If you are looking for an answer to the question What is Artificial Intelligence? and you only have a minute, then here's the definition the Association for the Advancement of Artificial Intelligence offers on its home page: "the scientific understanding of the mechanisms underlying thought and intelligent behavior and their embodiment in machines."
However, if you are fortunate enough to have more than a minute, then please get ready to embark upon an exciting journey exploring AI (but beware, it could last a lifetime) …
Artificial Intelligence Marketing (AIM) provides superior solutions to bridge the gap between analytics and execution. It is the process of going through massive piles of data to originate positive results. As per the courtesy of Forbes, retailers invested around 5.9 billion US dollars on AIM. North America, Europe, and Asia-Pacific are mainly using this type of digital marketing and advertising. Likewise, remote health monitoring, wearable AR, IoT kitchen appliances, and brain-sensing gadgets lie under the game-changing innovations.
A next generation AI-Analytics decisioning solution should be able to tell retailers precisely how their business is doing across various departments and metrics far better than traditional business intelligence solutions can do. More importantly, the AI platform can explain why something happened (causation), and what you should do about it. Traditional business intelligence can't do this! What are examples of what can be done better with predictive and prescriptive AI-analytics capabilities? AI Demand Forecasting can provide highly accurate day-of-week and time-of-day forecasting at an item/store level.
Chatbots and other artificial intelligence-assisted customer service tools continue to grow exponentially as retailers look to improve efficiencies. The benefits of chatbots and electronic systems for businesses are relatively straightforward: less time spent monitoring communication channels, less expensive customer service solutions, and even the ability to grow by converting potential customers. Some analysts believe chatbots -- and the evolving capabilities of AI -- could revolutionize industries and propel companies to new levels of success. One analysis found that the global chatbot market is expected to reach more than $10 billion by 2026. So that's the business side; it's pretty clear cut why organizations deploy automated solutions.
How do brands use Big Data & Machine Learning throughout the customer experience to improve their performance? We outline 3 ways to get started using data. Analysing the data that your business generates is vital to ensuring that you stay ahead in an increasingly competitive landscape. Businesses who adopt data-driven marketing are six times more likely to be profitable year-over-year, and they are more likely to have an advantage over competition (ADS, 2018). Today, data-driven marketing is either embedded or strategic for 78% of marketers and 64% of marketing executives are in strong agreement that data-driven marketing is crucial to success in a hyper-competitive global economy (CMO, 2016).
Artificial intelligence (AI), otherwise known as machine learning, is slowly reshaping retail from optimizing back-end supply chain operations to in-store execution. It is also impacting marketing, customer service engagement and anti-fraud activities, according to a report from New York-based information technology industry analyst firm 451 Research. While AI is far from the mainstream, researchers said plenty of retailers are experimenting with how machine learning can be applied in many areas of retail. The report states retailers won't be the only ones needing to adapt to the disruption of machine learning as customers will also face changes in how they view and experience shopping. For AI to work to its full potential, researchers said customers will need to be comfortable with increased data sharing if they want to benefit from personalized shopping experiences via machine learning.
Your iPhone, television and video game console were likely made in China where the deadly coronavirus is shuttering business operations as scientists race to find a cure. Apple, LG and Amazon are just a few of the household names that are taking measures to protect local workers and business travelers from the deadly outbreak which seemingly began in the central city of Wuhan. As a result, China's manufacturing output is being delayed in ways that will become more pressing as time goes on. Consumer electronics isn't the only sector being rattled by the outbreak that has killed over a thousand people and sickened thousands of others worldwide. Airlines have largely restricted travel into and out of China, curtailing tourism.
It's just as critical to personalize the visual elements of marketing as the message served up with it. Since our brains are hardwired for images, personalizing the visual element of a message offers a major opportunity to add value, says, Gary Ballabio, Director of Business Development, Cloudinary. According to an early 2019 Gartner study, two-thirds of B2C marketers said they would be expected to show results from personalization investments in less than a year. Well, time's up – 2020 is here. Like any other part of the marketing mix, personalization efforts must generate increased sales or deeper loyalty – or whichever KPI an organization is working toward – at a return greater than the time and resources they devote to it.
Artificial intelligence at its most basic level provides steroids for retail data. Suppose a regional fashion retailer with an eCommerce presence has 100,000 customers in its data base. And suppose those records are fairly basic: most recent transactions, average purchase per visit, demographic information and website traffic history. Now suppose those records are supplemented by a third-party anonymized database. AI will take that data and match it to an algorithm that then allows all the data to be supplemented by data within the category or for competitive purchases.
Guess who's getting used to working with robots in their everyday lives? The very same warehouse workers once predicted to be losing their jobs to mechanical replacements. According to their makers, the machines should take on the most mundane and physically strenuous tasks. "They weigh a lot," Amazon worker Amanda Taillon said during the pre-Christmas rush at a company warehouse in Connecticut. Taillon's job is to enter a cage and tame Amazon's wheeled warehouse robots for long enough to pick up a fallen toy or relieve a traffic jam.
Sustainability is at the forefront of all aspects of the supply chain in retail. From product development and production to shipping and returns, every aspect of the retail industry is working to become more sustainable. Increasing these efforts is challenging, as many retailers frequently introduce new products to meet the demands of the constantly evolving consumer. On average, up to 20% of clothing goes unsold and is often incinerated. Additionally, returned goods create more than 5 billion pounds of waste in U.S. landfills each year.