry-leading services that drive business growth for Kohl's, our partners and ultimately inspire discovery among our customers."

There are three areas where AI can drive business growth: For example, when you shop online, AI technology picks up on your habits, targeting ads toward you. AI can collect and connect different types of data, including Demographic, social, geospatial, and browsing patterns. This technology can help you create products that the market is enthusiastic about and reach buyers at the most opportunistic times. Monitoring competitors is also simplified by using AI to stay ahead. Businesses must be open, communicative, and responsive, with a tone that welcomes customers. A total of 41% of consumers prefer chat support because they will get the answer to their problem fast. AI can help businesses collect and connect data to provide insights that help create successful marketing campaigns. Artificial intelligence (AI) can do anything as long as you program it correctly. The technology can predict customer behavior based on brand interactions so businesses can communicate at ideal times. It can also recommend products and services relevant to the right buyer, which will improve brand reputation.

There is a never-ending avalanche of information and data coursing through society every minute of everyday. If our reactions are not instant, information can quickly lose its relevance and become outdated as new information is made available. The Information Age has given rise to a data-driven business world, where information and knowledge have become the key ingredients to ensure the success and continued survival of a business. Data has become one of the most powerful, yet under-utilized assets of any business. As the number of connected Internet of Things (IoT) -enabled devices increases, so does the volume of data generated.

Today, many companies use AI and location technology to drive more accurate predictions and strengthen decision-making. Hear Joseph Sirosh, Corporate Vice President of the Cloud AI Platform at Microsoft, talk about how AI combined with location intelligence magnifies understanding and improves business. To learn more about the power of location technology for better insights and better decisions, download our free e-books Making Sense of Digital Transformation and Making the Most of the Internet of Things. We talk to business and technology leaders who share analysis, insights, and stories on data science, the Internet of Things, Smart Communities and other forces driving digital transformation and leveraging the power of location intelligence.

As 2017 quickly draws to a close, the time has come to look back at everything that has happened during this year and see what we can expect in 2018 when it comes to digital technology and business growth. During 2017, we noticed that there was a lot of importance put on UX (user experience), smart devices, big data exploration, and change overall. It's expected that 2018 will continue to bring changes in the way business and technology interact with each other. Still, businesses are having to adapt to new technologies and use new systems properly to their advantage. However, they can sometimes find it hard to keep track of the changes happening and implement new technologies.