Retail CIO Outlook Weekly Brief
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AI has been helping the modern retail industry unimaginably.
FREMONT, CA: The present days of the pandemic has caused a whole new shift in the paradigm of business. The world today is shopping, working, and even living from home by completely going digital. The brick and mortar model that always featured physical shopping and other experiences that pertain commerce has now taken a big break. But, technology has emerged as a silver bullet in continuing the business and, thereby, the life of the planet. Well, all the credits must go to the technology of artificial intelligence. Smart analytics in the market paradigm call for a new reality.
Personalization has become more than a mandate to fetch retail firms an increased amount of sales. While most of the retail companies are making their marketing and sales teams collaborate in person with the dedicated technology teams to leverage, adapt to and deploy use cases and algorithms that are all based on the technology of artificial intelligence. In light of this, AI is being used to reinforce and innovate personalization and allow the companies to achieve greater revenue.
In addition, machine learning expertise also joins hands in personalizing shopping experiences for the customers. Online shopping is driven by the strategy of compiling personal information of the audiences and customers and correspondingly map their interests, thoughts, and preferences to the specifications that marketers have to design the promotional campaigns. These highly analyzed, thoughtful, and strategized recommendations only target the right customers and boost the profits of the technology.
Apart from the customer data, AI also focuses on targeting demographic, network performance, and other technical specifications. This information has huge potential in making use of the predictive analytical strategies that forecasts the technical aspects such as the number of people who shop using their smartphones, and those who do it on websites. This helps the retail companies and online sellers to design and optimize their shopping platforms and online presence and also add the factor of maximum responsiveness in it.
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