In retail, machine learning and AI can be used to personalize a customer’s shopping experience, automate and improve customer service, better manage inventory and optimize pricing.
It seems like every day there are new developments in the technological world. Once you get comfortable with one channel, another one pops up on the scene. What used to be simple and straightforward for sales is now a whole web of channels they need to understand and manage. Here, we discuss omnichannel strategies and best practices your brand can utilize to see those numbers go up.
As competition continues to heat up and giants like Amazon gobble up market share, the pressure is mounting on retail executives to find new means of growth. For those who haven’t already adopted it, dynamic pricing may be this year’s solution to the growth conundrum. Dynamic pricing is a variable price strategy aimed at fulfilling a particular business goal like maximizing profits or sales volume. Simply put, prices are adjusted whenever there is an expectation of business benefit.
Any competent business leader knows that one of a company's most valuable assets is its data. Machine learning and artificial intelligence (AI) hold the solution to putting Big Data to work to boost profit margins and expand sales opportunities.
Grocery stores are beginning to seek alternatives to pricing battles, the constant struggle to beat competitors’ prices. Small and large grocers alike are striving to master big data to stay ahead in these grocery wars.
In 2018 big data is everywhere: in your pocket, in your wallet, in your car, at home, at work, at the gym—the list goes on ad infinitum. No one knows the exact size of the world’s pool of data but it is predicted to be in the hundreds of zettabytes (trillion gigabytes). And data is growing exponentially: Cisco estimates that by the end of 2019, the internet of things (IoT) alone will generate more than 500 zettabytes of data per year. So there are mind-boggling amounts of data out there and this pool is growing exponentially into even more mind-boggling sums. So what?
Many retailers struggle on the slippery slope of markdown pricing strategy, making costly miscalculations on which products to markdown, when to mark them down and by what percentage to reduce their prices.
Brick and mortar stores are closing en masse. 2018’s closures are set to exceed last year’s record number. So how is it that more and more online retailers are opening up physical stores? Warby Parker, Casper, Birchbox and Bonobos have all opened brick and mortar locations in recent years.Simply put, online retailers are opening physical stores that complement their online platforms. Their stores are experience centers, where customers can put their hands on products they ultimately order online.
Simply put, blockchains are a cheap, easy way to track every step in a supply chain. Each person or organization along the supply chain can encode the quantity and quality of the item, the date and time and any other relevant information into the blockchain in a few seconds using a mobile phone. That data will then be available to anyone who cares to look.