Retailers invested nearly $5.9 billion in 2019 on AI and machine learning-powered solutions, according to IDC, seeking to improve an array of operations across their businesses. These tools’ ability to dig through large amounts of data quickly and efficiently give them useful roles in decision making at the corporate level, and they also can detect warning signs at stores and on web sites before potential problems affect the customer experience.
Retailers that take full advantage of these solutions will find both internal and customer-facing applications. This Retail TouchPoints Tech Guide will provide retailers and brands with best practices for putting AI and machine learning solutions to practical use, including:
- The need to deliver an enterprise-wide AI strategy in order to gain real benefits;
- Why demand forecasting is still the chief concern among retailers deploying AI solutions across the supply chain;
- Understanding that product availability and price comparison technology is a must-have, especially as Amazon amends product prices every two minutes on average; and
- Giving supply chain and store operations professionals room to have a small learning curve for AI tech platforms, and preparing to deliver quick business results in one key area.