Artificial intelligence has been applied in the retail sector. Even though not every retailer has been using it due to high costs, inaccessibility, and proprietary systems, the largest players in the retailing have been pretty active about it. It’s no wonder given the benefits AI can bring to the actual businesses
Artificial Intelligence can help retail companies in better accumulation and organization of the massive customer data. Using this data, AI can draw conclusions and create a more personalized shopping experience for the users. When you have the user data, you know what they like.
AI in retail is creating better demand forecasting. By mining insights from marketplace, consumer, and competitor data, AI business intelligence tools forecast industry shifts and make proactive changes to a company’s marketing, merchandising, and business strategies. This also impacts supply chain planning, as well as pricing and promotional planning.