AI in retail
The sale of goods is a prototype of all human economic endeavors. AI plays already a prominent role in boosting sales of virtually any item, be it online or offline. Just think about the following use cases:
- classifying customers based on their purchase history;
- personalization of offer for each potential customer;
- analysing demographics and proposing an individual message for each customer;
- automation of sales via in-store technology;
- customer service done by chatbots;
- analysing competitors live 24/7 and reacting to changes fast;
- optimising ad spend and marketing campaigns;
to name just a few more basic ones. They are all related to smart analytics, and while they existed before the technological revolution, AI allowed retailers to boost analytics in a tremendous way. It gave companies tools to analyse and act upon insights 24/7, perform hyper-personalization, and considerably lower the cost of operating a retail business.
In...